Jennison Associates LLC Has $9.64 Million Holdings in Transocean Ltd. (NYSE:RIG)

Jennison Associates LLC decreased its position in Transocean Ltd. (NYSE:RIG) by 0.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,517,553 shares of the offshore drilling services provider’s stock after selling 13,106 shares during the quarter. Jennison Associates LLC owned about 0.19% of Transocean worth $9,636,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Vicus Capital bought a new position in Transocean during the 4th quarter worth $88,000. RIA Advisory Group LLC acquired a new position in shares of Transocean in the fourth quarter valued at about $95,000. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Transocean by 6.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 155,306 shares of the offshore drilling services provider’s stock worth $986,000 after acquiring an additional 9,763 shares during the period. Bourgeon Capital Management LLC acquired a new stake in Transocean in the 4th quarter worth about $216,000. Finally, Mackenzie Financial Corp raised its stake in Transocean by 96.3% in the 4th quarter. Mackenzie Financial Corp now owns 983,497 shares of the offshore drilling services provider’s stock worth $6,245,000 after purchasing an additional 482,537 shares in the last quarter. Institutional investors own 67.73% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Bank of America raised their target price on shares of Transocean from $5.50 to $6.00 and gave the stock an “underperform” rating in a report on Monday, April 15th. StockNews.com upgraded Transocean to a “sell” rating in a research report on Tuesday, February 20th. Barclays decreased their price target on Transocean from $7.00 to $6.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 22nd. Citigroup cut their price objective on shares of Transocean from $9.00 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, February 21st. Finally, Morgan Stanley cut their price target on shares of Transocean from $8.00 to $7.00 and set an “equal weight” rating for the company in a report on Monday, February 26th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $8.22.

Transocean Price Performance

Shares of RIG opened at $5.75 on Friday. Transocean Ltd. has a one year low of $4.45 and a one year high of $8.88. The stock has a 50-day moving average of $5.69 and a 200-day moving average of $6.03. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.22 and a current ratio of 1.52.

Transocean (NYSE:RIG) last announced its quarterly earnings results on Monday, February 19th. The offshore drilling services provider reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.12. The business had revenue of $741.00 million for the quarter, compared to analysts’ expectations of $779.17 million. Transocean had a negative net margin of 33.69% and a negative return on equity of 7.13%. During the same quarter last year, the firm earned ($0.49) EPS. On average, sell-side analysts anticipate that Transocean Ltd. will post 0.02 earnings per share for the current fiscal year.

Transocean Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. The company operates a fleet of mobile offshore drilling units, consisting of ultra-deepwater floaters and harsh environment floaters.