Foundation Resource Management Inc. trimmed its holdings in shares of Transocean LTD (NYSE:RIG) by 16.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 187,668 shares of the offshore drilling services provider’s stock after selling 38,205 shares during the quarter. Foundation Resource Management Inc.’s holdings in Transocean were worth $2,004,000 at the end of the most recent reporting period.
Several other large investors have also added to or reduced their stakes in the company. BlackRock Inc. increased its stake in shares of Transocean by 12.1% during the second quarter. BlackRock Inc. now owns 25,538,929 shares of the offshore drilling services provider’s stock valued at $210,185,000 after buying an additional 2,756,207 shares during the period. Alyeska Investment Group L.P. purchased a new position in Transocean in the third quarter valued at about $26,661,000. Principal Financial Group Inc. grew its stake in Transocean by 310.7% in the third quarter. Principal Financial Group Inc. now owns 2,536,811 shares of the offshore drilling services provider’s stock valued at $27,296,000 after purchasing an additional 1,919,171 shares during the last quarter. Horseman Capital Management Ltd purchased a new position in Transocean in the third quarter valued at about $19,456,000. Finally, State Street Corp grew its stake in Transocean by 7.5% in the second quarter. State Street Corp now owns 22,918,962 shares of the offshore drilling services provider’s stock valued at $188,616,000 after purchasing an additional 1,593,179 shares during the last quarter. Institutional investors and hedge funds own 72.88% of the company’s stock.
Several research firms have issued reports on RIG. Cowen set a $11.00 target price on Transocean and gave the company a “hold” rating in a research note on Thursday, January 11th. Piper Jaffray Companies set a $11.00 price target on Transocean and gave the stock a “hold” rating in a research note on Wednesday, January 10th. Susquehanna Bancshares set a $11.00 target price on Transocean and gave the stock a “hold” rating in a report on Friday, January 12th. Nordea Equity Research reaffirmed a “buy” rating and set a $14.00 target price on shares of Transocean in a report on Saturday, September 30th. Finally, UBS Group raised Transocean from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $9.00 to $15.00 in a report on Monday, September 25th. Eleven analysts have rated the stock with a sell rating, eleven have given a hold rating and fifteen have assigned a buy rating to the stock. Transocean currently has an average rating of “Hold” and an average price target of $12.28.
Transocean LTD (NYSE RIG) traded up $0.15 on Wednesday, reaching $11.62. The company had a trading volume of 5,992,339 shares, compared to its average volume of 14,328,310. Transocean LTD has a 1 year low of $7.20 and a 1 year high of $15.74. The company has a current ratio of 2.36, a quick ratio of 2.13 and a debt-to-equity ratio of 0.51. The firm has a market cap of $4,530.00, a price-to-earnings ratio of -1.63 and a beta of 1.79.
Transocean (NYSE:RIG) last posted its quarterly earnings results on Wednesday, November 1st. The offshore drilling services provider reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.20. Transocean had a positive return on equity of 2.10% and a negative net margin of 84.09%. The company had revenue of $808.00 million for the quarter, compared to analyst estimates of $703.13 million. During the same quarter last year, the company earned $0.25 EPS. Transocean’s revenue for the quarter was down 10.8% compared to the same quarter last year. research analysts anticipate that Transocean LTD will post -0.34 earnings per share for the current year.
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Transocean Company Profile
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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