New York State Teachers Retirement System reduced its holdings in Transocean LTD (NYSE:RIG) by 44.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 273,100 shares of the offshore drilling services provider’s stock after selling 215,000 shares during the period. New York State Teachers Retirement System’s holdings in Transocean were worth $500,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. National Asset Management Inc. purchased a new stake in shares of Transocean in the 1st quarter valued at $26,000. Marathon Trading Investment Management LLC purchased a new stake in shares of Transocean in the 1st quarter valued at $27,000. Fortem Financial Group LLC purchased a new stake in shares of Transocean in the 2nd quarter valued at $27,000. Sheaff Brock Investment Advisors LLC boosted its holdings in shares of Transocean by 72.4% in the 1st quarter. Sheaff Brock Investment Advisors LLC now owns 26,200 shares of the offshore drilling services provider’s stock valued at $30,000 after acquiring an additional 11,000 shares during the last quarter. Finally, Private Advisor Group LLC boosted its holdings in shares of Transocean by 103.0% in the 1st quarter. Private Advisor Group LLC now owns 26,816 shares of the offshore drilling services provider’s stock valued at $31,000 after acquiring an additional 13,604 shares during the last quarter. 69.68% of the stock is currently owned by institutional investors and hedge funds.
RIG has been the topic of a number of recent analyst reports. DNB Markets downgraded shares of Transocean from a “hold” rating to a “sell” rating in a report on Wednesday, April 29th. Morgan Stanley downgraded shares of Transocean from an “overweight” rating to an “equal weight” rating in a report on Wednesday, July 8th. Credit Suisse Group lowered their price target on shares of Transocean from $2.00 to $1.75 and set a “neutral” rating on the stock in a report on Friday, May 1st. Royal Bank of Canada reissued a “sell” rating on shares of Transocean in a report on Sunday, May 3rd. Finally, Piper Sandler lowered their price target on shares of Transocean from $2.00 to $1.45 and set a “neutral” rating on the stock in a report on Wednesday, April 15th. Seven investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $3.77.
Shares of NYSE RIG opened at $2.04 on Friday. The firm has a 50-day simple moving average of $2.00 and a 200-day simple moving average of $2.46. The stock has a market capitalization of $1.28 billion, a price-to-earnings ratio of -0.71 and a beta of 2.43. The company has a quick ratio of 1.78, a current ratio of 2.07 and a debt-to-equity ratio of 0.77. Transocean LTD has a 52 week low of $0.76 and a 52 week high of $7.28.
Transocean (NYSE:RIG) last issued its earnings results on Wednesday, April 29th. The offshore drilling services provider reported ($0.30) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.29) by ($0.01). The business had revenue of $759.00 million during the quarter, compared to analyst estimates of $791.17 million. Transocean had a negative net margin of 54.06% and a negative return on equity of 5.92%. As a group, equities research analysts expect that Transocean LTD will post -1.03 EPS for the current year.
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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