Price T Rowe Associates Inc. MD Sells 2,357,729 Shares of Transocean Ltd. (NYSE:RIG) (2024)

Price T Rowe Associates Inc. MD lowered its position in shares of Transocean Ltd. (NYSE:RIG - Free Report) by 91.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 206,520 shares of the offshore drilling services provider's stock after selling 2,357,729 shares during the quarter. Price T Rowe Associates Inc. MD's holdings in Transocean were worth $1,297,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Murphy Pohlad Asset Management LLC boosted its stake in Transocean by 1.7% in the first quarter. Murphy Pohlad Asset Management LLC now owns 96,150 shares of the offshore drilling services provider's stock valued at $604,000 after acquiring an additional 1,600 shares during the last quarter. Traynor Capital Management Inc. lifted its stake in shares of Transocean by 5.2% in the 1st quarter. Traynor Capital Management Inc. now owns 33,257 shares of the offshore drilling services provider's stock valued at $209,000 after purchasing an additional 1,650 shares during the period. Oppenheimer Asset Management Inc. lifted its stake in shares of Transocean by 8.6% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 22,237 shares of the offshore drilling services provider's stock valued at $140,000 after purchasing an additional 1,767 shares during the period. Fisher Asset Management LLC boosted its position in shares of Transocean by 11.0% in the 4th quarter. Fisher Asset Management LLC now owns 27,714 shares of the offshore drilling services provider's stock worth $176,000 after purchasing an additional 2,743 shares during the last quarter. Finally, Vanguard Capital Wealth Advisors grew its stake in shares of Transocean by 6.6% during the first quarter. Vanguard Capital Wealth Advisors now owns 48,200 shares of the offshore drilling services provider's stock worth $303,000 after purchasing an additional 3,000 shares during the period. Institutional investors and hedge funds own 67.73% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on RIG shares. Bank of America increased their target price on Transocean from $5.50 to $6.00 and gave the company an "underperform" rating in a research note on Monday, April 15th. Benchmark reissued a "buy" rating and set a $8.00 price objective on shares of Transocean in a research note on Friday, August 2nd. StockNews.com raised shares of Transocean to a "sell" rating in a research note on Monday, August 5th. Finally, Evercore ISI reduced their price target on shares of Transocean from $9.00 to $7.00 and set an "outperform" rating on the stock in a research report on Wednesday, May 1st. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $7.22.

View Our Latest Research Report on RIG

Transocean Stock Down 1.9 %

Shares of NYSE:RIG traded down $0.10 during midday trading on Friday, reaching $5.18. 12,446,135 shares of the company were exchanged, compared to its average volume of 18,822,194. The firm has a market cap of $4.87 billion, a PE ratio of -9.96 and a beta of 2.85. The company has a quick ratio of 1.08, a current ratio of 1.36 and a debt-to-equity ratio of 0.63. Transocean Ltd. has a fifty-two week low of $4.45 and a fifty-two week high of $8.88. The stock has a fifty day simple moving average of $5.34 and a two-hundred day simple moving average of $5.55.

Transocean (NYSE:RIG - Get Free Report) last issued its quarterly earnings results on Wednesday, July 31st. The offshore drilling services provider reported ($0.15) EPS for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.07). The firm had revenue of $861.00 million during the quarter, compared to the consensus estimate of $862.25 million. Transocean had a negative net margin of 11.34% and a negative return on equity of 4.76%. The business's revenue for the quarter was up 18.1% on a year-over-year basis. During the same quarter last year, the firm earned ($0.15) earnings per share. As a group, sell-side analysts forecast that Transocean Ltd. will post -0.07 earnings per share for the current year.

Insiders Place Their Bets

In other Transocean news, Director (Cyprus) Ltd Perestroika acquired 2,000,000 shares of the stock in a transaction dated Friday, August 2nd. The shares were bought at an average cost of $5.23 per share, for a total transaction of $10,460,000.00. Following the completion of the acquisition, the director now directly owns 89,574,894 shares of the company's stock, valued at $468,476,695.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 13.16% of the company's stock.

Transocean Company Profile

(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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