Hanson & Doremus Investment Management cut its stake in shares of Transocean Ltd. (NYSE:RIG) by 3.5% during the second quarter, Holdings Channel reports. The fund owned 18,292 shares of the offshore drilling services provider’s stock after selling 655 shares during the period. Hanson & Doremus Investment Management’s holdings in Transocean were worth $217,000 at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. State Street Corp boosted its stake in shares of 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 valued at $145,896,000 after buying an additional 3,301,654 shares during the last quarter. Stoneridge Investment Partners LLC purchased a new stake in shares of Transocean during the second quarter valued at approximately $4,498,000. Renaissance Technologies LLC boosted its stake in shares of 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 valued at $30,708,000 after buying an additional 2,492,549 shares during the last quarter. Mount Lucas Management LP purchased a new stake in shares of Transocean during the first quarter valued at approximately $9,701,000. Finally, Retirement Systems of Alabama boosted its stake in shares of Transocean by 81.1% in the second quarter. Retirement Systems of Alabama now owns 881,831 shares of the offshore drilling services provider’s stock valued at $10,485,000 after buying an additional 394,877 shares during the last quarter. 71.51% of the stock is owned by institutional investors and hedge funds.
Transocean Ltd. (NYSE:RIG) traded up 1.33% during trading on Tuesday, reaching $9.91. The company’s stock had a trading volume of 4,095,248 shares. The firm has a 50 day moving average price of $9.76 and a 200-day moving average price of $10.37. Transocean Ltd. has a 52-week low of $7.67 and a 52-week high of $17.17. The stock has a market cap of $3.62 billion, a price-to-earnings ratio of 2.89 and a beta of 1.91.
Transocean (NYSE:RIG) last issued its quarterly earnings results on Wednesday, August 3rd. The offshore drilling services provider reported $0.17 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.18. Transocean had a return on equity of 8.46% and a net margin of 21.91%. The company had revenue of $943 million for the quarter. During the same quarter in the previous year, the business posted $1.11 EPS. The company’s revenue for the quarter was down 49.9% on a year-over-year basis. On average, analysts expect that Transocean Ltd. will post $0.94 earnings per share for the current year.
RIG has been the subject of several recent research reports. Vetr raised Transocean from a “hold” rating to a “buy” rating and set a $10.82 price target for the company in a research note on Monday, September 12th. Scotiabank raised Transocean from a “sector perform” rating to a “sector outperform” rating and boosted their price target for the company from $12.00 to $14.00 in a research note on Tuesday, October 4th. Jefferies Group set a $9.00 price target on Transocean and gave the company a “hold” rating in a research note on Wednesday, September 28th. Citigroup Inc. upgraded Transocean from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $7.00 to $11.00 in a report on Thursday, August 25th. Finally, Goldman Sachs Group Inc. restated a “sell” rating on shares of Transocean in a report on Friday, September 23rd. Ten equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $10.34.
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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