Prudential Financial Inc. cut its stake in Transocean LTD (NYSE:RIG) by 33.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 305,250 shares of the offshore drilling services provider’s stock after selling 154,740 shares during the period. Prudential Financial Inc.’s holdings in Transocean were worth $1,957,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Alps Advisors Inc. raised its holdings in Transocean by 7.3% in the second quarter. Alps Advisors Inc. now owns 95,205 shares of the offshore drilling services provider’s stock valued at $610,000 after acquiring an additional 6,444 shares in the last quarter. Tech Square Trading LP acquired a new stake in Transocean in the first quarter valued at $126,000. BlackRock Inc. raised its holdings in Transocean by 1.7% in the first quarter. BlackRock Inc. now owns 47,148,891 shares of the offshore drilling services provider’s stock valued at $410,666,000 after acquiring an additional 785,189 shares in the last quarter. Schneider Capital Management Corp raised its holdings in Transocean by 0.8% in the first quarter. Schneider Capital Management Corp now owns 3,958,631 shares of the offshore drilling services provider’s stock valued at $34,480,000 after acquiring an additional 33,152 shares in the last quarter. Finally, Wellington Shields & Co. LLC raised its holdings in Transocean by 13.9% in the first quarter. Wellington Shields & Co. LLC now owns 51,600 shares of the offshore drilling services provider’s stock valued at $449,000 after acquiring an additional 6,300 shares in the last quarter. 70.65% of the stock is currently owned by hedge funds and other institutional investors.
RIG has been the topic of several recent analyst reports. Morgan Stanley set a $10.00 price target on shares of Transocean and gave the company a “buy” rating in a report on Monday, July 15th. Royal Bank of Canada set a $17.00 target price on shares of Transocean and gave the company a “buy” rating in a research note on Wednesday, July 31st. Piper Jaffray Companies set a $8.00 target price on shares of Transocean and gave the company a “hold” rating in a research note on Wednesday, July 31st. Bank of America initiated coverage on shares of Transocean in a research note on Monday, June 10th. They set a “neutral” rating and a $6.50 target price for the company. Finally, Scotiabank set a $7.00 target price on shares of Transocean and gave the company a “hold” rating in a research note on Monday, August 26th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $11.43.
Transocean (NYSE:RIG) last released its quarterly earnings results on Monday, July 29th. The offshore drilling services provider reported ($0.34) EPS for the quarter, hitting the consensus estimate of ($0.34). The business had revenue of $758.00 million during the quarter, compared to analyst estimates of $765.81 million. Transocean had a negative net margin of 33.49% and a negative return on equity of 4.18%. The company’s quarterly revenue was down 4.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.04) earnings per share. As a group, equities research analysts expect that Transocean LTD will post -1.22 EPS for the current fiscal year.
In other news, Director Chad C. Deaton purchased 25,000 shares of the stock in a transaction dated Friday, August 2nd. The stock was acquired at an average price of $5.29 per share, for a total transaction of $132,250.00. Following the completion of the transaction, the director now owns 24,800 shares of the company’s stock, valued at $131,192. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Howard E. Davis purchased 98,049 shares of the stock in a transaction dated Friday, June 28th. The shares were purchased at an average price of $6.35 per share, with a total value of $622,611.15. The disclosure for this purchase can be found here. Insiders have bought 130,549 shares of company stock valued at $785,526 in the last 90 days. Insiders own 11.05% of the company’s stock.
Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers drilling rigs, related equipment, and work crews; and ultra-deepwater and harsh environment drilling services. As of February 18, 2019, it owned or had partial ownership interests in, and operated 48 mobile offshore drilling units that consist of 31 ultra-deepwater floaters, 13 harsh environment floaters, and 4 midwater floaters.
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