66,117 Shares in Transocean Ltd. (RIG) Acquired by Trutina Financial LLC
Trutina Financial LLC acquired a new position in shares of Transocean Ltd. (NYSE:RIG) during the second quarter, Holdings Channel reports. The firm acquired 66,117 shares of the offshore drilling services provider’s stock, valued at approximately $786,000.
Several other hedge funds also recently added to or reduced their stakes in RIG. State Street Corp raised its stake in Transocean by 26.1% in the first quarter. State Street Corp now owns 15,962,503 shares of the offshore drilling services provider’s stock worth $145,896,000 after buying an additional 3,301,654 shares during the last quarter. Stoneridge Investment Partners LLC bought a new stake in Transocean during the second quarter worth about $4,498,000. Renaissance Technologies LLC raised its stake in Transocean by 287.4% in the first quarter. Renaissance Technologies LLC now owns 3,359,749 shares of the offshore drilling services provider’s stock worth $30,708,000 after buying an additional 2,492,549 shares during the last quarter. Chevy Chase Trust Holdings Inc. raised its stake in Transocean by 4.5% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 289,450 shares of the offshore drilling services provider’s stock worth $2,645,000 after buying an additional 12,567 shares during the last quarter. Finally, Norges Bank bought a new stake in Transocean during the fourth quarter worth about $92,919,000. Institutional investors own 71.54% of the company’s stock.
Transocean Ltd. (NYSE:RIG) traded down 1.34% during mid-day trading on Tuesday, hitting $8.84. The company’s stock had a trading volume of 17,238,828 shares. The firm’s 50-day moving average is $10.03 and its 200-day moving average is $10.45. The company has a market cap of $3.23 billion, a P/E ratio of 2.58 and a beta of 1.90. Transocean Ltd. has a 12-month low of $7.67 and a 12-month high of $17.19.
Transocean (NYSE:RIG) last announced its quarterly earnings results on Wednesday, August 3rd. The offshore drilling services provider reported $0.17 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.01) by $0.18. The firm earned $943 million during the quarter. Transocean had a return on equity of 8.46% and a net margin of 21.91%. The firm’s revenue for the quarter was down 49.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.11 EPS. Analysts predict that Transocean Ltd. will post $0.95 EPS for the current fiscal year.
RIG has been the topic of a number of analyst reports. Vetr upgraded Transocean from a “hold” rating to a “buy” rating and set a $10.82 price objective on the stock in a research note on Monday, September 12th. Citigroup Inc. upgraded Transocean from a “sell” rating to a “neutral” rating and boosted their price objective for the company from $7.00 to $11.00 in a research note on Thursday, August 25th. TheStreet upgraded Transocean from a “sell” rating to a “hold” rating in a research note on Thursday, July 21st. Zacks Investment Research lowered Transocean from a “buy” rating to a “hold” rating in a research note on Friday, July 1st. Finally, Canaccord Genuity upgraded Transocean from a “sell” rating to a “hold” rating in a research note on Thursday, September 15th. Eleven investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating and four have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $10.11.
Transocean Company Profile
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 primarily on a day rate basis to drill oil and gas wells. The Company operates through the contract drilling services segment.
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