Cedar Wealth Management LLC Increases Stock Position in Transocean Ltd. (NYSE:RIG)

Cedar Wealth Management LLC grew its stake in shares of Transocean Ltd. (NYSE:RIG) by 7.1% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 104,128 shares of the offshore drilling services provider’s stock after buying an additional 6,916 shares during the period. Cedar Wealth Management LLC’s holdings in Transocean were worth $390,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in RIG. Twin Tree Management LP acquired a new position in shares of Transocean during the 4th quarter valued at $27,000. Blue Trust Inc. lifted its holdings in shares of Transocean by 96.2% during the 4th quarter. Blue Trust Inc. now owns 9,841 shares of the offshore drilling services provider’s stock valued at $37,000 after acquiring an additional 4,826 shares in the last quarter. Adero Partners LLC acquired a new position in shares of Transocean during the 4th quarter valued at $38,000. Stratos Wealth Partners LTD. acquired a new position in shares of Transocean during the 4th quarter valued at $40,000. Finally, Orion Portfolio Solutions LLC acquired a new position in shares of Transocean during the 3rd quarter valued at $46,000. 67.73% of the stock is owned by hedge funds and other institutional investors.

Transocean Stock Performance

Shares of Transocean stock opened at $3.20 on Friday. The firm has a market cap of $2.81 billion, a PE ratio of -4.38, a price-to-earnings-growth ratio of 0.86 and a beta of 2.72. The firm’s 50-day simple moving average is $3.49 and its 200-day simple moving average is $3.93. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.34 and a current ratio of 1.47. Transocean Ltd. has a 1 year low of $2.55 and a 1 year high of $6.88.

Transocean (NYSE:RIG) last issued its earnings results on Monday, February 17th. The offshore drilling services provider reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.11). The company had revenue of $952.00 million during the quarter, compared to analyst estimates of $962.28 million. Transocean had a negative net margin of 14.53% and a negative return on equity of 0.52%. Equities analysts forecast that Transocean Ltd. will post 0.14 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Roderick James Mackenzie sold 22,000 shares of the business’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $4.05, for a total transaction of $89,100.00. Following the completion of the sale, the executive vice president now owns 229,596 shares of the company’s stock, valued at $929,863.80. This represents a 8.74 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 13.16% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently weighed in on RIG. JPMorgan Chase & Co. upgraded shares of Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 target price on the stock in a report on Friday, December 6th. TD Cowen cut their price objective on shares of Transocean from $6.50 to $5.50 and set a “hold” rating on the stock in a report on Wednesday, January 8th. SEB Equity Research set a $2.80 price objective on shares of Transocean in a report on Wednesday, March 5th. Evercore ISI lowered shares of Transocean from an “outperform” rating to an “in-line” rating and cut their price objective for the stock from $6.00 to $5.00 in a report on Wednesday, January 15th. Finally, Benchmark reiterated a “hold” rating on shares of Transocean in a report on Tuesday, December 3rd. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $5.23.

Transocean Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. The company operates a fleet of mobile offshore drilling units, consisting of ultra-deepwater floaters and harsh environment floaters.