Bank of Montreal Can Raises Stock Position in Transocean Ltd. (NYSE:RIG)

Bank of Montreal Can grew its holdings in shares of Transocean Ltd. (NYSE:RIG) by 45.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 317,637 shares of the offshore drilling services provider’s stock after purchasing an additional 99,862 shares during the period. Bank of Montreal Can’s holdings in Transocean were worth $1,699,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. OLD Point Trust & Financial Services N A purchased a new stake in shares of Transocean during the fourth quarter worth approximately $25,000. Nisa Investment Advisors LLC purchased a new position in Transocean in the second quarter valued at approximately $30,000. Fiducient Advisors LLC purchased a new position in Transocean in the first quarter valued at approximately $63,000. SG Americas Securities LLC purchased a new position in Transocean in the second quarter valued at approximately $64,000. Finally, Fermata Advisors LLC purchased a new position in Transocean in the first quarter valued at approximately $75,000. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Transocean Price Performance

Transocean stock opened at $4.67 on Friday. Transocean Ltd. has a one year low of $3.85 and a one year high of $8.03. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.08 and a current ratio of 1.36. The business has a fifty day moving average of $4.76 and a two-hundred day moving average of $5.38. The company has a market cap of $4.39 billion, a P/E ratio of -8.97 and a beta of 2.79.

Transocean (NYSE:RIG) last released its earnings results on Wednesday, July 31st. The offshore drilling services provider reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $862.25 million. During the same period last year, the business posted ($0.15) EPS. Transocean’s revenue was up 18.1% compared to the same quarter last year. As a group, analysts predict that Transocean Ltd. will post -0.18 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have commented on RIG. DNB Markets upgraded shares of Transocean from a “hold” rating to a “buy” rating in a research note on Tuesday, September 3rd. Citigroup downgraded Transocean from a “buy” rating to a “neutral” rating in a report on Thursday, September 12th. Morgan Stanley increased their price objective on Transocean from $5.00 to $6.00 and gave the company an “equal weight” rating in a report on Thursday. Benchmark reissued a “buy” rating and issued a $8.00 price objective on shares of Transocean in a report on Friday, August 2nd. Finally, StockNews.com raised Transocean to a “sell” rating in a report on Thursday, September 26th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $7.13.

Insider Activity

In other news, Director (Cyprus) Ltd Perestroika purchased 2,000,000 shares of the company’s stock in a transaction dated Friday, August 2nd. The stock was acquired at an average price of $5.23 per share, for a total transaction of $10,460,000.00. Following the completion of the transaction, the director now directly owns 89,574,894 shares in the company, valued at $468,476,695.62. This represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. In related news, Director Perestroika acquired 1,500,000 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was purchased at an average price of $4.13 per share, for a total transaction of $6,195,000.00. Following the transaction, the director now owns 91,074,894 shares in the company, valued at $376,139,312.22. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director (Cyprus) Ltd Perestroika acquired 2,000,000 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The shares were bought at an average price of $5.23 per share, with a total value of $10,460,000.00. Following the transaction, the director now owns 89,574,894 shares in the company, valued at $468,476,695.62. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 13.16% of the company’s stock.

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.