Primecap Management Co. CA Sells 1,525,758 Shares of Transocean Ltd. (NYSE:RIG)

Primecap Management Co. CA trimmed its position in shares of Transocean Ltd. (NYSE:RIG) by 2.7% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 54,816,411 shares of the offshore drilling services provider’s stock after selling 1,525,758 shares during the period. Primecap Management Co. CA owned approximately 0.06% of Transocean worth $205,562,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Charles Schwab Investment Management Inc. lifted its stake in shares of Transocean by 7.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 12,465,534 shares of the offshore drilling services provider’s stock valued at $46,746,000 after buying an additional 859,214 shares during the period. Hosking Partners LLP lifted its stake in shares of Transocean by 23.5% in the fourth quarter. Hosking Partners LLP now owns 1,706,143 shares of the offshore drilling services provider’s stock valued at $6,398,000 after buying an additional 324,955 shares during the period. Geode Capital Management LLC lifted its stake in shares of Transocean by 4.1% in the third quarter. Geode Capital Management LLC now owns 17,245,298 shares of the offshore drilling services provider’s stock valued at $73,307,000 after buying an additional 680,242 shares during the period. Van ECK Associates Corp lifted its stake in shares of Transocean by 33.9% in the fourth quarter. Van ECK Associates Corp now owns 15,393,873 shares of the offshore drilling services provider’s stock valued at $57,727,000 after buying an additional 3,895,880 shares during the period. Finally, State of New Jersey Common Pension Fund D lifted its stake in shares of Transocean by 25.2% in the fourth quarter. State of New Jersey Common Pension Fund D now owns 499,801 shares of the offshore drilling services provider’s stock valued at $1,874,000 after buying an additional 100,691 shares during the period. 67.73% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on RIG shares. TD Cowen dropped their price target on shares of Transocean from $6.50 to $5.50 and set a “hold” rating for the company in a research report on Wednesday, January 8th. JPMorgan Chase & Co. raised shares of Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 price target for the company in a research report on Friday, December 6th. SEB Equity Research set a $2.80 price target on shares of Transocean in a research report on Wednesday, March 5th. Evercore ISI lowered shares of Transocean from an “outperform” rating to an “in-line” rating and dropped their price target for the stock from $6.00 to $5.00 in a research report on Wednesday, January 15th. Finally, Benchmark reissued a “hold” rating on shares of Transocean in a research report on Tuesday, December 3rd. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $5.42.

Insider Buying and Selling at Transocean

In other news, EVP Roderick James Mackenzie sold 22,000 shares of Transocean stock in a transaction on Tuesday, February 11th. The shares were sold at an average price of $3.85, for a total transaction of $84,700.00. Following the transaction, the executive vice president now directly owns 313,072 shares of the company’s stock, valued at $1,205,327.20. This trade represents a 6.57 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 13.16% of the company’s stock.

Transocean Price Performance

Shares of RIG stock opened at $3.17 on Tuesday. Transocean Ltd. has a 52-week low of $2.55 and a 52-week high of $6.88. The stock has a market cap of $2.78 billion, a PE ratio of -4.34, a PEG ratio of 0.86 and a beta of 2.72. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.34 and a current ratio of 1.47. The firm’s 50 day moving average price is $3.56 and its two-hundred day moving average price is $3.97.

Transocean (NYSE:RIG) last announced its quarterly earnings data on Monday, February 17th. The offshore drilling services provider reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.11). Transocean had a negative net margin of 14.53% and a negative return on equity of 0.52%. The business had revenue of $952.00 million during the quarter, compared to the consensus estimate of $962.28 million. As a group, analysts forecast that Transocean Ltd. will post 0.14 EPS for the current year.

Transocean Company Profile

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.