Dynamic Technology Lab Private Ltd Purchases Shares of 324,024 Transocean Ltd. (NYSE:RIG)

Dynamic Technology Lab Private Ltd bought a new position in Transocean Ltd. (NYSE:RIG) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 324,024 shares of the offshore drilling services provider’s stock, valued at approximately $1,215,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Twin Tree Management LP purchased a new position in shares of Transocean in the 4th quarter worth about $27,000. Blue Trust Inc. raised its holdings in Transocean by 96.2% in the fourth quarter. Blue Trust Inc. now owns 9,841 shares of the offshore drilling services provider’s stock valued at $37,000 after buying an additional 4,826 shares during the period. Adero Partners LLC acquired a new position in Transocean during the fourth quarter valued at approximately $38,000. Stratos Wealth Partners LTD. purchased a new stake in Transocean during the fourth quarter worth approximately $40,000. Finally, R Squared Ltd purchased a new position in shares of Transocean in the 4th quarter valued at $41,000. Institutional investors and hedge funds own 67.73% of the company’s stock.

Insiders Place Their Bets

In other Transocean news, EVP Roderick James Mackenzie sold 22,000 shares of the firm’s stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $3.85, for a total value of $84,700.00. Following the transaction, the executive vice president now owns 313,072 shares of the company’s stock, valued at $1,205,327.20. This trade represents a 6.57 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 12.54% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on RIG. Barclays lowered their price target on Transocean from $4.50 to $4.00 and set an “overweight” rating for the company in a report on Tuesday, February 25th. Morgan Stanley dropped their target price on Transocean from $5.00 to $4.00 and set an “equal weight” rating on the stock in a report on Thursday, March 27th. TD Cowen decreased their price target on Transocean from $6.50 to $5.50 and set a “hold” rating for the company in a report on Wednesday, January 8th. Citigroup dropped their price objective on shares of Transocean from $4.50 to $3.50 and set a “neutral” rating on the stock in a research note on Wednesday, March 19th. Finally, Evercore ISI downgraded shares of Transocean from an “outperform” rating to an “in-line” rating and decreased their target price for the company from $6.00 to $5.00 in a research note on Wednesday, January 15th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, Transocean currently has a consensus rating of “Hold” and an average target price of $5.03.

Transocean Stock Performance

Shares of Transocean stock opened at $2.15 on Friday. The firm has a market cap of $1.89 billion, a PE ratio of -2.94, a price-to-earnings-growth ratio of 0.86 and a beta of 2.72. Transocean Ltd. has a 1 year low of $2.11 and a 1 year high of $6.88. The firm’s 50-day simple moving average is $3.30 and its 200-day simple moving average is $3.85. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.34 and a current ratio of 1.47.

Transocean (NYSE:RIG) last released its earnings results on Monday, February 17th. The offshore drilling services provider reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.11). Transocean had a negative return on equity of 0.52% and a negative net margin of 14.53%. The firm had revenue of $952.00 million for the quarter, compared to the consensus estimate of $962.28 million. Equities analysts forecast that Transocean Ltd. will post 0.14 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.