Oppenheimer & Co. Inc. raised its stake in Transocean Ltd. (NYSE:RIG) by 9.1% during the first quarter, Holdings Channel reports. The institutional investor owned 59,316 shares of the offshore drilling services provider’s stock after buying an additional 4,951 shares during the period. Oppenheimer & Co. Inc.’s holdings in Transocean were worth $739,000 as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of RIG. Norges Bank acquired a new position in Transocean during the fourth quarter valued at $92,740,000. Teachers Advisors LLC boosted its position in Transocean by 796.2% in the first quarter. Teachers Advisors LLC now owns 4,355,168 shares of the offshore drilling services provider’s stock valued at $54,222,000 after buying an additional 3,869,219 shares in the last quarter. Cornerstone Capital Management Holdings LLC. boosted its position in Transocean by 606.1% in the first quarter. Cornerstone Capital Management Holdings LLC. now owns 2,028,718 shares of the offshore drilling services provider’s stock valued at $25,256,000 after buying an additional 1,741,410 shares in the last quarter. Pioneer Investment Management Inc. acquired a new position in Transocean during the first quarter valued at $19,157,000. Finally, TIAA CREF Investment Management LLC boosted its position in Transocean by 132.0% in the first quarter. TIAA CREF Investment Management LLC now owns 2,533,383 shares of the offshore drilling services provider’s stock valued at $31,541,000 after buying an additional 1,441,566 shares in the last quarter. 68.16% of the stock is owned by institutional investors and hedge funds.
Transocean Ltd. (NYSE:RIG) opened at 8.2491 on Tuesday. The firm has a market cap of $3.23 billion, a P/E ratio of 4.9604 and a beta of 1.70. Transocean Ltd. has a 12-month low of $8.09 and a 12-month high of $16.66. The firm’s 50-day moving average price is $9.79 and its 200 day moving average price is $12.59.
Transocean (NYSE:RIG) last issued its quarterly earnings data on Wednesday, May 3rd. The offshore drilling services provider reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.09. Transocean had a net margin of 17.28% and a return on equity of 2.57%. The company had revenue of $785 million for the quarter, compared to analysts’ expectations of $737.51 million. Analysts forecast that Transocean Ltd. will post ($0.44) earnings per share for the current fiscal year.
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Several brokerages recently issued reports on RIG. R. F. Lafferty lowered their price target on Transocean from $21.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, May 8th. Royal Bank Of Canada restated a “sell” rating and set a $13.00 price target on shares of Transocean in a research note on Monday, May 15th. Tudor Pickering began coverage on Transocean in a research note on Thursday, March 23rd. They set a “hold” rating on the stock. Odeon Capital Group LLC began coverage on Transocean in a research note on Wednesday, May 17th. They set a “sell” rating and a $8.00 price target on the stock. Finally, B. Riley lowered their price target on Transocean from $21.00 to $16.00 and set a “buy” rating on the stock in a research note on Tuesday, May 9th. Sixteen equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $13.06.
In related news, SVP David A. Tonnel sold 9,450 shares of the business’s stock in a transaction on Thursday, April 27th. The shares were sold at an average price of $11.28, for a total value of $106,596.00. Following the sale, the senior vice president now owns 54,845 shares of the company’s stock, valued at $618,651.60. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.33% of the company’s stock.
Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company’s primary business is to contract its drilling rigs, related equipment and work crews on a dayrate basis to drill oil and gas wells. As of February 9, 2017, it owned or had partial ownership interests in and operated 56 mobile offshore drilling units.
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