California State Teachers Retirement System Raises Stake in Transocean Ltd. $RIG

California State Teachers Retirement System grew its holdings in Transocean Ltd. (NYSE:RIG) by 23.5% during the first quarter, HoldingsChannel reports. The fund owned 1,157,178 shares of the offshore drilling services provider’s stock after purchasing an additional 220,119 shares during the period. California State Teachers Retirement System’s holdings in Transocean were worth $7,672,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in RIG. TD Waterhouse Canada Inc. increased its holdings in shares of Transocean by 22,432.1% in the 4th quarter. TD Waterhouse Canada Inc. now owns 6,309 shares of the offshore drilling services provider’s stock valued at $26,000 after acquiring an additional 6,281 shares during the period. Josh Arnold Investment Consultant LLC acquired a new position in shares of Transocean during the 2nd quarter worth $26,000. Flagship Harbor Advisors LLC purchased a new position in Transocean in the 4th quarter valued at approximately $27,000. Elevation Point Wealth Partners LLC purchased a new position in Transocean during the 3rd quarter valued at about $31,000. Finally, Larson Financial Group LLC raised its holdings in shares of Transocean by 203.8% in the third quarter. Larson Financial Group LLC now owns 11,030 shares of the offshore drilling services provider’s stock worth $34,000 after acquiring an additional 7,399 shares during the last quarter. Institutional investors and hedge funds own 67.73% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the stock. Barclays raised shares of Transocean from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $6.00 to $8.00 in a research note on Thursday, May 7th. Morgan Stanley raised their price objective on Transocean from $5.00 to $7.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 15th. Weiss Ratings reissued a “sell (d-)” rating on shares of Transocean in a research report on Friday, July 17th. TD Cowen raised their price target on shares of Transocean from $5.50 to $6.00 and gave the company a “hold” rating in a report on Wednesday, May 6th. Finally, Susquehanna reduced their price target on shares of Transocean from $8.00 to $7.00 and set a “positive” rating on the stock in a research report on Wednesday, July 8th. Three investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $6.82.

Transocean Price Performance

Shares of NYSE RIG opened at $5.22 on Wednesday. The company has a market capitalization of $5.83 billion, a price-to-earnings ratio of -1.75, a price-to-earnings-growth ratio of 3.67 and a beta of 1.32. Transocean Ltd. has a twelve month low of $2.76 and a twelve month high of $7.66. The business has a 50 day simple moving average of $5.44 and a 200-day simple moving average of $5.89. The company has a current ratio of 1.54, a quick ratio of 1.20 and a debt-to-equity ratio of 0.60.

Transocean (NYSE:RIG) last released its quarterly earnings data on Monday, May 4th. The offshore drilling services provider reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.10). The business had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.02 billion. Transocean had a positive return on equity of 0.88% and a negative net margin of 66.79%.Transocean’s revenue was up 19.3% compared to the same quarter last year. During the same quarter last year, the company earned ($0.10) EPS. As a group, equities research analysts expect that Transocean Ltd. will post 0.13 earnings per share for the current year.

Insider Transactions at Transocean

In other news, Director Chad C. Deaton bought 35,000 shares of the firm’s stock in a transaction on Thursday, July 2nd. The stock was purchased at an average price of $4.95 per share, for a total transaction of $173,250.00. Following the transaction, the director owned 237,421 shares in the company, valued at approximately $1,175,233.95. This trade represents a 17.29% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 9.70% of the stock is owned by insiders.

About Transocean

Transocean Ltd. is a leading international provider of offshore contract drilling services for the oil and gas industry. The company specializes in the operation of mobile drilling units, including ultra-deepwater drillships, semisubmersible rigs and high-specification jackup rigs. Transocean’s fleet is designed to meet complex drilling requirements, from ultra-deepwater well construction to shelf exploration and development projects.

The company’s core services encompass the full spectrum of offshore drilling operations, including project and engineering management, marine operations, drilling supervision, and maintenance support.