Penn Capital Management Co. Inc. trimmed its holdings in shares of Transocean LTD (NYSE:RIG) by 56.0% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 87,724 shares of the offshore drilling services provider’s stock after selling 111,768 shares during the period. Penn Capital Management Co. Inc.’s holdings in Transocean were worth $3,015,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Stratos Wealth Partners LTD. bought a new stake in Transocean during the third quarter worth approximately $105,000. Flagship Harbor Advisors LLC bought a new stake in Transocean during the second quarter worth approximately $101,000. Mobius Capital Management LLC bought a new stake in Transocean during the third quarter worth approximately $112,000. MinichMacGregor Wealth Management LLC boosted its holdings in Transocean by 100.0% during the third quarter. MinichMacGregor Wealth Management LLC now owns 10,000 shares of the offshore drilling services provider’s stock worth $141,000 after buying an additional 5,000 shares in the last quarter. Finally, Griffin Asset Management Inc. bought a new stake in Transocean during the third quarter worth approximately $153,000. Hedge funds and other institutional investors own 81.07% of the company’s stock.
In related news, Director Vanessa C. L. Chang bought 6,000 shares of the business’s stock in a transaction on Monday, December 10th. The stock was bought at an average price of $8.00 per share, for a total transaction of $48,000.00. Following the transaction, the director now directly owns 9,700 shares in the company, valued at $77,600. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CAO Howard E. Davis sold 10,298 shares of the stock in a transaction that occurred on Wednesday, December 19th. The stock was sold at an average price of $7.28, for a total transaction of $74,969.44. Following the completion of the sale, the chief accounting officer now owns 55,212 shares of the company’s stock, valued at approximately $401,943.36. The disclosure for this sale can be found here. 14.09% of the stock is owned by corporate insiders.
RIG stock opened at $6.64 on Friday. Transocean LTD has a 12-month low of $6.51 and a 12-month high of $14.47. The company has a debt-to-equity ratio of 0.75, a current ratio of 3.07 and a quick ratio of 2.77. The company has a market capitalization of $3.21 billion, a price-to-earnings ratio of -110.67 and a beta of 1.54.
Transocean (NYSE:RIG) last released its earnings results on Monday, October 29th. The offshore drilling services provider reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.16. Transocean had a negative net margin of 64.33% and a negative return on equity of 2.31%. The company had revenue of $816.00 million during the quarter, compared to the consensus estimate of $779.19 million. During the same quarter in the prior year, the firm earned $0.16 EPS. The company’s revenue was up 1.0% compared to the same quarter last year. On average, research analysts expect that Transocean LTD will post -0.73 earnings per share for the current fiscal year.
Several equities research analysts recently commented on the stock. ValuEngine downgraded shares of Transocean from a “buy” rating to a “hold” rating in a research report on Monday, September 10th. Susquehanna Bancshares set a $17.00 price target on shares of Transocean and gave the company a “buy” rating in a research report on Wednesday, October 10th. Credit Suisse Group assumed coverage on shares of Transocean in a research report on Thursday, December 13th. They issued an “outperform” rating and a $14.00 price target for the company. DNB Markets upgraded shares of Transocean from a “sell” rating to a “hold” rating in a research report on Tuesday, October 30th. Finally, Cowen assumed coverage on shares of Transocean in a research report on Saturday, October 13th. They issued a “hold” rating and a $12.00 price target for the company. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $13.68.
ILLEGAL ACTIVITY WARNING: This piece of content was published by Fairfield Current and is the sole property of of Fairfield Current. If you are viewing this piece of content on another website, it was illegally copied and republished in violation of US and international copyright & trademark laws. The legal version of this piece of content can be viewed at https://www.fairfieldcurrent.com/news/2018/12/21/penn-capital-management-co-inc-trims-position-in-transocean-ltd-rig.html.
Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers deepwater and harsh environment drilling services. As of February 20, 2018, it owned or had partial ownership interests in, and operated 47 mobile offshore drilling units that consist of 27 ultra-deepwater floaters, 12 harsh environment floaters, 2 deepwater floaters, 6 midwater floaters, and 2 high-specification jackups.
Read More: Reverse Stock Split
Receive News & Ratings for Transocean Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Transocean and related companies with MarketBeat.com’s FREE daily email newsletter.