Level Four Advisory Services LLC Purchases Shares of 77,357 Transocean Ltd. (NYSE:RIG)

Posted by Defense World Staff on Sep 26th, 2023

Level Four Advisory Services LLC acquired a new position in shares of Transocean Ltd. (NYSE:RIG – Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 77,357 shares of the offshore drilling services provider’s stock, valued at approximately $542,000.

Several other institutional investors and hedge funds have also recently modified their holdings of RIG. Bank of New York Mellon Corp boosted its holdings in shares of Transocean by 1.1% during the first quarter. Bank of New York Mellon Corp now owns 754,540 shares of the offshore drilling services provider’s stock worth $3,449,000 after acquiring an additional 7,953 shares during the period. Cetera Advisor Networks LLC grew its holdings in Transocean by 53.7% in the 1st quarter. Cetera Advisor Networks LLC now owns 39,687 shares of the offshore drilling services provider’s stock valued at $181,000 after buying an additional 13,867 shares in the last quarter. BlackRock Inc. increased its position in Transocean by 15.4% during the 1st quarter. BlackRock Inc. now owns 14,750,703 shares of the offshore drilling services provider’s stock worth $67,413,000 after buying an additional 1,972,278 shares during the period. Great West Life Assurance Co. Can lifted its holdings in shares of Transocean by 50.3% during the first quarter. Great West Life Assurance Co. Can now owns 94,062 shares of the offshore drilling services provider’s stock worth $457,000 after buying an additional 31,461 shares in the last quarter. Finally, Cibc World Market Inc. bought a new stake in shares of Transocean in the first quarter valued at about $86,000. 66.70% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have weighed in on RIG shares. Barclays lifted their price objective on shares of Transocean from $6.00 to $7.00 and gave the stock an “equal weight” rating in a research note on Monday, August 7th. Citigroup increased their price objective on shares of Transocean from $9.50 to $10.50 and gave the stock a “buy” rating in a research note on Tuesday, September 12th. Susquehanna lifted their price target on Transocean from $7.50 to $9.00 and gave the company a “neutral” rating in a research note on Wednesday, August 2nd. Benchmark reiterated a “buy” rating and set a $12.00 price objective on shares of Transocean in a research report on Friday, September 15th. Finally, BTIG Research raised their price objective on Transocean from $10.00 to $12.00 and gave the company a “buy” rating in a report on Friday, July 28th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Transocean currently has an average rating of “Hold” and a consensus target price of $8.38.

Read Our Latest Stock Report on Transocean

Transocean Stock Performance

Shares of RIG opened at $8.38 on Tuesday. The company has a current ratio of 1.96, a quick ratio of 1.61 and a debt-to-equity ratio of 0.69. The firm’s fifty day simple moving average is $8.25 and its two-hundred day simple moving average is $7.02. Transocean Ltd. has a 12 month low of $2.34 and a 12 month high of $8.88. The stock has a market capitalization of $6.42 billion, a P/E ratio of -6.07 and a beta of 2.99.

Transocean (NYSE:RIG – Get Free Report) last announced its earnings results on Monday, July 31st. The offshore drilling services provider reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.12) by ($0.10). Transocean had a negative net margin of 37.68% and a negative return on equity of 7.32%. The business had revenue of $729.00 million for the quarter, compared to the consensus estimate of $732.58 million. During the same quarter in the previous year, the company earned ($0.10) EPS. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. As a group, analysts predict that Transocean Ltd. will post -0.73 EPS for the current year.

Insider Transactions at Transocean

In related news, CAO David A. Tonnel sold 57,259 shares of the stock in a transaction on Thursday, August 31st. The shares were sold at an average price of $8.22, for a total transaction of $470,668.98. Following the transaction, the chief accounting officer now directly owns 417,789 shares of the company’s stock, valued at $3,434,225.58. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CFO Mark-Anthony Lovell Mey sold 396,170 shares of the business’s stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $8.50, for a total transaction of $3,367,445.00. Following the completion of the sale, the chief financial officer now owns 984,317 shares in the company, valued at $8,366,694.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO David A. Tonnel sold 57,259 shares of the company’s stock in a transaction that occurred on Thursday, August 31st. The stock was sold at an average price of $8.22, for a total value of $470,668.98. Following the transaction, the chief accounting officer now directly owns 417,789 shares in the company, valued at $3,434,225.58. The disclosure for this sale can be found here. Insiders sold a total of 455,183 shares of company stock valued at $3,853,479 in the last quarter. 13.16% of the stock is currently owned by company insiders.

Transocean Profile

(Free Report)

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts its mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. It serves integrated energy companies, government-owned or government-controlled energy companies, and other independent energy companies.