New York State Teachers Retirement System Reduces Position in Transocean Ltd. (RIG)
New York State Teachers Retirement System decreased its holdings in Transocean Ltd. (NYSE:RIG) by 15.1% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 525,400 shares of the offshore drilling services provider’s stock after selling 93,345 shares during the quarter. New York State Teachers Retirement System owned 0.13% of Transocean worth $5,653,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also bought and sold shares of the company. Saratoga Research & Investment Management purchased a new position in shares of Transocean in the third quarter worth approximately $115,000. Public Employees Retirement Association of Colorado boosted its holdings in shares of Transocean by 12.7% in the second quarter. Public Employees Retirement Association of Colorado now owns 12,340 shares of the offshore drilling services provider’s stock worth $102,000 after buying an additional 1,394 shares during the last quarter. Eqis Capital Management Inc. purchased a new position in shares of Transocean in the third quarter worth approximately $142,000. Capstone Investment Advisors Netherlands B.V. purchased a new position in shares of Transocean in the second quarter worth approximately $111,000. Finally, Advisor Partners LLC purchased a new position in shares of Transocean in the second quarter worth approximately $112,000. 68.88% of the stock is currently owned by institutional investors.
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Several equities analysts have weighed in on the stock. Jefferies Group LLC set a $9.00 price target on shares of Transocean and gave the company a “hold” rating in a report on Wednesday, August 16th. Royal Bank Of Canada raised shares of Transocean from an “underperform” rating to a “sector perform” rating and set a $11.00 price target on the stock in a report on Friday, August 25th. R. F. Lafferty set a $15.00 price target on shares of Transocean and gave the company a “buy” rating in a report on Saturday, August 26th. Capital One Financial Corporation raised shares of Transocean from an “equal weight” rating to an “overweight” rating and set a $12.00 price target on the stock in a report on Thursday, August 31st. Finally, Zacks Investment Research downgraded shares of Transocean from a “buy” rating to a “hold” rating in a report on Tuesday, October 17th. Ten investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and sixteen have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $12.25.
In related news, CAO Howard E. Davis bought 40,000 shares of the stock in a transaction dated Thursday, August 17th. The stock was purchased at an average cost of $7.32 per share, with a total value of $292,800.00. Following the completion of the purchase, the chief accounting officer now owns 21,793 shares of the company’s stock, valued at $159,524.76. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.33% of the stock is currently owned by insiders.
Shares of Transocean Ltd. (RIG) opened at $11.58 on Friday. The stock has a market cap of $4,506.78, a price-to-earnings ratio of 14.40 and a beta of 1.81. Transocean Ltd. has a one year low of $7.20 and a one year high of $16.66. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.13 and a current ratio of 2.36.
Transocean (NYSE:RIG) last issued its earnings results on Wednesday, November 1st. The offshore drilling services provider reported $0.16 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.04) by $0.20. The firm had revenue of $808.00 million during the quarter, compared to analyst estimates of $703.13 million. Transocean had a negative net margin of 84.09% and a positive return on equity of 2.10%. The business’s revenue was down 10.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.25 earnings per share. sell-side analysts predict that Transocean Ltd. will post -0.35 EPS for the current fiscal year.
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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