Transocean Ltd. (RIG) Stake Increased by National Planning Corp
National Planning Corp boosted its stake in Transocean Ltd. (NYSE:RIG) by 80.8% during the second quarter, Holdings Channel reports. The institutional investor owned 31,990 shares of the offshore drilling services provider’s stock after buying an additional 14,297 shares during the period. National Planning Corp’s holdings in Transocean were worth $277,000 as of its most recent filing with the SEC.
Several other institutional investors have also recently bought and sold shares of the company. Teachers Advisors LLC boosted its position in Transocean by 796.2% in the first quarter. Teachers Advisors LLC now owns 4,355,168 shares of the offshore drilling services provider’s stock valued at $54,222,000 after buying an additional 3,869,219 shares in the last quarter. Cornerstone Capital Management Holdings LLC. boosted its position in Transocean by 606.1% in the first quarter. Cornerstone Capital Management Holdings LLC. now owns 2,028,718 shares of the offshore drilling services provider’s stock valued at $25,256,000 after buying an additional 1,741,410 shares in the last quarter. State Street Corp boosted its position in Transocean by 8.2% in the first quarter. State Street Corp now owns 21,325,783 shares of the offshore drilling services provider’s stock valued at $265,374,000 after buying an additional 1,615,383 shares in the last quarter. Pioneer Investment Management Inc. purchased a new position in Transocean during the first quarter valued at approximately $19,157,000. Finally, TIAA CREF Investment Management LLC boosted its position in Transocean by 132.0% in the first quarter. TIAA CREF Investment Management LLC now owns 2,533,383 shares of the offshore drilling services provider’s stock valued at $31,541,000 after buying an additional 1,441,566 shares in the last quarter. 69.31% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Transocean Ltd. (NYSE:RIG) opened at 7.91 on Wednesday. The company’s market capitalization is $3.09 billion. Transocean Ltd. has a 12-month low of $7.55 and a 12-month high of $16.66. The stock’s 50 day moving average is $8.43 and its 200-day moving average is $10.73.
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Several equities analysts have commented on RIG shares. R. F. Lafferty dropped their target price on shares of Transocean from $21.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, May 8th. Royal Bank Of Canada reissued a “sell” rating and set a $13.00 target price on shares of Transocean in a research report on Monday, May 15th. Credit Suisse Group reissued a “buy” rating on shares of Transocean in a research report on Wednesday, July 19th. Sanford C. Bernstein cut shares of Transocean from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $16.50 to $9.00 in a research report on Thursday, July 6th. Finally, Odeon Capital Group LLC started coverage on shares of Transocean in a research report on Wednesday, May 17th. They set a “sell” rating and a $8.00 target price on the stock. Twelve research analysts have rated the stock with a sell rating, fifteen have given a hold rating and ten have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $12.48.
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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