43,492 Shares in Transocean Ltd. (NYSE:RIG) Acquired by Summit Financial LLC

Summit Financial LLC acquired a new stake in shares of Transocean Ltd. (NYSE:RIG) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 43,492 shares of the offshore drilling services provider’s stock, valued at approximately $163,000.

A number of other large investors have also bought and sold shares of the company. Twin Tree Management LP bought a new position in shares of Transocean during the 4th quarter worth $27,000. Blue Trust Inc. boosted its position in Transocean by 96.2% during the fourth quarter. Blue Trust Inc. now owns 9,841 shares of the offshore drilling services provider’s stock worth $37,000 after purchasing an additional 4,826 shares during the period. Adero Partners LLC purchased a new position in shares of Transocean in the fourth quarter worth about $38,000. Stratos Wealth Partners LTD. bought a new stake in shares of Transocean in the fourth quarter valued at approximately $40,000. Finally, Orion Portfolio Solutions LLC purchased a new stake in shares of Transocean during the 3rd quarter valued at approximately $46,000. 67.73% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Transocean

In other Transocean news, EVP Roderick James Mackenzie sold 22,000 shares of the company’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $4.05, for a total value of $89,100.00. Following the completion of the sale, the executive vice president now owns 229,596 shares of the company’s stock, valued at $929,863.80. This represents a 8.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 12.54% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on RIG. JPMorgan Chase & Co. upgraded shares of Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 price objective for the company in a research note on Friday, December 6th. SEB Equity Research set a $2.80 price objective on Transocean in a research note on Wednesday, March 5th. Barclays cut their target price on Transocean from $4.50 to $4.00 and set an “overweight” rating for the company in a research note on Tuesday, February 25th. Evercore ISI cut Transocean from an “outperform” rating to an “in-line” rating and decreased their price target for the company from $6.00 to $5.00 in a research report on Wednesday, January 15th. Finally, Citigroup cut their price objective on shares of Transocean from $4.50 to $3.50 and set a “neutral” rating for the company in a research report on Wednesday, March 19th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $5.03.

Transocean Stock Down 21.1 %

Shares of NYSE RIG opened at $2.15 on Friday. The business has a 50-day moving average of $3.30 and a 200-day moving average of $3.86. The firm has a market capitalization of $1.89 billion, a price-to-earnings ratio of -2.94, a PEG ratio of 0.86 and a beta of 2.72. 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 $2.11 and a 12 month high of $6.88.

Transocean (NYSE:RIG) last issued its quarterly earnings results on Monday, February 17th. The offshore drilling services provider reported ($0.09) EPS 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 the consensus estimate of $962.28 million. Sell-side analysts expect that Transocean Ltd. will post 0.14 earnings per share for the current fiscal year.

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.