Transocean Ltd. (RIG) Shares Sold by Lockheed Martin Investment Management Co.
Lockheed Martin Investment Management Co. lessened its stake in Transocean Ltd. (NYSE:RIG) by 9.4% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 149,500 shares of the offshore drilling services provider’s stock after selling 15,500 shares during the quarter. Lockheed Martin Investment Management Co.’s holdings in Transocean were worth $1,609,000 at the end of the most recent reporting period.
Several other institutional investors also recently added to or reduced their stakes in the company. Advisor Group Inc. boosted its holdings in shares of Transocean by 21.9% in the third quarter. Advisor Group Inc. now owns 115,387 shares of the offshore drilling services provider’s stock valued at $1,242,000 after buying an additional 20,753 shares during the period. Los Angeles Capital Management & Equity Research Inc. boosted its holdings in shares of Transocean by 3,331.0% in the third quarter. Los Angeles Capital Management & Equity Research Inc. now owns 1,080,775 shares of the offshore drilling services provider’s stock valued at $11,629,000 after buying an additional 1,049,275 shares during the period. Municipal Employees Retirement System of Michigan boosted its holdings in shares of Transocean by 572.0% in the third quarter. Municipal Employees Retirement System of Michigan now owns 124,650 shares of the offshore drilling services provider’s stock valued at $1,341,000 after buying an additional 106,100 shares during the period. New York State Common Retirement Fund boosted its holdings in shares of Transocean by 11.1% in the third quarter. New York State Common Retirement Fund now owns 961,100 shares of the offshore drilling services provider’s stock valued at $10,341,000 after buying an additional 96,000 shares during the period. Finally, Retirement Systems of Alabama boosted its holdings in shares of Transocean by 53.3% in the third quarter. Retirement Systems of Alabama now owns 1,373,884 shares of the offshore drilling services provider’s stock valued at $14,783,000 after buying an additional 477,465 shares during the period. Institutional investors own 70.31% of the company’s stock.
In other news, CAO Howard E. Davis bought 40,000 shares of the firm’s stock in a transaction on Thursday, August 17th. The shares were purchased at an average cost of $7.32 per share, with a total value of $292,800.00. Following the acquisition, the chief accounting officer now directly owns 21,793 shares in the company, valued at $159,524.76. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 0.33% of the stock is owned by company insiders.
Several brokerages recently commented on RIG. Jefferies Group LLC set a $9.00 target price on shares of Transocean and gave the stock a “hold” rating in a report on Wednesday, August 16th. Royal Bank Of Canada upgraded shares of Transocean from an “underperform” rating to a “sector perform” rating and set a $11.00 target price for the company in a report on Friday, August 25th. R. F. Lafferty set a $15.00 target price on shares of Transocean and gave the stock a “buy” rating in a report on Saturday, August 26th. Capital One Financial Corporation upgraded shares of Transocean from an “equal weight” rating to an “overweight” rating and set a $12.00 target price for the company in a report on Thursday, August 31st. Finally, Zacks Investment Research cut shares of Transocean from a “buy” rating to a “hold” rating in a report on Tuesday, October 17th. Ten investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and sixteen have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $12.31.
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Transocean Ltd. (NYSE RIG) traded down $0.45 during mid-day trading on Tuesday, reaching $10.80. 5,736,392 shares of the company’s stock traded hands, compared to its average volume of 14,135,867. The company has a current ratio of 2.36, a quick ratio of 2.13 and a debt-to-equity ratio of 0.51. Transocean Ltd. has a 52-week low of $7.20 and a 52-week high of $16.66. The company has a market cap of $4,400.00, a price-to-earnings ratio of 14.48 and a beta of 1.81.
Transocean (NYSE:RIG) last released its earnings results on Wednesday, November 1st. The offshore drilling services provider reported $0.16 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.20. Transocean had a negative net margin of 84.09% and a positive return on equity of 2.10%. The firm had revenue of $808.00 million for the quarter, compared to analyst estimates of $703.13 million. During the same period last year, the firm earned $0.25 EPS. The business’s quarterly revenue was down 10.8% compared to the same quarter last year. equities research analysts forecast that Transocean Ltd. will post -0.35 EPS for the current fiscal year.
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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