Brave Asset Management Inc. Sells 10,000 Shares of Transocean Ltd. (NYSE:RIG)

Brave Asset Management Inc. cut its holdings in Transocean Ltd. (NYSE:RIGGet Rating) by 32.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,000 shares of the offshore drilling services provider’s stock after selling 10,000 shares during the period. Brave Asset Management Inc.’s holdings in Transocean were worth $96,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also bought and sold shares of RIG. Beck Mack & Oliver LLC bought a new position in shares of Transocean in the 4th quarter worth about $28,000. Budros Ruhlin & Roe Inc. bought a new stake in Transocean in the 4th quarter valued at about $28,000. Kestra Private Wealth Services LLC bought a new stake in Transocean in the 4th quarter valued at about $29,000. Vanguard Capital Wealth Advisors bought a new stake in Transocean in the 4th quarter valued at about $30,000. Finally, NovaPoint Capital LLC bought a new stake in Transocean in the 4th quarter valued at about $30,000. 47.88% of the stock is owned by hedge funds and other institutional investors.

In other Transocean news, Director Vanessa C. L. Chang bought 12,300 shares of the business’s stock in a transaction dated Thursday, June 23rd. The shares were purchased at an average price of $3.21 per share, for a total transaction of $39,483.00. Following the purchase, the director now directly owns 49,200 shares of the company’s stock, valued at $157,932. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Frederik Wilhelm Mohn bought 2,000,000 shares of the business’s stock in a transaction dated Friday, May 13th. The stock was acquired at an average price of $3.75 per share, for a total transaction of $7,500,000.00. Following the purchase, the director now directly owns 82,636,646 shares in the company, valued at $309,887,422.50. The disclosure for this purchase can be found here. Insiders have acquired a total of 2,017,300 shares of company stock valued at $7,557,533 over the last three months. Corporate insiders own 13.26% of the company’s stock.

RIG remained flat at $$3.33 during midday trading on Monday. The company’s stock had a trading volume of 989,538 shares, compared to its average volume of 21,538,506. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.40 and a current ratio of 1.69. The stock has a 50 day moving average of $3.91 and a two-hundred day moving average of $3.85. The company has a market cap of $2.27 billion, a P/E ratio of -3.23 and a beta of 2.94. Transocean Ltd. has a 1 year low of $2.63 and a 1 year high of $5.56.

Transocean (NYSE:RIGGet Rating) last issued its quarterly earnings data on Monday, May 2nd. The offshore drilling services provider reported ($0.28) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.06). The company had revenue of $615.00 million for the quarter, compared to the consensus estimate of $605.13 million. Transocean had a negative return on equity of 4.81% and a negative net margin of 26.84%. During the same period in the prior year, the firm posted ($0.19) earnings per share. On average, sell-side analysts forecast that Transocean Ltd. will post -0.53 EPS for the current year.

A number of analysts recently commented on RIG shares. StockNews.com lowered Transocean from a “hold” rating to a “sell” rating in a research report on Thursday, May 12th. Piper Sandler boosted their target price on Transocean from $3.00 to $3.85 and gave the company a “neutral” rating in a research report on Monday, April 18th. Finally, Pareto Securities raised Transocean from a “sell” rating to a “hold” rating and set a $5.00 target price for the company in a research report on Thursday, March 24th. One equities research analyst has rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. Based on data from MarketBeat.com, Transocean presently has an average rating of “Hold” and a consensus price target of $4.28.

Transocean Profile (Get Rating)

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts its mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. As of February 14, 2022, the company had partial ownership interests in and operated a fleet of 37 mobile offshore drilling units, including 27 ultra-deep water and 10 harsh environment floaters.

See Also

Institutional Ownership by Quarter for Transocean (NYSE:RIG)

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