Moors & Cabot Inc. Boosts Holdings in Transocean Ltd. (NYSE:RIG)

Moors & Cabot Inc. grew its holdings in Transocean Ltd. (NYSE:RIG) by 28.3% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 44,850 shares of the offshore drilling services provider’s stock after buying an additional 9,900 shares during the period. Moors & Cabot Inc.’s holdings in Transocean were worth $240,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of RIG. OLD Point Trust & Financial Services N A acquired a new stake in shares of Transocean in the fourth quarter valued at about $25,000. Nisa Investment Advisors LLC acquired a new stake in shares of Transocean in the second quarter valued at about $30,000. Fiducient Advisors LLC acquired a new stake in shares of Transocean in the first quarter valued at about $63,000. SG Americas Securities LLC acquired a new stake in shares of Transocean in the second quarter valued at about $64,000. Finally, Fermata Advisors LLC acquired a new stake in shares of Transocean in the first quarter valued at about $75,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Transocean news, Director Perestroika acquired 1,500,000 shares of the stock in a transaction dated Thursday, September 12th. The stock was acquired at an average price of $4.13 per share, with a total value of $6,195,000.00. Following the completion of the purchase, the director now owns 91,074,894 shares in the company, valued at approximately $376,139,312.22. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. In other 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 bought at an average price of $4.13 per share, for a total transaction of $6,195,000.00. Following the completion of the purchase, the director now directly owns 91,074,894 shares of the company’s stock, valued at $376,139,312.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director (Cyprus) Ltd Perestroika purchased 2,000,000 shares of the firm’s stock in a transaction that occurred on Friday, August 2nd. The stock was purchased at an average price of $5.23 per share, with a total value of $10,460,000.00. Following the purchase, the director now directly owns 89,574,894 shares of the company’s stock, valued at $468,476,695.62. The disclosure for this purchase can be found here. Insiders own 13.16% of the company’s stock.

Transocean Price Performance

Shares of RIG opened at $4.54 on Friday. Transocean Ltd. has a 1-year low of $3.85 and a 1-year high of $8.71. The stock has a market cap of $3.97 billion, a PE ratio of -8.72 and a beta of 2.79. The firm has a 50-day simple moving average of $4.98 and a two-hundred day simple moving average of $5.45. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.36 and a quick ratio of 1.08.

Transocean (NYSE:RIG) last posted its quarterly earnings data on Wednesday, July 31st. The offshore drilling services provider reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.07). Transocean had a negative net margin of 11.34% and a negative return on equity of 4.76%. The business had revenue of $861.00 million during the quarter, compared to analysts’ expectations of $862.25 million. During the same period in the previous year, the business posted ($0.15) EPS. The company’s revenue for the quarter was up 18.1% compared to the same quarter last year. As a group, analysts forecast that Transocean Ltd. will post -0.19 EPS for the current year.

Wall Street Analyst Weigh In

RIG has been the subject of several recent analyst reports. Benchmark restated a “buy” rating and set a $8.00 price objective on shares of Transocean in a research report on Friday, August 2nd. Citigroup cut shares of Transocean from a “buy” rating to a “neutral” rating in a research report on Thursday, September 12th. Morgan Stanley cut their price objective on shares of Transocean from $7.00 to $5.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. DNB Markets upgraded shares of Transocean from a “hold” rating to a “buy” rating in a research report on Tuesday, September 3rd. Finally, StockNews.com upgraded shares of Transocean to a “sell” rating in a research report on Monday, August 5th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $7.00.

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.