Renaissance Technologies LLC Invests $16.61 Million in Transocean Ltd. (NYSE:RIG)

Renaissance Technologies LLC acquired a new stake in Transocean Ltd. (NYSE:RIG - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 4,428,928 shares of the offshore drilling services provider's stock, valued at approximately $16,608,000. Renaissance Technologies LLC owned about 0.51% of Transocean at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in RIG. Vanguard Group Inc. boosted its position in Transocean by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 78,811,863 shares of the offshore drilling services provider's stock worth $295,544,000 after purchasing an additional 931,684 shares in the last quarter. State Street Corp boosted its holdings in Transocean by 11.0% during the third quarter. State Street Corp now owns 19,594,121 shares of the offshore drilling services provider's stock worth $83,275,000 after buying an additional 1,944,723 shares in the last quarter. American Century Companies Inc. grew its position in Transocean by 51.5% during the fourth quarter. American Century Companies Inc. now owns 19,257,437 shares of the offshore drilling services provider's stock valued at $72,215,000 after buying an additional 6,542,271 shares during the period. Geode Capital Management LLC increased its holdings in 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 in the last quarter. Finally, Van ECK Associates Corp boosted its stake in shares of Transocean by 33.9% during the 4th quarter. Van ECK Associates Corp now owns 15,393,873 shares of the offshore drilling services provider's stock worth $57,727,000 after acquiring an additional 3,895,880 shares in the last quarter. Institutional investors and hedge funds own 67.73% of the company's stock.

Insider Transactions at Transocean

In related news, EVP Roderick James Mackenzie sold 22,000 shares of the business's stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $2.23, for a total value of $49,060.00. Following the sale, the executive vice president now directly owns 362,841 shares in the company, valued at approximately $809,135.43. The trade was a 5.72 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 13.16% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on RIG. Barclays cut their price target on Transocean from $4.00 to $3.50 and set an "overweight" rating for the company in a research note on Monday, April 7th. Citigroup reduced their target price on Transocean from $4.50 to $3.50 and set a "neutral" rating for the company in a research note on Wednesday, March 19th. Susquehanna dropped their price target on shares of Transocean from $5.00 to $4.00 and set a "positive" rating on the stock in a research note on Monday. SEB Equity Research set a $2.80 price objective on shares of Transocean in a research report on Wednesday, March 5th. Finally, TD Cowen decreased their price objective on shares of Transocean from $6.50 to $5.50 and set a "hold" rating on the stock in a report on Wednesday, January 8th. One research analyst has rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Transocean has an average rating of "Hold" and a consensus price target of $4.59.

Transocean Price Performance

Shares of NYSE RIG traded up $0.12 during mid-day trading on Friday, reaching $2.28. The company's stock had a trading volume of 44,828,532 shares, compared to its average volume of 24,116,913. The stock has a 50-day moving average of $2.96 and a two-hundred day moving average of $3.69. 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 stock has a market capitalization of $2.01 billion, a P/E ratio of -3.12, a P/E/G ratio of 0.86 and a beta of 2.29. Transocean Ltd. has a 1-year low of $1.97 and a 1-year high of $6.38.

Transocean (NYSE:RIG - Get Free Report) last released its quarterly earnings data on Monday, February 17th. The offshore drilling services provider reported ($0.09) EPS for the quarter, missing analysts' consensus estimates of $0.02 by ($0.11). The business had revenue of $952.00 million during the quarter, compared to analyst estimates of $962.28 million. Transocean had a negative net margin of 14.53% and a negative return on equity of 0.52%. On average, equities research analysts anticipate that Transocean Ltd. will post 0.14 EPS for the current fiscal year.

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.