ExodusPoint Capital Management LP Sells 2,532,184 Shares of Transocean Ltd. (NYSE:RIG)

ExodusPoint Capital Management LP cut its position in shares of Transocean Ltd. (NYSE:RIG) by 56.5% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,949,245 shares of the offshore drilling services provider’s stock after selling 2,532,184 shares during the period. ExodusPoint Capital Management LP owned approximately 0.25% of Transocean worth $13,664,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Osaic Holdings Inc. lifted its stake in shares of Transocean by 4.4% in the 2nd quarter. Osaic Holdings Inc. now owns 178,913 shares of the offshore drilling services provider’s stock valued at $1,259,000 after purchasing an additional 7,577 shares during the last quarter. Great West Life Assurance Co. Can lifted its stake in shares of Transocean by 198.8% in the 2nd quarter. Great West Life Assurance Co. Can now owns 184,003 shares of the offshore drilling services provider’s stock valued at $1,296,000 after purchasing an additional 122,425 shares during the last quarter. Profund Advisors LLC lifted its stake in shares of Transocean by 4.7% in the 2nd quarter. Profund Advisors LLC now owns 94,587 shares of the offshore drilling services provider’s stock valued at $663,000 after purchasing an additional 4,234 shares during the last quarter. Jade Capital Advisors LLC lifted its stake in shares of Transocean by 600.0% in the 2nd quarter. Jade Capital Advisors LLC now owns 210,000 shares of the offshore drilling services provider’s stock valued at $1,472,000 after purchasing an additional 180,000 shares during the last quarter. Finally, Alterna Wealth Management Inc. bought a new stake in shares of Transocean in the 2nd quarter valued at approximately $123,000. 66.70% of the stock is owned by institutional investors.

Transocean Trading Down 0.9 %

RIG opened at $6.34 on Tuesday. The stock’s fifty day moving average is $7.40 and its two-hundred day moving average is $7.29. The company has a market capitalization of $5.13 billion, a P/E ratio of -3.91 and a beta of 2.96. Transocean Ltd. has a 52 week low of $3.65 and a 52 week high of $8.88. The company has a quick ratio of 1.32, a current ratio of 1.67 and a debt-to-equity ratio of 0.68.

Transocean (NYSE:RIG) last released its quarterly earnings data on Monday, October 30th. The offshore drilling services provider reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.14). The firm had revenue of $713.00 million for the quarter, compared to analysts’ expectations of $738.22 million. Transocean had a negative return on equity of 9.76% and a negative net margin of 44.49%. During the same quarter in the previous year, the business earned ($0.06) earnings per share. Analysts forecast that Transocean Ltd. will post -0.93 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on RIG shares. Benchmark reaffirmed a “buy” rating and issued a $12.00 price objective on shares of Transocean in a research note on Friday, September 15th. Citigroup increased their price target on Transocean from $9.50 to $10.50 and gave the stock a “buy” rating in a report on Tuesday, September 12th. StockNews.com upgraded Transocean to a “sell” rating in a report on Wednesday, November 1st. Morgan Stanley increased their price target on Transocean from $8.00 to $9.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 17th. Finally, BTIG Research increased their price target on Transocean from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, July 28th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $8.89.

Insiders Place Their Bets

In other Transocean news, CAO David A. Tonnel sold 57,259 shares of the firm’s stock in a transaction on Thursday, August 31st. The stock was sold at an average price of $8.22, for a total transaction of $470,668.98. Following the transaction, the chief accounting officer now directly owns 417,789 shares in the company, valued at approximately $3,434,225.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 13.16% of the stock is currently owned by company insiders.

Transocean Company 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.