Bank of New York Mellon Corp Trims Holdings in Transocean Ltd. (NYSE:RIG)

Bank of New York Mellon Corp lessened its holdings in shares of Transocean Ltd. (NYSE:RIG - Free Report) by 39.1% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 7,173,110 shares of the offshore drilling services provider's stock after selling 4,600,237 shares during the quarter. Bank of New York Mellon Corp owned about 0.82% of Transocean worth $26,899,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Oppenheimer Asset Management Inc. raised its stake in Transocean by 10.9% in the third quarter. Oppenheimer Asset Management Inc. now owns 25,170 shares of the offshore drilling services provider's stock valued at $107,000 after purchasing an additional 2,469 shares in the last quarter. Ballentine Partners LLC raised its stake in Transocean by 19.4% in the fourth quarter. Ballentine Partners LLC now owns 18,247 shares of the offshore drilling services provider's stock valued at $68,000 after purchasing an additional 2,963 shares in the last quarter. Pallas Capital Advisors LLC raised its stake in Transocean by 25.6% in the fourth quarter. Pallas Capital Advisors LLC now owns 15,332 shares of the offshore drilling services provider's stock valued at $57,000 after purchasing an additional 3,127 shares in the last quarter. Kovitz Investment Group Partners LLC raised its stake in Transocean by 34.0% in the third quarter. Kovitz Investment Group Partners LLC now owns 15,877 shares of the offshore drilling services provider's stock valued at $62,000 after purchasing an additional 4,027 shares in the last quarter. Finally, Blue Trust Inc. raised its stake in Transocean by 96.2% in 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 in the last quarter. Institutional investors own 67.73% of the company's stock.

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Transocean Trading Up 9.9 %

NYSE:RIG traded up $0.28 during midday trading on Friday, reaching $3.05. 39,523,815 shares of the stock traded hands, compared to its average volume of 30,345,469. The company has a fifty day moving average of $3.66 and a 200 day moving average of $4.05. Transocean Ltd. has a 12 month low of $2.55 and a 12 month high of $6.88. 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 $2.68 billion, a P/E ratio of -4.17, a PEG ratio of 0.86 and a beta of 2.72.

Transocean (NYSE:RIG - Get Free Report) last posted its quarterly earnings results 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). 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 the consensus estimate of $962.28 million. On average, research analysts predict that Transocean Ltd. will post 0.14 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on RIG shares. JPMorgan Chase & Co. raised shares of Transocean from an "underweight" rating to a "neutral" rating and set a $5.00 target price on the stock in a research note on Friday, December 6th. Benchmark reissued a "hold" rating on shares of Transocean in a research note on Tuesday, December 3rd. Barclays decreased their price target 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. Evercore ISI downgraded shares of Transocean from an "outperform" rating to an "in-line" rating and decreased their price target for the stock from $6.00 to $5.00 in a research note on Wednesday, January 15th. Finally, TD Cowen decreased their price target on shares of Transocean from $6.50 to $5.50 and set a "hold" rating on the stock in a research note on Wednesday, January 8th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $5.75.

Insider Activity at Transocean

In other Transocean news, EVP Roderick James Mackenzie sold 22,000 shares of the business's 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 approximately $1,205,327.20. The trade was a 6.57 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 13.16% of the stock is currently owned by company insiders.

Transocean 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.