Transocean Ltd. (NYSE:RIG) Shares Acquired by Primecap Management Co. CA

Primecap Management Co. CA grew its holdings in Transocean Ltd. (NYSE:RIG) by 0.4% in the third quarter, Holdings Channel.com reports. The institutional investor owned 56,342,169 shares of the offshore drilling services provider’s stock after buying an additional 222,680 shares during the quarter. Primecap Management Co. CA owned approximately 0.06% of Transocean worth $239,454,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Intech Investment Management LLC purchased a new position in Transocean during the third quarter worth about $670,000. KBC Group NV boosted its stake in Transocean by 28.7% during the third quarter. KBC Group NV now owns 23,785 shares of the offshore drilling services provider’s stock worth $101,000 after buying an additional 5,306 shares during the period. Oppenheimer Asset Management Inc. boosted its stake in Transocean by 10.9% during the third quarter. Oppenheimer Asset Management Inc. now owns 25,170 shares of the offshore drilling services provider’s stock worth $107,000 after buying an additional 2,469 shares during the period. First National Trust Co purchased a new position in Transocean during the third quarter worth about $79,000. Finally, State of New Jersey Common Pension Fund D boosted its stake in Transocean by 15.6% during the third quarter. State of New Jersey Common Pension Fund D now owns 399,110 shares of the offshore drilling services provider’s stock worth $1,696,000 after buying an additional 53,774 shares during the period. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently commented on RIG. Susquehanna lowered their price objective on shares of Transocean from $7.00 to $6.50 and set a “positive” rating for the company in a research note on Friday, November 1st. Barclays reduced their target price on shares of Transocean from $6.00 to $4.50 and set an “equal weight” rating on the stock in a report on Wednesday, October 23rd. Benchmark cut shares of Transocean from a “buy” rating to a “hold” rating in a report on Tuesday, October 15th. StockNews.com raised shares of Transocean to a “sell” rating in a report on Tuesday, November 12th. Finally, Citigroup cut shares of Transocean from a “buy” rating to a “neutral” rating in a report on Thursday, September 12th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, Transocean has an average rating of “Hold” and a consensus price target of $6.63.

Transocean Stock Performance

NYSE RIG opened at $4.24 on Thursday. Transocean Ltd. has a fifty-two week low of $3.85 and a fifty-two week high of $6.88. The business has a 50 day moving average price of $4.32 and a two-hundred day moving average price of $4.96. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.34 and a current ratio of 1.64.

Insider Activity

In related news, Director Perestroika purchased 1,500,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was acquired at an average price of $4.13 per share, for a total transaction of $6,195,000.00. Following the transaction, the director now directly owns 91,074,894 shares of the company’s stock, valued at $376,139,312.22. This trade represents a 1.67 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Roderick James Mackenzie sold 20,000 shares of the stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $4.29, for a total value of $85,800.00. Following the completion of the sale, the executive vice president now directly owns 310,857 shares of the company’s stock, valued at approximately $1,333,576.53. This represents a 6.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 13.16% of the company’s stock.

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.