Nationwide Fund Advisors Lowers Position in Transocean Ltd. (RIG)
Nationwide Fund Advisors reduced its stake in shares of Transocean Ltd. (NYSE:RIG) by 1.9% during the second quarter, Holdings Channel reports. The firm owned 129,679 shares of the offshore drilling services provider’s stock after selling 2,538 shares during the period. Nationwide Fund Advisors’ holdings in Transocean were worth $1,542,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. Meiji Yasuda Asset Management Co Ltd. bought a new stake in Transocean during the first quarter worth approximately $108,000. Simmons Bank bought a new stake in Transocean during the first quarter worth approximately $110,000. Lee Danner & Bass Inc. bought a new stake in Transocean during the second quarter worth approximately $119,000. Beech Hill Advisors Inc. bought a new stake in Transocean during the second quarter worth approximately $128,000. Finally, Public Employees Retirement Association of Colorado bought a new stake in Transocean during the second quarter worth approximately $132,000. 71.51% of the stock is currently owned by institutional investors.
Shares of Transocean Ltd. (NYSE:RIG) opened at 10.0099 on Tuesday. Transocean Ltd. has a 1-year low of $7.67 and a 1-year high of $17.17. The stock has a 50 day moving average price of $9.76 and a 200-day moving average price of $10.37. The company has a market cap of $3.66 billion, a P/E ratio of 2.9192 and a beta of 1.91.
Transocean (NYSE:RIG) last released its quarterly earnings data on Wednesday, August 3rd. The offshore drilling services provider reported $0.17 earnings per share for the quarter, beating the 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 prior year, the company posted $1.11 earnings per share. The company’s revenue for the quarter was down 49.9% on a year-over-year basis. Analysts predict that Transocean Ltd. will post $0.94 earnings per share for the current fiscal year.
Several equities analysts recently weighed in on RIG shares. Vetr upgraded Transocean from a “hold” rating to a “buy” rating and set a $10.82 target price on the stock in a research report on Monday, September 12th. Scotiabank upgraded Transocean from a “sector perform” rating to a “sector outperform” rating and increased their target price for the stock from $12.00 to $14.00 in a research report on Tuesday, October 4th. Jefferies Group set a $9.00 target price on Transocean and gave the stock a “hold” rating in a research report on Wednesday, September 28th. Citigroup Inc. upgraded Transocean from a “sell” rating to a “neutral” rating and increased their target price for the stock from $7.00 to $11.00 in a research report on Thursday, August 25th. Finally, Goldman Sachs Group Inc. reiterated a “sell” rating on shares of Transocean in a research report on Friday, September 23rd. Ten investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $10.34.
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 primarily on a day rate basis to drill oil and gas wells. The Company operates through the contract drilling services segment.
Want to see what other hedge funds are holding RIG? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Transocean Ltd. (NYSE:RIG).
Receive News & Ratings for Transocean Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Transocean Ltd. and related companies with MarketBeat.com's FREE daily email newsletter.