Penn Capital Management Company LLC Buys 313,224 Shares of Transocean Ltd. $RIG

Penn Capital Management Company LLC boosted its position in shares of Transocean Ltd. (NYSE:RIG) by 9.8% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 3,499,280 shares of the offshore drilling services provider’s stock after purchasing an additional 313,224 shares during the quarter. Penn Capital Management Company LLC owned about 0.32% of Transocean worth $10,943,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Integrated Wealth Concepts LLC grew its holdings in Transocean by 12.1% during the 1st quarter. Integrated Wealth Concepts LLC now owns 69,637 shares of the offshore drilling services provider’s stock worth $221,000 after acquiring an additional 7,520 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Transocean by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 434,031 shares of the offshore drilling services provider’s stock worth $1,376,000 after purchasing an additional 18,957 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of Transocean by 88.9% during the first quarter. Goldman Sachs Group Inc. now owns 12,151,817 shares of the offshore drilling services provider’s stock valued at $38,521,000 after purchasing an additional 5,719,637 shares in the last quarter. Bank of Montreal Can lifted its holdings in Transocean by 6.4% during the second quarter. Bank of Montreal Can now owns 159,347 shares of the offshore drilling services provider’s stock worth $413,000 after buying an additional 9,527 shares during the period. Finally, Vise Technologies Inc. bought a new stake in Transocean during the 2nd quarter valued at $146,000. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Transocean Trading Up 6.2%

Transocean stock opened at $6.59 on Wednesday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.27 and a current ratio of 1.56. The stock has a market cap of $7.26 billion, a PE ratio of -2.09 and a beta of 1.40. The stock has a 50-day moving average of $5.51 and a two-hundred day moving average of $4.37. Transocean Ltd. has a one year low of $1.97 and a one year high of $6.96.

Transocean (NYSE:RIG) last issued its quarterly earnings results on Thursday, February 19th. The offshore drilling services provider reported $0.02 earnings per share for the quarter, missing analysts’ consensus estimates of $0.09 by ($0.07). The business had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.03 billion. Transocean had a positive return on equity of 0.41% and a negative net margin of 73.52%.Transocean’s revenue was up 9.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.09) EPS. On average, research analysts anticipate that Transocean Ltd. will post 0.14 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. JPMorgan Chase & Co. reaffirmed an “underweight” rating on shares of Transocean in a research report on Wednesday, December 10th. Fearnley Fonds downgraded shares of Transocean from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 10th. Citigroup increased their price target on shares of Transocean from $4.25 to $4.50 and gave the company a “neutral” rating in a research report on Thursday, December 11th. Morgan Stanley lifted their price objective on shares of Transocean from $4.50 to $5.00 and gave the stock an “equal weight” rating in a research report on Monday, February 23rd. Finally, BTIG Research boosted their price objective on shares of Transocean from $6.00 to $10.00 and gave the stock a “buy” rating in a research note on Monday, February 9th. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Reduce” and a consensus target price of $6.38.

Insider Activity at Transocean

In other news, CEO Keelan Adamson sold 58,687 shares of Transocean stock in a transaction on Tuesday, January 27th. The shares were sold at an average price of $5.00, for a total transaction of $293,435.00. Following the completion of the sale, the chief executive officer directly owned 1,222,182 shares in the company, valued at approximately $6,110,910. The trade was a 4.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Roderick James Mackenzie sold 78,370 shares of the company’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $6.36, for a total value of $498,433.20. Following the completion of the transaction, the executive vice president directly owned 268,025 shares in the company, valued at approximately $1,704,639. The trade was a 22.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 159,903 shares of company stock worth $906,098. 12.54% of the stock is owned by insiders.

Transocean Profile

Transocean Ltd. is a leading international provider of offshore contract drilling services for the oil and gas industry. The company specializes in the operation of mobile drilling units, including ultra-deepwater drillships, semisubmersible rigs and high-specification jackup rigs. Transocean’s fleet is designed to meet complex drilling requirements, from ultra-deepwater well construction to shelf exploration and development projects.

The company’s core services encompass the full spectrum of offshore drilling operations, including project and engineering management, marine operations, drilling supervision, and maintenance support.