Keybank National Association OH Lowers Stock Position in Transocean Ltd. $RIG

by · The Cerbat Gem

Keybank National Association OH lowered its stake in shares of Transocean Ltd. (NYSE:RIG – Free Report) by 19.6% in the second quarter, according to its most recent 13F filing with the SEC. The firm owned 10,837,010 shares of the offshore drilling services provider’s stock after selling 2,643,341 shares during the period. Keybank National Association OH owned approximately 1.23% of Transocean worth $28,068,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Jump Financial LLC boosted its position in shares of Transocean by 156.2% during the first quarter. Jump Financial LLC now owns 1,489,600 shares of the offshore drilling services provider’s stock worth $4,722,000 after buying an additional 908,219 shares during the period. Quantbot Technologies LP acquired a new position in Transocean in the 1st quarter valued at about $688,000. Lane Generational LLC grew its position in Transocean by 11.4% in the 1st quarter. Lane Generational LLC now owns 1,163,302 shares of the offshore drilling services provider’s stock valued at $3,688,000 after acquiring an additional 118,673 shares in the last quarter. Teacher Retirement System of Texas purchased a new position in shares of Transocean in the first quarter valued at approximately $380,000. Finally, 180 Wealth Advisors LLC boosted its stake in shares of Transocean by 69.3% in the second quarter. 180 Wealth Advisors LLC now owns 276,851 shares of the offshore drilling services provider’s stock valued at $717,000 after purchasing an additional 113,320 shares during the period. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Transocean Stock Up 2.0%

Shares of NYSE RIG opened at $3.91 on Friday. The business has a 50-day moving average of $3.32 and a two-hundred day moving average of $2.91. The company has a market capitalization of $3.68 billion, a price-to-earnings ratio of -1.19 and a beta of 2.68. Transocean Ltd. has a 1 year low of $1.97 and a 1 year high of $4.74. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.26 and a quick ratio of 0.99.

Transocean (NYSE:RIG – Get Free Report) last posted its earnings results on Wednesday, October 29th. The offshore drilling services provider reported $0.06 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.02. The firm had revenue of ($1,894.00) million during the quarter, compared to analysts’ expectations of $1.01 billion. Transocean had a positive return on equity of 0.43% and a negative net margin of 75.71%.The business’s revenue was up 8.4% on a year-over-year basis. On average, analysts forecast that Transocean Ltd. will post 0.14 earnings per share for the current fiscal year.

Insider Activity at Transocean

In related news, CEO Keelan Adamson sold 40,942 shares of the business’s stock in a transaction on Friday, October 24th. The shares were sold at an average price of $4.00, for a total value of $163,768.00. Following the completion of the sale, the chief executive officer directly owned 1,370,152 shares of the company’s stock, valued at $5,480,608. The trade was a 2.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Frederik Wilhelm Mohn bought 4,000,000 shares of Transocean stock in a transaction dated Friday, September 26th. The stock was purchased at an average cost of $3.05 per share, with a total value of $12,200,000.00. Following the completion of the acquisition, the director directly owned 95,074,894 shares in the company, valued at approximately $289,978,426.70. The trade was a 4.39% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 12.27% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on RIG. Barclays raised their price target on shares of Transocean from $3.50 to $4.00 and gave the company an “overweight” rating in a research report on Wednesday, August 13th. Wall Street Zen upgraded Transocean from a “sell” rating to a “hold” rating in a report on Sunday, August 10th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Transocean in a research note on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Transocean presently has a consensus rating of “Hold” and an average target price of $4.26.

Read Our Latest Stock Report on Transocean

About Transocean

(Free Report)

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.

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