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 $289.12 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.
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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Insiders at the company have transacted a total of 51 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 20 occasions, with total insider shares sold totaling 3,114,219 shares.
The top 3 mutual fund holders in Transocean Ltd are Vanguard Total Stock Market ETF, American Funds New Economy Fund, and American Funds Small Cap World Fu. Vanguard Total Stock Market ETF owns 23.28 million shares of the company’s stock, all valued at over $147.84 million. The company bought an additional 1.62 million shares recently to bring their total holdings to about 2.88% of the shares outstanding. American Funds New Economy Fund bought 2.14 million shares to see its total holdings expand to 19.47 million shares valued at over $123.62 million and representing 2.41% of the shares outstanding. American Funds Small Cap World Fu bought 7.82 million shares to bring its total holdings to over 18.84 million shares at a value of $119.66 million. American Funds Small Cap World Fu now owns shares totaling to 2.33% of the shares outstanding.
However, the script later moved the day high at 5.48, down -0.56%. The company’s stock has a 5-day price change of -4.47% and -27.64% over the past three months. RIG shares are trading -15.91% year to date (YTD), with the 12-month market performance down to -6.81% lower. It has a 12-month low price of $5.22 and touched a high of $8.88 over the same period. RIG has an average intraday trading volume of 15.51 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 -11.34%, -13.60%, and -23.11% respectively.
Institutional ownership of Transocean Ltd (NYSE: RIG) shares accounts for 67.03% of the company’s 721.89M shares outstanding. Mutual fund holders own 30.93%, while other institutional holders and individual stakeholders account for 36.28% and 11.49% respectively.
It has a market capitalization of $4.32B and a beta (3y monthly) value of 2.82. 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 4.54% over the week and 3.75% 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 -2.87%, and 121.94% over the next financial year.
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.
