Bank of New York Mellon Corp Trims Stock Position in Transocean Ltd. (NYSE:RIG)

Bank of New York Mellon Corp lowered its stake in shares of Transocean Ltd. (NYSE:RIG) by 39.1% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 7,173,110 shares of the offshore drilling services provider’s stock after selling 4,600,237 shares during the period. Bank of New York Mellon Corp owned about 0.82% of Transocean worth $26,899,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of RIG. Pilgrim Global Advisors LLC acquired a new stake in shares of Transocean during the 3rd quarter valued at about $77,473,000. Van ECK Associates Corp grew its position in shares of Transocean by 33.9% during the 4th quarter. Van ECK Associates Corp now owns 15,393,873 shares of the offshore drilling services provider’s stock valued at $57,727,000 after acquiring an additional 3,895,880 shares during the period. Kailix Advisors LLC grew its position in shares of Transocean by 59.9% during the 3rd quarter. Kailix Advisors LLC now owns 6,620,451 shares of the offshore drilling services provider’s stock valued at $28,137,000 after acquiring an additional 2,481,059 shares during the period. Point72 Europe London LLP acquired a new stake in shares of Transocean during the 3rd quarter valued at about $8,935,000. Finally, State Street Corp grew its position in shares of Transocean by 11.0% during the 3rd quarter. State Street Corp now owns 19,594,121 shares of the offshore drilling services provider’s stock valued at $83,275,000 after acquiring an additional 1,944,723 shares during the period. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Insider Buying and Selling at Transocean

In other news, EVP Roderick James Mackenzie sold 22,000 shares of the company’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 completion of the sale, the executive vice president now directly owns 313,072 shares of the company’s stock, valued at approximately $1,205,327.20. This represents a 6.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 13.16% of the stock is currently owned by insiders.

Transocean Stock Performance

NYSE:RIG opened at $3.05 on Friday. The company has a fifty day simple moving average of $3.66 and a two-hundred day simple moving average of $4.05. The company has a market cap of $2.68 billion, a price-to-earnings ratio of -4.17, a price-to-earnings-growth ratio of 0.86 and a beta of 2.72. The company has a quick ratio of 1.34, a current ratio of 1.47 and a debt-to-equity ratio of 0.60. Transocean Ltd. has a 52 week low of $2.55 and a 52 week high of $6.88.

Transocean (NYSE:RIG) last issued 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). The firm had revenue of $952.00 million for the quarter, compared to analyst estimates of $962.28 million. Transocean had a negative return on equity of 0.52% and a negative net margin of 14.53%. As a group, equities analysts anticipate that Transocean Ltd. will post 0.14 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Benchmark restated a “hold” rating on shares of Transocean in a research report on Tuesday, December 3rd. TD Cowen lowered their price objective on Transocean from $6.50 to $5.50 and set a “hold” rating on the stock in a report on Wednesday, January 8th. JPMorgan Chase & Co. upgraded Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 price objective on the stock in a report on Friday, December 6th. StockNews.com upgraded Transocean to a “sell” rating in a report on Tuesday, November 12th. Finally, Barclays lowered their price objective on Transocean from $4.50 to $4.00 and set an “overweight” rating on the stock in a report on Tuesday, February 25th. Two analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $5.75.

About Transocean

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.