3,778,762 Shares in Transocean Ltd. $RIG Acquired by Penn Capital Management Company LLC

Penn Capital Management Company LLC purchased a new position in Transocean Ltd. (NYSE:RIG) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,778,762 shares of the offshore drilling services provider’s stock, valued at approximately $19,840,000. Transocean accounts for 1.4% of Penn Capital Management Company LLC’s holdings, making the stock its 19th biggest position.

A number of other institutional investors and hedge funds have also recently modified their holdings of RIG. Hartford Financial Management Inc. purchased a new position in Transocean during the 3rd quarter valued at $31,000. Costello Asset Management INC bought a new position in Transocean in the 3rd quarter valued at $33,000. Ascentis Independent Advisors purchased a new stake in Transocean in the first quarter worth $43,000. EverSource Wealth Advisors LLC increased its stake in Transocean by 27.0% in the first quarter. EverSource Wealth Advisors LLC now owns 6,536 shares of the offshore drilling services provider’s stock worth $43,000 after purchasing an additional 1,391 shares during the period. Finally, Root Financial Partners LLC bought a new stake in shares of Transocean during the third quarter worth $48,000. 67.73% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Fearnley Fonds raised shares of Transocean from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 7th. Barclays reduced their price target on shares of Transocean from $8.00 to $7.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 12th. Morgan Stanley decreased their price objective on shares of Transocean from $7.00 to $6.50 and set an “equal weight” rating for the company in a report on Monday. Wall Street Zen cut shares of Transocean from a “hold” rating to a “sell” rating in a research report on Saturday. Finally, Zacks Research raised shares of Transocean from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 5th. 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 MarketBeat, Transocean has a consensus rating of “Hold” and an average target price of $6.61.

Transocean Trading Down 1.4%

RIG opened at $5.17 on Tuesday. The company has a quick ratio of 1.27, a current ratio of 1.53 and a debt-to-equity ratio of 0.54. The stock’s fifty day moving average is $5.73 and its two-hundred day moving average is $5.87. The company has a market capitalization of $5.77 billion, a P/E ratio of 36.89, a PEG ratio of 3.99 and a beta of 1.44. Transocean Ltd. has a 52 week low of $3.68 and a 52 week high of $7.66.

Transocean (NYSE:RIG) last issued its earnings results on Monday, November 2nd. The offshore drilling services provider reported $0.02 earnings per share for the quarter, hitting the consensus estimate of $0.02. Transocean had a return on equity of 1.84% and a net margin of 7.25%. The business had revenue of $937.00 million during the quarter, compared to analysts’ expectations of $943.99 million. During the same period in the prior year, the business earned ($2.00) EPS. The business’s revenue for the quarter was down 8.9% compared to the same quarter last year. Analysts forecast that Transocean Ltd. will post 0.18 earnings per share for the current year.

Transocean Profile

Transocean Ltd. is an offshore contract drilling company that provides drilling services to oil and gas companies around the world. Its work focuses on offshore exploration and development, particularly in deepwater and harsh-environment locations.

The company owns and operates a fleet of offshore drilling rigs, including drillships and semisubmersible rigs. It contracts these rigs to customers and provides the crews and related services needed to conduct offshore drilling operations.

Transocean serves customers across multiple offshore regions worldwide.