Transocean Ltd. (RIG) Position Boosted by Van ECK Associates Corp
Van ECK Associates Corp lifted its position in shares of Transocean Ltd. (NYSE:RIG) by 6.4% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 5,953,402 shares of the offshore drilling services provider’s stock after buying an additional 356,048 shares during the period. Van ECK Associates Corp owned 1.52% of Transocean worth $64,059,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Dynamic Technology Lab Private Ltd purchased a new position in Transocean during the third quarter worth approximately $124,000. Contrarius Investment Management Ltd raised its stake in shares of Transocean by 10.3% in the 3rd quarter. Contrarius Investment Management Ltd now owns 10,742,267 shares of the offshore drilling services provider’s stock valued at $115,587,000 after acquiring an additional 1,002,237 shares during the period. Macquarie Group Ltd. purchased a new position in shares of Transocean in the 3rd quarter valued at $502,000. Ameriprise Financial Inc. raised its stake in shares of Transocean by 509.1% in the 3rd quarter. Ameriprise Financial Inc. now owns 1,214,716 shares of the offshore drilling services provider’s stock valued at $13,071,000 after acquiring an additional 1,015,284 shares during the period. Finally, Ninepoint Partners LP purchased a new position in shares of Transocean in the 3rd quarter valued at $1,270,000. 70.60% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have recently commented on RIG. ValuEngine downgraded shares of Transocean from a “buy” rating to a “hold” rating in a research note on Wednesday, November 15th. Royal Bank Of Canada raised their target price on shares of Transocean from $11.00 to $13.00 and gave the company a “sector perform” rating in a research note on Tuesday, November 14th. TheStreet downgraded shares of Transocean from a “c-” rating to a “d” rating in a research note on Friday, November 3rd. Jefferies Group LLC raised their price target on shares of Transocean from $10.50 to $11.00 and gave the company a “hold” rating in a report on Friday, November 3rd. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and set a $7.35 price target on shares of Transocean in a report on Sunday, October 22nd. Ten analysts have rated the stock with a sell rating, fourteen have issued a hold rating and fifteen have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $12.31.
Shares of Transocean Ltd. (RIG) traded down $0.11 during trading hours on Friday, reaching $10.13. 2,992,617 shares of the company traded hands, compared to its average volume of 13,971,690. The company has a market cap of $4,006.02, a P/E ratio of 12.80 and a beta of 1.81. Transocean Ltd. has a 12-month low of $7.20 and a 12-month 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 quarterly earnings data on Wednesday, November 1st. The offshore drilling services provider reported $0.16 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.04) by $0.20. The firm had revenue of $808.00 million for the quarter, compared to the consensus estimate of $703.13 million. Transocean had a negative net margin of 84.09% and a positive return on equity of 2.10%. Transocean’s quarterly revenue was down 10.8% compared to the same quarter last year. During the same period last year, the firm posted $0.25 EPS. sell-side analysts anticipate that Transocean Ltd. will post -0.32 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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