Transocean LTD (RIG) Stake Lessened by Somerset Capital Management LLP
Somerset Capital Management LLP decreased its holdings in shares of Transocean LTD (NYSE:RIG) by 4.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,479,185 shares of the offshore drilling services provider’s stock after selling 189,800 shares during the period. Transocean comprises approximately 8.3% of Somerset Capital Management LLP’s investment portfolio, making the stock its 5th largest holding. Somerset Capital Management LLP owned approximately 0.73% of Transocean worth $38,975,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in RIG. We Are One Seven LLC acquired a new position in Transocean in the 4th quarter valued at $31,000. NuWave Investment Management LLC increased its stake in shares of Transocean by 2,193.1% in the 4th quarter. NuWave Investment Management LLC now owns 8,324 shares of the offshore drilling services provider’s stock worth $57,000 after acquiring an additional 7,961 shares during the last quarter. National Asset Management Inc. acquired a new stake in shares of Transocean in the 4th quarter worth $71,000. Mercer Global Advisors Inc. ADV acquired a new stake in shares of Transocean in the 1st quarter worth $70,000. Finally, Magnus Financial Group LLC acquired a new stake in shares of Transocean in the 4th quarter worth $71,000. Hedge funds and other institutional investors own 76.15% of the company’s stock.
A number of analysts have issued reports on RIG shares. DNB Markets raised Transocean from a “hold” rating to a “buy” rating in a research note on Wednesday, January 9th. UBS Group set a $12.00 target price on Transocean and gave the stock a “buy” rating in a research note on Thursday, December 20th. Goldman Sachs Group began coverage on Transocean in a research report on Sunday, March 10th. They set a “buy” rating and a $11.00 price objective for the company. Barclays raised Transocean from an “underweight” rating to an “overweight” rating and set a $10.00 price objective for the company in a research report on Wednesday, February 20th. Finally, Zacks Investment Research downgraded Transocean from a “hold” rating to a “sell” rating in a research report on Tuesday, February 26th. Four analysts have rated the stock with a sell rating, six have given a hold rating and twelve have given a buy rating to the company. Transocean presently has an average rating of “Hold” and a consensus price target of $13.80.
Transocean (NYSE:RIG) last announced its earnings results on Monday, February 18th. The offshore drilling services provider reported ($0.34) EPS for the quarter, missing analysts’ consensus estimates of ($0.24) by ($0.10). Transocean had a negative net margin of 66.14% and a negative return on equity of 2.90%. The firm had revenue of $748.00 million for the quarter, compared to analysts’ expectations of $741.18 million. During the same quarter last year, the business earned ($0.24) earnings per share. The business’s revenue was up 18.9% compared to the same quarter last year. Equities research analysts anticipate that Transocean LTD will post -0.81 earnings per share for the current year.
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Transocean Company Profile
Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers drilling rigs, related equipment, and work crews; and ultra-deepwater and harsh environment drilling services. As of February 18, 2019, it owned or had partial ownership interests in, and operated 48 mobile offshore drilling units that consist of 31 ultra-deepwater floaters, 13 harsh environment floaters, and 4 midwater floaters.
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