The Vanguard Group, Inc. recently announced the acquisition of new stake in Transocean Ltd. (NYSE:RIG). The institutional investor has increased its shareholding in the Energy company by 9.48% to 59.65 million shares with purchase of 5.17 million shares. This fresh investment now brings its stake to 8.45% valued currently at $219.52 million. In addition, Contrarius Investment Management raised its holdings by 4.55 million to 27.7 million shares. And Two Sigma Investments LP has lifted its position by 28.77% or 3.15 million shares – to 14.11 million shares.
With over 19.43 million Transocean Ltd. (RIG) shares trading Friday and a closing price of $4.14 on the day, the dollar volume was approximately $80.43 million. The shares have shown a positive half year performance of 6.15% and its price on 11/18/22 lost nearly -1.90%. Currently, there are 714.00M common shares owned by the public and among those 669.76M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 14 analysts who have offered their price forecasts for RIG have a consensus price objective of $5.21. The analysts have set the share’s price value over the next 12 months at a high of $8.00 and a low of $3.50. The average price target is 18.66% above its recent price level and a downside to the estimated low will see the stock lose -18.29% over that period. But an upside of 48.25% will see the stock hit the forecast high price target while median target price for the stock is $5.00.
Insiders at the company have transacted a total of 43 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 29 of these insider trades were purchases, accounting for 6,608,513 shares. Insider sales of the common stock occurred on 14 occasions, with total insider shares sold totaling 1,405,606 shares.
The top 3 mutual fund holders in Transocean Ltd. are VanEck Oil Services ETF, Vanguard Total Stock Market Index, and Vanguard Small Cap Index Fund. VanEck Oil Services ETF owns 29.45 million shares of the company’s stock, all valued at over $108.38 million. Vanguard Total Stock Market Index bought 75871.0 shares to see its total holdings expand to 19.11 million shares valued at over $70.33 million and representing 2.71% of the shares outstanding. Vanguard Small Cap Index Fund bought 0.26 million shares to bring its total holdings to over 16.39 million shares at a value of $60.32 million. Vanguard Small Cap Index Fund now owns shares totaling to 2.32% of the shares outstanding.
Shares of Transocean Ltd. (NYSE: RIG) opened at $4.105, down -$0.11 from a prior closing price of $4.22. However, the script later moved the day high at 4.1900, down -1.90%. The company’s stock has a 5-day price change of -6.33% and 15.32% over the past three months. RIG shares are trading 50.00% year to date (YTD), with the 12-month market performance up to 32.27% higher. It has a 12-month low price of $2.32 and touched a high of $5.56 over the same period. RIG has an average intraday trading volume of 24.62 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 4.96%, 23.08%, and 11.94% respectively.
Institutional ownership of Transocean Ltd. (NYSE: RIG) shares accounts for 56.50% of the company’s 714.00M shares outstanding. Mutual fund holders own 29.46%, while other institutional holders and individual stakeholders account for 7.12% and 28.19% respectively.
It has a market capitalization of $3.05B and a beta (3y monthly) value of 2.90. The earnings-per-share (ttm) stands at -$0.80. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.36% over the week and 6.31% over the month.
Analysts forecast that Transocean Ltd. (RIG) will achieve an EPS of -$0.18 for the current quarter, -$0.15 for the next quarter and -$0.06 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.23 while analysts give the company a high EPS estimate of -$0.12. Comparatively, EPS for the current quarter was -$0.19 a year ago. Earnings per share for the fiscal year are expected to decrease by -0.80%, and 75.00% over the next financial year. EPS should grow at an annualized rate of 4.80% over the next five years, compared to -19.60% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 14 brokerage firm advisors rate Transocean Ltd. (RIG) as a “Moderate Buy” at a consensus score of 2.80. Specifically, 5 Wall Street analysts polled rate the stock as a buy, while 5 of the 14 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. Barclays stated their Overweight rating for the stock in a research note on October 06, 2022, with the firm’s price target at $3.50-$5. BTIG Research coverage for the Transocean Ltd. (RIG) stock in a research note released on September 06, 2022 offered a Buy rating with a price target of $8. CapitalOne was of a view on August 02, 2022 that the stock is Overweight, while Pareto gave the stock Hold rating on March 24, 2022, issuing a price target of $5. Evercore ISI on their part issued Outperform rating on February 08, 2022.