Raymond James Financial Inc. Invests $893,000 in Transocean Ltd. (NYSE:RIG)

Raymond James Financial Inc. purchased a new stake in Transocean Ltd. (NYSE:RIG) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 238,152 shares of the offshore drilling services provider’s stock, valued at approximately $893,000.

A number of other large investors have also added to or reduced their stakes in the stock. Ballentine Partners LLC grew its holdings in shares of Transocean by 19.4% during the 4th quarter. Ballentine Partners LLC now owns 18,247 shares of the offshore drilling services provider’s stock worth $68,000 after purchasing an additional 2,963 shares in the last quarter. Pallas Capital Advisors LLC lifted its position in Transocean by 25.6% during the fourth quarter. Pallas Capital Advisors LLC now owns 15,332 shares of the offshore drilling services provider’s stock worth $57,000 after purchasing an additional 3,127 shares during the period. Kovitz Investment Group Partners LLC grew its stake in Transocean by 34.0% during the third quarter. Kovitz Investment Group Partners LLC now owns 15,877 shares of the offshore drilling services provider’s stock worth $62,000 after buying an additional 4,027 shares in the last quarter. Blue Trust Inc. increased its holdings in Transocean by 96.2% in the 4th 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. Finally, Southern Capital Advisors LLC raised its position in shares of Transocean by 27.8% in the 4th quarter. Southern Capital Advisors LLC now owns 23,001 shares of the offshore drilling services provider’s stock valued at $86,000 after buying an additional 5,000 shares in the last quarter. Institutional investors and hedge funds own 67.73% of the company’s stock.

Analyst Upgrades and Downgrades

RIG has been the topic of several analyst reports. JPMorgan Chase & Co. upgraded shares of Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 price target on the stock in a research report on Friday, December 6th. Morgan Stanley decreased their price target on Transocean from $5.00 to $4.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 27th. Citigroup lowered their price target on Transocean from $4.50 to $3.50 and set a “neutral” rating for the company in a report on Wednesday, March 19th. TD Cowen reduced their price objective on Transocean from $6.50 to $5.50 and set a “hold” rating on the stock in a research note on Wednesday, January 8th. Finally, SEB Equity Research set a $2.80 target price on Transocean in a research note on Wednesday, March 5th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $5.03.

Transocean Stock Performance

Transocean stock opened at $2.15 on Friday. The business has a 50 day moving average of $3.30 and a 200-day moving average of $3.86. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.47 and a quick ratio of 1.34. Transocean Ltd. has a 1 year low of $2.11 and a 1 year high of $6.88. The company has a market capitalization of $1.89 billion, a P/E ratio of -2.94, a P/E/G ratio of 0.86 and a beta of 2.72.

Transocean (NYSE:RIG) last announced its quarterly earnings results on Monday, February 17th. The offshore drilling services provider reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.11). The business had revenue of $952.00 million during the quarter, compared to analyst estimates of $962.28 million. Transocean had a negative net margin of 14.53% and a negative return on equity of 0.52%. On average, equities research analysts predict that Transocean Ltd. will post 0.14 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Roderick James Mackenzie sold 22,000 shares of the business’s stock in a transaction that occurred on 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 in the company, valued at approximately $1,205,327.20. The trade was a 6.57 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 12.54% of the stock is owned by corporate insiders.

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.