Lockheed Martin Investment Management Co. Cuts Stake in Transocean LTD (RIG)
Lockheed Martin Investment Management Co. lessened its stake in shares of Transocean LTD (NYSE:RIG) by 26.4% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 110,000 shares of the offshore drilling services provider’s stock after selling 39,500 shares during the quarter. Lockheed Martin Investment Management Co.’s holdings in Transocean were worth $1,175,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of RIG. BlackRock Inc. raised its stake in Transocean by 12.1% in the 2nd quarter. BlackRock Inc. now owns 25,538,929 shares of the offshore drilling services provider’s stock worth $210,185,000 after purchasing an additional 2,756,207 shares in the last quarter. Alyeska Investment Group L.P. acquired a new stake in Transocean in the 3rd quarter worth about $26,661,000. Principal Financial Group Inc. raised its stake in Transocean by 310.7% in the 3rd quarter. Principal Financial Group Inc. now owns 2,536,811 shares of the offshore drilling services provider’s stock worth $27,296,000 after purchasing an additional 1,919,171 shares in the last quarter. Horseman Capital Management Ltd acquired a new stake in Transocean in the 3rd quarter worth about $19,456,000. Finally, State Street Corp raised its stake in Transocean by 7.5% in the 2nd quarter. State Street Corp now owns 22,918,962 shares of the offshore drilling services provider’s stock worth $188,616,000 after purchasing an additional 1,593,179 shares in the last quarter. Institutional investors own 72.88% of the company’s stock.
Several analysts have weighed in on RIG shares. Royal Bank of Canada lifted their price objective on shares of Transocean from $11.00 to $13.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 14th. ValuEngine upgraded shares of Transocean from a “hold” rating to a “buy” rating in a research note on Thursday, November 2nd. Zacks Investment Research upgraded shares of Transocean from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a research note on Tuesday, October 3rd. Citigroup upgraded shares of Transocean from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $13.00 to $14.00 in a research note on Thursday, October 12th. Finally, Jefferies Group raised their target price on shares of Transocean from $10.50 to $11.00 and gave the company a “hold” rating in a report on Friday, November 3rd. Eleven equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and fifteen have assigned a buy rating to the company’s stock. Transocean presently has a consensus rating of “Hold” and an average price target of $12.28.
Transocean (NYSE:RIG) last announced its quarterly earnings results on Wednesday, November 1st. The offshore drilling services provider reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.20. The company had revenue of $808.00 million for the quarter, compared to analyst estimates of $703.13 million. Transocean had a negative net margin of 84.09% and a positive return on equity of 2.10%. The firm’s revenue was down 10.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.25 EPS. research analysts anticipate that Transocean LTD will post -0.36 earnings per share for the current fiscal year.
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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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