Essex LLC Makes New Investment in Transocean Ltd. $RIG

Essex LLC bought a new position in Transocean Ltd. (NYSE:RIG) during the 3rd quarter, Holdings Channel reports. The fund bought 102,571 shares of the offshore drilling services provider’s stock, valued at approximately $537,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Assenagon Asset Management S.A. purchased a new stake in Transocean in the second quarter worth about $37,477,000. Elliott Investment Management L.P. purchased a new position in shares of Transocean during the first quarter valued at approximately $103,606,000. Arlington Capital Management Inc. bought a new position in Transocean during the 2nd quarter valued at approximately $2,613,000. Ninepoint Partners LP bought a new stake in Transocean in the second quarter worth $34,230,000. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Transocean by 12.3% during the first quarter. Dimensional Fund Advisors LP now owns 48,819,576 shares of the offshore drilling services provider’s stock valued at $323,682,000 after acquiring an additional 5,349,264 shares in the last quarter. Institutional investors own 67.73% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on RIG shares. Zacks Research raised shares of Transocean from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 5th. Susquehanna reduced their price objective on Transocean from $8.00 to $7.00 and set a “positive” rating for the company in a report on Wednesday, July 8th. Barclays reduced their price target on shares of Transocean from $8.00 to $7.00 and set an “overweight” rating for the company in a research note on Wednesday, August 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of Transocean in a report on Friday, July 17th. Finally, Fearnley Fonds raised Transocean from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, Transocean presently has an average rating of “Hold” and an average price target of $6.68.

Transocean Price Performance

RIG traded down $0.07 on Wednesday, hitting $5.58. 57,908,317 shares of the company’s stock traded hands, compared to its average volume of 40,535,621. The company has a current ratio of 1.59, a quick ratio of 1.27 and a debt-to-equity ratio of 0.56. Transocean Ltd. has a one year low of $3.14 and a one year high of $7.66. The company’s 50 day simple moving average is $5.63 and its 200-day simple moving average is $5.84. The firm has a market cap of $6.23 billion, a price-to-earnings ratio of -2.97, a P/E/G ratio of 4.14 and a beta of 1.41.

Transocean (NYSE:RIG) last issued its earnings results on Wednesday, August 5th. The offshore drilling services provider reported $0.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.01 by $0.02. The firm had revenue of $966.00 million for the quarter, compared to analysts’ expectations of $956.64 million. Transocean had a positive return on equity of 2.60% and a negative net margin of 40.24%. The business’s revenue was down 2.2% compared to the same quarter last year. During the same period in the previous year, the firm posted ($1.06) earnings per share. As a group, research analysts anticipate that Transocean Ltd. will post 0.18 EPS for the current year.

Transocean Profile

Transocean Ltd. is an offshore contract drilling company that provides drilling services to the international oil and gas industry. The company operates a fleet of mobile offshore drilling units, including ultra-deepwater and harsh-environment drillships and semisubmersible rigs, which are contracted by energy companies to drill exploration, appraisal and development wells.

Transocean’s services support offshore drilling programs in challenging environments around the world. Its operations have included activity in the Gulf of Mexico, Brazil, the North Sea, West Africa and other major offshore regions.