Quinn Opportunity Partners LLC acquired a new position in Transocean LTD (NYSE:RIG) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 10,000 shares of the offshore drilling services provider’s stock, valued at approximately $87,000.
A number of other large investors have also added to or reduced their stakes in the stock. BlackRock Inc. lifted its stake in Transocean by 19.4% in the fourth quarter. BlackRock Inc. now owns 46,363,702 shares of the offshore drilling services provider’s stock worth $321,766,000 after acquiring an additional 7,522,749 shares during the period. Vanguard Group Inc lifted its position in shares of Transocean by 0.3% during the third quarter. Vanguard Group Inc now owns 38,625,518 shares of the offshore drilling services provider’s stock valued at $538,826,000 after buying an additional 118,330 shares during the last quarter. Contrarius Investment Management Ltd lifted its position in shares of Transocean by 27.3% during the fourth quarter. Contrarius Investment Management Ltd now owns 15,832,647 shares of the offshore drilling services provider’s stock valued at $109,879,000 after buying an additional 3,397,992 shares during the last quarter. FMR LLC lifted its position in shares of Transocean by 44.6% during the fourth quarter. FMR LLC now owns 11,313,110 shares of the offshore drilling services provider’s stock valued at $78,513,000 after buying an additional 3,488,128 shares during the last quarter. Finally, Van ECK Associates Corp lifted its position in shares of Transocean by 15.1% during the fourth quarter. Van ECK Associates Corp now owns 9,627,227 shares of the offshore drilling services provider’s stock valued at $66,813,000 after buying an additional 1,261,299 shares during the last quarter. 75.64% of the stock is owned by institutional investors.
In other Transocean news, Director Vincent J. Intrieri purchased 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The shares were bought at an average price of $7.35 per share, for a total transaction of $73,500.00. Following the acquisition, the director now owns 19,900 shares in the company, valued at $146,265. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP David A. Tonnel sold 16,561 shares of the stock in a transaction that occurred on Monday, April 22nd. The stock was sold at an average price of $9.25, for a total transaction of $153,189.25. Following the completion of the transaction, the senior vice president now owns 111,936 shares in the company, valued at approximately $1,035,408. The disclosure for this sale can be found here. Corporate insiders own 11.05% of the company’s stock.
RIG opened at $7.54 on Friday. Transocean LTD has a 52-week low of $6.19 and a 52-week high of $14.47. The company has a debt-to-equity ratio of 0.70, a quick ratio of 2.37 and a current ratio of 2.72. The stock has a market cap of $4.61 billion, a PE ratio of -9.54 and a beta of 1.76.
Transocean (NYSE:RIG) last posted its quarterly earnings data on Monday, April 29th. The offshore drilling services provider reported ($0.30) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.29) by ($0.01). Transocean had a negative net margin of 62.97% and a negative return on equity of 2.70%. The company had revenue of $754.00 million for the quarter, compared to analyst estimates of $745.43 million. During the same quarter last year, the company earned ($0.48) EPS. The business’s revenue was up 13.6% compared to the same quarter last year. On average, analysts anticipate that Transocean LTD will post -0.89 earnings per share for the current fiscal year.
Several analysts have commented on the stock. Barclays reissued an “underweight” rating on shares of Transocean in a research report on Thursday, February 21st. Zacks Investment Research lowered shares of Transocean from a “hold” rating to a “sell” rating in a research report on Tuesday, February 26th. Finally, Goldman Sachs Group assumed coverage on shares of Transocean in a research report on Sunday, March 10th. They set a “buy” rating and a $11.00 price target for the company. Four investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eleven have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average target price of $13.69.
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Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers drilling rigs, related equipment, and work crews; and ultra-deepwater and harsh environment drilling services. As of February 18, 2019, it owned or had partial ownership interests in, and operated 48 mobile offshore drilling units that consist of 31 ultra-deepwater floaters, 13 harsh environment floaters, and 4 midwater floaters.
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