Huntington National Bank Raises Holdings in Transocean Ltd. (NYSE:RIG)

Huntington National Bank increased its position in Transocean Ltd. (NYSE:RIG) by 3,790.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 40,300 shares of the offshore drilling services provider’s stock after buying an additional 39,264 shares during the period. Huntington National Bank’s holdings in Transocean were worth $151,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Twin Tree Management LP purchased a new stake in shares of Transocean during the 4th quarter worth approximately $27,000. Blue Trust Inc. lifted its position in Transocean by 96.2% during the fourth quarter. Blue Trust Inc. now owns 9,841 shares of the offshore drilling services provider’s stock valued at $37,000 after purchasing an additional 4,826 shares during the last quarter. Adero Partners LLC purchased a new position in shares of Transocean in the 4th quarter worth $38,000. Stratos Wealth Partners LTD. bought a new stake in shares of Transocean in the 4th quarter worth about $40,000. Finally, R Squared Ltd purchased a new stake in shares of Transocean during the 4th quarter valued at about $41,000. 67.73% of the stock is owned by institutional investors.

Insider Activity

In other news, EVP Roderick James Mackenzie sold 22,000 shares of Transocean stock in a transaction on Tuesday, February 11th. The stock was sold at an average price of $3.85, for a total value of $84,700.00. Following the transaction, the executive vice president now directly owns 313,072 shares in the company, valued at approximately $1,205,327.20. This trade represents a 6.57 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 12.54% of the company’s stock.

Transocean Stock Down 21.1 %

Shares of NYSE:RIG opened at $2.15 on Friday. The business’s 50 day moving average is $3.30 and its 200 day moving average is $3.85. The stock has a market cap of $1.89 billion, a P/E ratio of -2.94, a price-to-earnings-growth ratio of 0.86 and a beta of 2.72. Transocean Ltd. has a 52-week low of $2.11 and a 52-week high of $6.88. The company has a quick ratio of 1.34, a current ratio of 1.47 and a debt-to-equity ratio of 0.60.

Transocean (NYSE:RIG) last announced its quarterly earnings results on Monday, February 17th. The offshore drilling services provider reported ($0.09) EPS for the quarter, missing the consensus estimate 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 firm had revenue of $952.00 million for the quarter, compared to analysts’ expectations of $962.28 million. Sell-side analysts predict that Transocean Ltd. will post 0.14 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on RIG. SEB Equity Research set a $2.80 price objective on Transocean in a research note on Wednesday, March 5th. Evercore ISI lowered Transocean from an “outperform” rating to an “in-line” rating and decreased their price target for the company from $6.00 to $5.00 in a report on Wednesday, January 15th. TD Cowen dropped their price objective on shares of Transocean from $6.50 to $5.50 and set a “hold” rating for the company in a research note on Wednesday, January 8th. Barclays reduced their target price on shares of Transocean from $4.50 to $4.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 25th. Finally, Morgan Stanley cut their price target on shares of Transocean from $5.00 to $4.00 and set an “equal weight” rating on the stock in a report on Thursday, March 27th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $5.03.

About Transocean

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.