Westpac Banking Corp cut its holdings in shares of Transocean Ltd. (NYSE:RIG) by 46.7% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 46,000 shares of the offshore drilling services provider’s stock after selling 40,250 shares during the quarter. Westpac Banking Corp’s holdings in Transocean were worth $379,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in RIG. Louisiana State Employees Retirement System increased its position in shares of Transocean by 1.7% in the 2nd quarter. Louisiana State Employees Retirement System now owns 24,300 shares of the offshore drilling services provider’s stock valued at $200,000 after purchasing an additional 400 shares during the last quarter. Teacher Retirement System of Texas increased its position in shares of Transocean by 1.7% in the 1st quarter. Teacher Retirement System of Texas now owns 31,059 shares of the offshore drilling services provider’s stock valued at $387,000 after purchasing an additional 508 shares during the last quarter. Neuberger Berman Group LLC increased its position in shares of Transocean by 4.1% in the 1st quarter. Neuberger Berman Group LLC now owns 13,315 shares of the offshore drilling services provider’s stock valued at $166,000 after purchasing an additional 521 shares during the last quarter. Mason Street Advisors LLC increased its position in shares of Transocean by 1.0% in the 1st quarter. Mason Street Advisors LLC now owns 53,796 shares of the offshore drilling services provider’s stock valued at $670,000 after purchasing an additional 542 shares during the last quarter. Finally, Arizona State Retirement System increased its position in shares of Transocean by 0.6% in the 2nd quarter. Arizona State Retirement System now owns 97,000 shares of the offshore drilling services provider’s stock valued at $798,000 after purchasing an additional 600 shares during the last quarter. Institutional investors own 67.84% of the company’s stock.

Shares of Transocean Ltd. (RIG) opened at 9.24 on Friday. Transocean Ltd. has a 52 week low of $7.20 and a 52 week high of $16.66. The company has a 50 day moving average of $8.36 and a 200 day moving average of $9.93. The firm’s market cap is $3.61 billion.

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In related news, CAO Howard E. Davis bought 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 17th. The stock was purchased at an average price of $7.32 per share, for a total transaction of $292,800.00. Following the transaction, the chief accounting officer now directly owns 21,793 shares of the company’s stock, valued at approximately $159,524.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.33% of the company’s stock.

A number of equities research analysts have commented on the stock. Jefferies Group LLC set a $12.00 price objective on shares of Transocean and gave the company a “hold” rating in a research report on Wednesday, May 24th. BidaskClub raised shares of Transocean from a “strong sell” rating to a “sell” rating in a research report on Wednesday, June 14th. Barclays PLC set a $9.00 price objective on shares of Transocean and gave the company a “sell” rating in a research report on Sunday, August 6th. Credit Suisse Group reissued a “buy” rating on shares of Transocean in a research report on Wednesday, July 19th. Finally, Seaport Global Securities reissued a “sell” rating on shares of Transocean in a research report on Wednesday, July 26th. Ten research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and fourteen have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $12.21.

Transocean 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.

Institutional Ownership by Quarter for Transocean (NYSE:RIG)

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