Ipswich Investment Management Co. Inc. Trims Position in Transocean Ltd. (NYSE:RIG)

Ipswich Investment Management Co. Inc. decreased its position in shares of Transocean Ltd. (NYSE:RIG) by 18.5% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 14,500 shares of the offshore drilling services provider’s stock after selling 3,300 shares during the quarter. Ipswich Investment Management Co. Inc.’s holdings in Transocean were worth $92,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of RIG. BlackRock Inc. lifted its stake in shares of Transocean by 64.4% during the first quarter. BlackRock Inc. now owns 27,992,307 shares of the offshore drilling services provider’s stock valued at $178,031,000 after buying an additional 10,962,276 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Transocean by 5,526.9% during the first quarter. Renaissance Technologies LLC now owns 7,872,028 shares of the offshore drilling services provider’s stock valued at $35,975,000 after buying an additional 7,732,128 shares during the period. Morgan Stanley lifted its stake in shares of Transocean by 60.7% during the fourth quarter. Morgan Stanley now owns 18,330,357 shares of the offshore drilling services provider’s stock valued at $83,586,000 after buying an additional 6,925,085 shares during the period. Vanguard Group Inc. lifted its stake in shares of Transocean by 9.4% during the third quarter. Vanguard Group Inc. now owns 60,315,980 shares of the offshore drilling services provider’s stock valued at $148,981,000 after buying an additional 5,165,717 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in Transocean by 117.9% during the first quarter. Charles Schwab Investment Management Inc. now owns 8,940,965 shares of the offshore drilling services provider’s stock worth $40,861,000 after purchasing an additional 4,838,046 shares during the period. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Analyst Ratings Changes

RIG has been the topic of a number of recent analyst reports. Barclays cut their price target on shares of Transocean from $7.00 to $6.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 22nd. Morgan Stanley cut their price target on shares of Transocean from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research note on Monday, February 26th. Citigroup cut their price target on shares of Transocean from $9.00 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday, February 21st. Susquehanna raised shares of Transocean from a “neutral” rating to a “positive” rating and increased their price target for the stock from $5.50 to $9.00 in a research note on Monday, April 8th. Finally, Bank of America increased their price target on shares of Transocean from $5.50 to $6.00 and gave the stock an “underperform” rating in a research note on Monday, April 15th. 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’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $8.22.

Transocean Stock Up 2.2 %

RIG traded up $0.12 during trading hours on Friday, reaching $5.67. 16,183,946 shares of the stock traded hands, compared to its average volume of 17,893,560. The firm’s fifty day simple moving average is $5.64 and its two-hundred day simple moving average is $6.08. The company has a market cap of $4.65 billion, a price-to-earnings ratio of -4.46 and a beta of 2.78. Transocean Ltd. has a fifty-two week low of $4.45 and a fifty-two week high of $8.88. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.22.

Transocean (NYSE:RIG) last released its quarterly earnings results on Monday, February 19th. The offshore drilling services provider reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.12. The business had revenue of $741.00 million during the quarter, compared to analyst estimates of $779.17 million. Transocean had a negative net margin of 33.69% and a negative return on equity of 7.13%. During the same period last year, the business earned ($0.49) EPS. As a group, analysts forecast that Transocean Ltd. will post 0.02 earnings per share for the current fiscal year.

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.