Axxcess Wealth Management LLC Sells 3,157 Shares of Transocean Ltd. (NYSE:RIG)

Axxcess Wealth Management LLC cut its holdings in Transocean Ltd. (NYSE:RIG) by 19.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,875 shares of the offshore drilling services provider’s stock after selling 3,157 shares during the period. Axxcess Wealth Management LLC’s holdings in Transocean were worth $48,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in RIG. Pilgrim Global Advisors LLC acquired a new position in Transocean in the third quarter valued at approximately $77,473,000. Van ECK Associates Corp increased its stake in shares of Transocean by 33.9% in the 4th quarter. Van ECK Associates Corp now owns 15,393,873 shares of the offshore drilling services provider’s stock valued at $57,727,000 after acquiring an additional 3,895,880 shares in the last quarter. Madison Investment Advisors LLC acquired a new position in shares of Transocean during the 4th quarter valued at $11,156,000. Point72 Europe London LLP bought a new position in Transocean during the third quarter worth $8,935,000. Finally, State Street Corp grew its holdings in Transocean by 11.0% in the third quarter. State Street Corp now owns 19,594,121 shares of the offshore drilling services provider’s stock worth $83,275,000 after purchasing an additional 1,944,723 shares during the period. 67.73% of the stock is owned by institutional investors and hedge funds.

Transocean Stock Performance

Shares of Transocean stock opened at $3.20 on Monday. The business’s fifty day simple moving average is $3.49 and its 200 day simple moving average is $3.93. The company has a current ratio of 1.47, a quick ratio of 1.34 and a debt-to-equity ratio of 0.60. Transocean Ltd. has a 12 month low of $2.55 and a 12 month high of $6.88. The firm has a market capitalization of $2.81 billion, a P/E ratio of -4.38, a price-to-earnings-growth ratio of 0.86 and a beta of 2.72.

Transocean (NYSE:RIG) last issued its quarterly earnings results on Monday, February 17th. The offshore drilling services provider reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.11). Transocean had a negative return on equity of 0.52% and a negative net margin of 14.53%. The company had revenue of $952.00 million during the quarter, compared to analysts’ expectations of $962.28 million. As a group, analysts anticipate that Transocean Ltd. will post 0.14 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on RIG shares. JPMorgan Chase & Co. raised shares of Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 price objective on the stock in a research report on Friday, December 6th. TD Cowen decreased their target price on shares of Transocean from $6.50 to $5.50 and set a “hold” rating for the company in a research report on Wednesday, January 8th. SEB Equity Research set a $2.80 target price on shares of Transocean in a report on Wednesday, March 5th. Barclays cut their price target on Transocean from $4.50 to $4.00 and set an “overweight” rating for the company in a research note on Tuesday, February 25th. Finally, Evercore ISI downgraded Transocean from an “outperform” rating to an “in-line” rating and lowered their price objective for the stock from $6.00 to $5.00 in a research note on Wednesday, January 15th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Transocean currently has an average rating of “Hold” and an average price target of $5.23.

Insider Transactions at Transocean

In other news, EVP Roderick James Mackenzie sold 22,000 shares of the stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $3.85, for a total transaction of $84,700.00. Following the completion of the transaction, the executive vice president now owns 313,072 shares in the company, valued at approximately $1,205,327.20. This represents a 6.57 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 13.16% of the stock is currently owned by company insiders.

Transocean Company Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. The company operates a fleet of mobile offshore drilling units, consisting of ultra-deepwater floaters and harsh environment floaters.