Hodges Capital Management Inc. Acquires 41,840 Shares of Transocean Ltd. (NYSE:RIG)

Hodges Capital Management Inc. grew its holdings in Transocean Ltd. (NYSE:RIG) by 50.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 124,340 shares of the offshore drilling services provider’s stock after purchasing an additional 41,840 shares during the period. Hodges Capital Management Inc.’s holdings in Transocean were worth $781,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. OLD Point Trust & Financial Services N A bought a new stake in shares of Transocean in the 4th quarter worth $25,000. VisionPoint Advisory Group LLC purchased a new position in shares of Transocean in the 4th quarter worth $28,000. Private Trust Co. NA boosted its stake in shares of Transocean by 1,489.8% in the 4th quarter. Private Trust Co. NA now owns 8,537 shares of the offshore drilling services provider’s stock worth $54,000 after buying an additional 8,000 shares during the last quarter. Fermata Advisors LLC purchased a new position in shares of Transocean in the 1st quarter worth $75,000. Finally, First Western Trust Bank purchased a new position in shares of Transocean in the 4th quarter worth $76,000. Institutional investors own 67.73% of the company’s stock.

Insider Buying and Selling at Transocean

In other Transocean news, Director (Cyprus) Ltd Perestroika purchased 2,000,000 shares of the firm’s stock in a transaction on Wednesday, May 15th. The shares were acquired at an average cost of $6.01 per share, with a total value of $12,020,000.00. Following the completion of the acquisition, the director now directly owns 87,574,894 shares in the company, valued at $526,325,112.94. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 13.16% of the company’s stock.

Transocean Stock Up 0.4 %

NYSE:RIG opened at $5.35 on Friday. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.35 and a quick ratio of 1.04. The business’s 50-day simple moving average is $5.64 and its two-hundred day simple moving average is $5.69. Transocean Ltd. has a 52 week low of $4.45 and a 52 week high of $8.88.

Transocean (NYSE:RIG) last posted its quarterly earnings results on Monday, April 29th. The offshore drilling services provider reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.10. The business had revenue of $767.00 million for the quarter, compared to analysts’ expectations of $781.86 million. Transocean had a negative return on equity of 4.67% and a negative net margin of 13.27%. The business’s quarterly revenue was up 18.2% on a year-over-year basis. During the same period last year, the firm earned ($0.38) earnings per share. On average, equities research analysts predict that Transocean Ltd. will post -0.04 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Evercore ISI dropped their price target on Transocean from $9.00 to $7.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 1st. Susquehanna upgraded Transocean from a “neutral” rating to a “positive” rating and raised their price target for the stock from $5.50 to $9.00 in a research note on Monday, April 8th. Benchmark restated a “buy” rating and issued a $8.00 price target on shares of Transocean in a research note on Tuesday, April 30th. Finally, Bank of America lifted their target price on Transocean from $5.50 to $6.00 and gave the company an “underperform” rating in a research report on Monday, April 15th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $7.70.

Transocean Company 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.