Alps Advisors Inc. Takes Position in Transocean Ltd. (NYSE:RIG)

Alps Advisors Inc. bought a new stake in shares of Transocean Ltd. (NYSE:RIGGet Rating) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 57,475 shares of the offshore drilling services provider’s stock, valued at approximately $191,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Northwestern Mutual Wealth Management Co. raised its stake in Transocean by 285.5% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 5,536 shares of the offshore drilling services provider’s stock valued at $25,000 after purchasing an additional 4,100 shares during the last quarter. Spartan Fund Management Inc. acquired a new position in Transocean in the 2nd quarter valued at $37,000. SeaCrest Wealth Management LLC acquired a new position in Transocean in the 2nd quarter valued at $45,000. Southern Capital Advisors LLC acquired a new position in Transocean in the 2nd quarter valued at $48,000. Finally, Wetherby Asset Management Inc. acquired a new stake in shares of Transocean in the 1st quarter worth $50,000. 65.64% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

RIG has been the subject of a number of recent research reports. Barclays raised their target price on Transocean from $5.00 to $6.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 8th. BTIG Research raised Transocean from a “neutral” rating to a “buy” rating in a research note on Tuesday, September 6th. Susquehanna Bancshares cut their target price on Transocean from $4.20 to $3.30 and set a “neutral” rating for the company in a research note on Monday, October 17th. StockNews.com raised Transocean from a “sell” rating to a “hold” rating in a research note on Friday, November 4th. Finally, Pareto Securities upgraded Transocean from a “hold” rating to a “buy” rating in a report on Thursday, August 25th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $4.52.

Transocean Stock Down 0.5 %

NYSE RIG opened at $4.07 on Thursday. The company has a current ratio of 1.64, a quick ratio of 1.38 and a debt-to-equity ratio of 0.57. Transocean Ltd. has a twelve month low of $2.32 and a twelve month high of $5.56. The stock has a fifty day simple moving average of $3.40 and a 200-day simple moving average of $3.51.

Transocean (NYSE:RIGGet Rating) last announced its earnings results on Wednesday, November 2nd. The offshore drilling services provider reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.08. Transocean had a negative return on equity of 3.74% and a negative net margin of 20.50%. The company had revenue of $691.00 million during the quarter, compared to analysts’ expectations of $665.24 million. During the same period last year, the business posted ($0.19) EPS. Transocean’s revenue for the quarter was up 10.4% on a year-over-year basis. On average, sell-side analysts expect that Transocean Ltd. will post -0.58 earnings per share for the current year.

Transocean Profile

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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. As of February 14, 2022, the company had partial ownership interests in and operated a fleet of 37 mobile offshore drilling units, including 27 ultra-deep water and 10 harsh environment floaters.

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Institutional Ownership by Quarter for Transocean (NYSE:RIG)

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