Penn Capital Management Company LLC Increases Holdings in Transocean Ltd. $RIG

Penn Capital Management Company LLC boosted its holdings in shares of Transocean Ltd. (NYSE:RIG) by 7.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,755,392 shares of the offshore drilling services provider’s stock after purchasing an additional 256,112 shares during the period. Penn Capital Management Company LLC owned about 0.34% of Transocean worth $15,551,000 at the end of the most recent reporting period.

Other hedge funds also recently bought and sold shares of the company. TD Waterhouse Canada Inc. increased its holdings in Transocean by 22,432.1% during the 4th quarter. TD Waterhouse Canada Inc. now owns 6,309 shares of the offshore drilling services provider’s stock valued at $26,000 after purchasing an additional 6,281 shares during the period. Josh Arnold Investment Consultant LLC purchased a new position in Transocean during the 2nd quarter valued at about $26,000. Flagship Harbor Advisors LLC purchased a new position in Transocean during the 4th quarter valued at about $27,000. Benedict Financial Advisors Inc. purchased a new position in Transocean during the 3rd quarter valued at about $31,000. Finally, Vestmark Advisory Solutions Inc. purchased a new position in Transocean during the 3rd quarter valued at about $31,000. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Transocean Stock Performance

Transocean stock opened at $6.48 on Wednesday. The stock’s 50 day simple moving average is $6.56 and its two-hundred day simple moving average is $5.44. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.20 and a current ratio of 1.54. The stock has a market cap of $7.23 billion, a price-to-earnings ratio of -2.17 and a beta of 1.34. Transocean Ltd. has a fifty-two week low of $2.47 and a fifty-two week high of $7.66.

Transocean (NYSE:RIG) last posted its quarterly earnings data on Monday, May 4th. The offshore drilling services provider reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.10). The firm had revenue of $1.08 billion for the quarter, compared to the consensus estimate of $1.02 billion. Transocean had a negative net margin of 66.79% and a positive return on equity of 0.88%. The business’s revenue was up 19.3% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.10) earnings per share. As a group, analysts expect that Transocean Ltd. will post 0.19 earnings per share for the current fiscal year.

Insider Activity at Transocean

In other news, EVP Roderick James Mackenzie sold 78,370 shares of the business’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $6.36, for a total value of $498,433.20. Following the sale, the executive vice president directly owned 268,025 shares of the company’s stock, valued at $1,704,639. The trade was a 22.62% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 9.70% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts recently issued reports on the company. Morgan Stanley boosted their price target on Transocean from $5.00 to $7.00 and gave the company an “equal weight” rating in a report on Wednesday, April 15th. Fearnley Fonds cut Transocean from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, February 10th. Pareto Securities cut Transocean from a “hold” rating to a “sell” rating and set a $5.25 price objective on the stock. in a research report on Tuesday, February 10th. Barclays raised Transocean from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $6.00 to $8.00 in a research report on Thursday, May 7th. Finally, Clarkson Capital cut Transocean from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 19th. Three analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, Transocean has an average rating of “Hold” and an average price target of $6.96.

About Transocean

Transocean Ltd. is a leading international provider of offshore contract drilling services for the oil and gas industry. The company specializes in the operation of mobile drilling units, including ultra-deepwater drillships, semisubmersible rigs and high-specification jackup rigs. Transocean’s fleet is designed to meet complex drilling requirements, from ultra-deepwater well construction to shelf exploration and development projects.

The company’s core services encompass the full spectrum of offshore drilling operations, including project and engineering management, marine operations, drilling supervision, and maintenance support.