CenterBook Partners LP Purchases New Shares in Transocean Ltd. (NYSE:RIG)

CenterBook Partners LP purchased a new stake in Transocean Ltd. (NYSE:RIG) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 704,495 shares of the offshore drilling services provider’s stock, valued at approximately $4,481,000. CenterBook Partners LP owned 0.09% of Transocean as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Archer Investment Corp boosted its position in shares of Transocean by 8,124.0% in the 1st quarter. Archer Investment Corp now owns 4,112 shares of the offshore drilling services provider’s stock valued at $26,000 after purchasing an additional 4,062 shares during the period. HM Payson & Co. bought a new position in shares of Transocean in the 1st quarter valued at approximately $32,000. Belpointe Asset Management LLC bought a new position in shares of Transocean in the 4th quarter valued at approximately $31,000. CWM LLC raised its stake in shares of Transocean by 42.1% in the 1st quarter. CWM LLC now owns 6,747 shares of the offshore drilling services provider’s stock valued at $43,000 after acquiring an additional 2,000 shares in the last quarter. Finally, US Bancorp DE raised its stake in shares of Transocean by 31.0% in the 1st quarter. US Bancorp DE now owns 7,545 shares of the offshore drilling services provider’s stock valued at $48,000 after acquiring an additional 1,784 shares in the last quarter. Institutional investors and hedge funds own 66.70% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on RIG shares. Citigroup raised Transocean from a “neutral” rating to a “buy” rating and raised their price objective for the company from $6.50 to $9.50 in a research note on Wednesday, July 5th. BTIG Research lifted their price target on Transocean from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Friday, July 28th. Piper Sandler lifted their price target on Transocean from $5.00 to $7.00 and gave the stock a “neutral” rating in a research report on Monday, August 14th. Barclays lifted their price target on Transocean from $6.00 to $7.00 and gave the stock an “equal weight” rating in a research report on Monday, August 7th. Finally, Susquehanna lifted their price target on Transocean from $7.50 to $9.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 2nd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $8.28.

Transocean Stock Performance

Shares of NYSE:RIG traded up $0.10 during trading on Friday, hitting $8.18. 8,188,079 shares of the stock were exchanged, compared to its average volume of 12,567,054. Transocean Ltd. has a 1-year low of $2.33 and a 1-year high of $8.86. The company has a market capitalization of $6.27 billion, a price-to-earnings ratio of -5.93 and a beta of 2.99. The company’s fifty day simple moving average is $8.11 and its 200-day simple moving average is $6.92. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.61 and a current ratio of 1.96.

Transocean (NYSE:RIG) last announced its quarterly earnings data on Monday, July 31st. The offshore drilling services provider reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.10). The firm had revenue of $729.00 million for the quarter, compared to analyst estimates of $732.58 million. Transocean had a negative return on equity of 7.32% and a negative net margin of 37.68%. Transocean’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.10) EPS. Sell-side analysts expect that Transocean Ltd. will post -0.71 EPS for the current fiscal year.

Insider Activity at Transocean

In related news, CAO David A. Tonnel sold 57,259 shares of the business’s stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $8.22, for a total value of $470,668.98. Following the sale, the chief accounting officer now owns 417,789 shares of the company’s stock, valued at approximately $3,434,225.58. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, CFO Mark-Anthony Lovell Mey sold 396,170 shares of the business’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $8.50, for a total transaction of $3,367,445.00. Following the completion of the sale, the chief financial officer now owns 984,317 shares in the company, valued at $8,366,694.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO David A. Tonnel sold 57,259 shares of the business’s stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $8.22, for a total value of $470,668.98. Following the sale, the chief accounting officer now owns 417,789 shares of the company’s stock, valued at approximately $3,434,225.58. The disclosure for this sale can be found here. Insiders have sold a total of 455,183 shares of company stock valued at $3,853,479 in the last 90 days. 13.16% of the stock is owned by corporate insiders.

Transocean Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts its mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. It serves integrated energy companies, government-owned or government-controlled energy companies, and other independent energy companies.