PRIMECAP Management Co. recently announced the acquisition of new stake in Transocean Ltd (NYSE:RIG). The institutional investor has increased its shareholding in the Energy company by 0.15% to 45.53 million shares with purchase of 66300.0 shares. This fresh investment now brings its stake to 5.63% valued currently at $289.58 million. In addition, Dimensional Fund Advisors LP raised its holdings by 9.16 million to 28.97 million shares. And Capital Research & Management Co has lifted its position by 4.96% or 1.37 million shares – to 28.97 million shares.
With over 10.74 million Transocean Ltd (RIG) shares trading Friday and a closing price of $6.14 on the day, the dollar volume was approximately $65.96 million. The shares have shown a negative half year performance of -20.57% and its price on 01/05/24 gained nearly 1.82%. Currently, there are 721.89M common shares owned by the public and among those 714.37M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 19 analysts who have offered their price forecasts for RIG have a consensus price objective of $8.52. The analysts have set the share’s price value over the next 12 months at a high of $12.00 and a low of $6.00. The average price target is 27.93% above its recent price level and a downside to the estimated low will see the stock lose -2.33% over that period. But an upside of 48.83% will see the stock hit the forecast high price target while median target price for the stock is $8.00.
Insiders at the company have transacted a total of 53 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 31 of these insider trades were purchases, accounting for 115,926,083 shares. Insider sales of the common stock occurred on 22 occasions, with total insider shares sold totaling 3,163,027 shares.
The top 3 mutual fund holders in Transocean Ltd are Vanguard Total Stock Market ETF, Vanguard Small Cap Index Fund, and American Funds New Economy Fund. Vanguard Total Stock Market ETF owns 21.66 million shares of the company’s stock, all valued at over $137.78 million. The company bought an additional 31353.0 shares recently to bring their total holdings to about 2.68% of the shares outstanding. Vanguard Small Cap Index Fund bought 82229.0 shares to see its total holdings expand to 17.88 million shares valued at over $113.7 million and representing 2.21% of the shares outstanding. American Funds New Economy Fund bought 0.9 million shares to bring its total holdings to over 17.33 million shares at a value of $110.23 million. American Funds New Economy Fund now owns shares totaling to 2.14% of the shares outstanding.
Shares of Transocean Ltd (NYSE: RIG) opened at $6.07, up $0.04 from a prior closing price of $6.03. However, the script later moved the day high at 6.22, up 1.82%. The company’s stock has a 5-day price change of -5.25% and -19.42% over the past three months. RIG shares are trading -3.31% year to date (YTD), with the 12-month market performance up to 43.79% higher. It has a 12-month low price of $4.26 and touched a high of $8.88 over the same period. RIG has an average intraday trading volume of 14.99 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 0.06%, -3.75%, and -11.93% respectively.
Institutional ownership of Transocean Ltd (NYSE: RIG) shares accounts for 67.18% of the company’s 721.89M shares outstanding. Mutual fund holders own 32.87%, while other institutional holders and individual stakeholders account for 34.49% and 11.49% respectively.
It has a market capitalization of $4.97B and a beta (3y monthly) value of 2.81. The earnings-per-share (ttm) stands at -$1.62. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.70% over the week and 3.95% over the month.
Analysts forecast that Transocean Ltd (RIG) will achieve an EPS of -$0.24 for the current quarter, -$0.06 for the next quarter and $0.16 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.27 while analysts give the company a high EPS estimate of -$0.18. Comparatively, EPS for the current quarter was -$0.49 a year ago. Earnings per share for the fiscal year are expected to decrease by -4.20%, and 122.93% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 19 brokerage firm advisors rate Transocean Ltd (RIG) as a “Moderate Buy” at a consensus score of 2.53. Specifically, 7 Wall Street analysts polled rate the stock as a buy, while 9 of the 19 advise that investors “hold,” and 2 rated it as a “Sell.”
Looking at the support for the RIG, a number of firms have released research notes about the stock. CapitalOne stated their Equal Weight rating for the stock in a research note on November 28, 2023, with the firm’s price target at $8.
