Hsbc Holdings PLC Buys 2,674,466 Shares of Transocean Ltd. $RIG

Hsbc Holdings PLC lifted its stake in shares of Transocean Ltd. (NYSE:RIG) by 604.3% in the 4th quarter, Holdings Channel reports. The institutional investor owned 3,117,030 shares of the offshore drilling services provider’s stock after purchasing an additional 2,674,466 shares during the quarter. Hsbc Holdings PLC’s holdings in Transocean were worth $12,920,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of RIG. TD Waterhouse Canada Inc. grew its position in Transocean by 22,432.1% during the 4th quarter. TD Waterhouse Canada Inc. now owns 6,309 shares of the offshore drilling services provider’s stock worth $26,000 after acquiring an additional 6,281 shares during the last quarter. Flagship Harbor Advisors LLC bought a new position in Transocean in the fourth quarter valued at about $27,000. Josh Arnold Investment Consultant LLC bought a new position in Transocean in the second quarter valued at about $26,000. Vestmark Advisory Solutions Inc. acquired a new stake in shares of Transocean during the third quarter valued at about $31,000. Finally, Elevation Point Wealth Partners LLC acquired a new stake in shares of Transocean during the third quarter valued at about $31,000. 67.73% of the stock is currently owned by institutional investors.

Transocean Trading Up 3.3%

Shares of RIG stock opened at $5.21 on Friday. Transocean Ltd. has a 1-year low of $2.51 and a 1-year high of $7.66. The company has a current ratio of 1.54, a quick ratio of 1.20 and a debt-to-equity ratio of 0.60. The stock has a market cap of $5.81 billion, a price-to-earnings ratio of -1.75 and a beta of 1.28. The stock has a 50-day moving average of $6.23 and a 200-day moving average of $5.70.

Transocean (NYSE:RIG) last posted its quarterly earnings data on Monday, May 4th. The offshore drilling services provider reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). Transocean had a positive return on equity of 0.88% and a negative net margin of 66.79%.The company had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.02 billion. During the same period in the prior year, the firm earned ($0.10) earnings per share. Transocean’s revenue was up 19.3% compared to the same quarter last year. On average, equities research analysts forecast that Transocean Ltd. will post 0.17 earnings per share for the current year.

Analysts Set New Price Targets

RIG has been the subject of several recent research reports. TD Cowen upped their price objective on Transocean from $5.50 to $6.00 and gave the company a “hold” rating in a research note on Wednesday, May 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Transocean in a research report on Tuesday, April 21st. Barclays raised shares of Transocean from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $6.00 to $8.00 in a report on Thursday, May 7th. Susquehanna upped their price target on shares of Transocean from $7.50 to $8.00 and gave the company a “positive” rating in a research report on Tuesday, April 7th. Finally, Morgan Stanley raised their price target on shares of Transocean from $5.00 to $7.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 15th. Three equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Transocean presently has a consensus rating of “Hold” and a consensus target price of $6.96.

About Transocean

Transocean Ltd. is a leading international provider of offshore contract drilling services for the oil and gas industry. The company specializes in the operation of mobile drilling units, including ultra-deepwater drillships, semisubmersible rigs and high-specification jackup rigs. Transocean’s fleet is designed to meet complex drilling requirements, from ultra-deepwater well construction to shelf exploration and development projects.

The company’s core services encompass the full spectrum of offshore drilling operations, including project and engineering management, marine operations, drilling supervision, and maintenance support.