Granite Investment Advisors LLC raised its stake in shares of Transocean Ltd. (NYSE:RIG) by 84.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 500,762 shares of the offshore drilling services provider’s stock after buying an additional 228,846 shares during the period. Granite Investment Advisors LLC’s holdings in Transocean were worth $4,392,000 as of its most recent filing with the SEC.

A number of other institutional investors have also bought and sold shares of the stock. Louisiana State Employees Retirement System increased its position in Transocean by 1.7% in the second quarter. Louisiana State Employees Retirement System now owns 24,300 shares of the offshore drilling services provider’s stock valued at $200,000 after buying an additional 400 shares during the period. State Treasurer State of Michigan increased its position in Transocean by 0.4% in the first quarter. State Treasurer State of Michigan now owns 127,848 shares of the offshore drilling services provider’s stock valued at $1,592,000 after buying an additional 500 shares during the period. Teacher Retirement System of Texas increased its position in Transocean by 1.7% in the first quarter. Teacher Retirement System of Texas now owns 31,059 shares of the offshore drilling services provider’s stock valued at $387,000 after buying an additional 508 shares during the period. Neuberger Berman Group LLC increased its position in Transocean by 4.1% in the first quarter. Neuberger Berman Group LLC now owns 13,315 shares of the offshore drilling services provider’s stock valued at $166,000 after buying an additional 521 shares during the period. Finally, Mason Street Advisors LLC increased its position in Transocean by 1.0% in the first quarter. Mason Street Advisors LLC now owns 53,796 shares of the offshore drilling services provider’s stock valued at $670,000 after buying an additional 542 shares during the period. Hedge funds and other institutional investors own 67.32% of the company’s stock.

Shares of Transocean Ltd. (NYSE RIG) opened at 8.18 on Friday. The stock’s market cap is $3.20 billion. Transocean Ltd. has a 1-year low of $7.67 and a 1-year high of $16.66. The stock’s 50 day moving average is $8.42 and its 200-day moving average is $10.94.

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Several research firms have weighed in on RIG. Royal Bank Of Canada restated a “sell” rating and set a $13.00 target price on shares of Transocean in a report on Monday, May 15th. UBS AG reiterated a “neutral” rating and set a $12.00 price target (down from $15.00) on shares of Transocean in a report on Friday, May 5th. Jefferies Group LLC set a $12.00 price target on shares of Transocean and gave the stock a “hold” rating in a report on Saturday, July 1st. Evercore ISI reiterated a “buy” rating and set a $18.00 price target on shares of Transocean in a report on Thursday. Finally, Barclays PLC lifted their price target on shares of Transocean from $8.00 to $10.00 and gave the stock an “underweight” rating in a report on Monday, May 1st. Thirteen investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have issued a buy rating to the stock. Transocean presently has an average rating of “Hold” and a consensus price target of $12.73.

About Transocean

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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Institutional Ownership by Quarter for Transocean (NYSE:RIG)

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