Penn Capital Management Company LLC Sells 379,387 Shares of Transocean Ltd. (NYSE:RIG)

Penn Capital Management Company LLC reduced its stake in shares of Transocean Ltd. (NYSE:RIG - Free Report) by 11.7% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 2,851,215 shares of the offshore drilling services provider's stock after selling 379,387 shares during the period. Penn Capital Management Company LLC owned approximately 0.33% of Transocean worth $10,692,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of RIG. Twin Tree Management LP acquired a new position in Transocean during the 4th quarter worth approximately $27,000. Blue Trust Inc. boosted its holdings 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 worth $37,000 after purchasing an additional 4,826 shares during the last quarter. Adero Partners LLC acquired a new stake in Transocean in the 4th quarter valued at $38,000. Stratos Wealth Partners LTD. bought a new stake in Transocean during the 4th quarter worth about $40,000. Finally, R Squared Ltd acquired a new position in shares of Transocean during the 4th quarter worth about $41,000. Institutional investors own 67.73% of the company's stock.

Insider Transactions at Transocean

In related 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 completion of the transaction, the executive vice president now 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 filing with the Securities & Exchange Commission, which is available at the SEC website. 13.16% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. TD Cowen dropped their price objective on Transocean from $6.50 to $5.50 and set a "hold" rating on the stock in a research note on Wednesday, January 8th. Citigroup cut their price target on shares of Transocean from $4.50 to $3.50 and set a "neutral" rating for the company in a research note on Wednesday, March 19th. Susquehanna cut their price objective on Transocean from $5.00 to $4.00 and set a "positive" rating for the company in a research report on Monday, April 14th. Evercore ISI cut shares of Transocean from an "outperform" rating to an "in-line" rating and cut their target price for the stock from $6.00 to $5.00 in a research note on Wednesday, January 15th. Finally, SEB Equity Research set a $2.80 price target on shares of Transocean in a report on Wednesday, March 5th. One analyst has rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $4.59.

Transocean Price Performance

Shares of NYSE RIG traded down $0.08 during midday trading on Tuesday, reaching $2.24. 30,046,245 shares of the company were exchanged, compared to its average volume of 24,543,404. The stock's 50-day moving average price is $2.76 and its 200-day moving average price is $3.58. The stock has a market cap of $1.97 billion, a P/E ratio of -3.08, a PEG ratio of 0.86 and a beta of 2.29. 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 Ltd. has a one year low of $1.97 and a one year high of $6.38.

Transocean (NYSE:RIG - Get Free Report) last released its quarterly earnings results on Monday, April 28th. The offshore drilling services provider reported ($0.10) earnings per share for the quarter, topping the consensus estimate of ($0.12) by $0.02. Transocean had a negative return on equity of 0.52% and a negative net margin of 14.53%. The company had revenue of $906.00 million for the quarter, compared to analysts' expectations of $884.92 million. During the same period in the previous year, the business posted ($0.03) earnings per share. The business's quarterly revenue was up 18.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Transocean Ltd. will post 0.14 earnings per share for the current fiscal year.

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.