Cornerstone Capital Management Holdings LLC. Decreases Position in Transocean LTD (RIG)
Cornerstone Capital Management Holdings LLC. lowered its stake in Transocean LTD (NYSE:RIG) by 89.4% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 68,400 shares of the offshore drilling services provider’s stock after selling 577,946 shares during the period. Cornerstone Capital Management Holdings LLC.’s holdings in Transocean were worth $735,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Prudential Financial Inc. boosted its holdings in Transocean by 53.1% in the 2nd quarter. Prudential Financial Inc. now owns 2,290,673 shares of the offshore drilling services provider’s stock valued at $18,853,000 after purchasing an additional 794,927 shares during the period. Thompson Siegel & Walmsley LLC boosted its holdings in Transocean by 129.6% in the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 6,299,461 shares of the offshore drilling services provider’s stock valued at $51,844,000 after purchasing an additional 3,556,281 shares during the period. Comerica Bank boosted its holdings in Transocean by 148.9% in the 3rd quarter. Comerica Bank now owns 336,684 shares of the offshore drilling services provider’s stock valued at $3,498,000 after purchasing an additional 201,399 shares during the period. OZ Management LP bought a new stake in Transocean in the 2nd quarter valued at about $1,053,000. Finally, Engineers Gate Manager LP boosted its holdings in Transocean by 821.9% in the 2nd quarter. Engineers Gate Manager LP now owns 386,853 shares of the offshore drilling services provider’s stock valued at $3,184,000 after purchasing an additional 344,889 shares during the period. Institutional investors and hedge funds own 72.88% of the company’s stock.
A number of analysts have recently weighed in on RIG shares. Royal Bank of Canada reaffirmed a “hold” rating and set a $11.00 price target on shares of Transocean in a report on Friday, September 1st. BMO Capital Markets set a $7.00 price target on shares of Transocean and gave the stock a “sell” rating in a report on Wednesday, October 18th. Jefferies Group reaffirmed a “hold” rating and set a $9.00 price target on shares of Transocean in a report on Friday, September 22nd. Nordea Equity Research reaffirmed a “buy” rating and set a $14.00 price target on shares of Transocean in a report on Saturday, September 30th. Finally, UBS Group raised shares of Transocean from a “neutral” rating to a “buy” rating and upped their price target for the stock from $9.00 to $15.00 in a report on Monday, September 25th. Eleven equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and fifteen have assigned a buy rating to the company’s stock. Transocean currently has an average rating of “Hold” and an average target price of $12.25.
Transocean LTD (NYSE:RIG) opened at $10.36 on Tuesday. The company has a market cap of $4,053.22, a P/E ratio of -1.46 and a beta of 1.80. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.36 and a quick ratio of 2.13. Transocean LTD has a 52 week low of $7.20 and a 52 week high of $16.16.
Transocean (NYSE:RIG) last issued its quarterly earnings data on Wednesday, November 1st. The offshore drilling services provider reported $0.16 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.04) by $0.20. The business had revenue of $808.00 million during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.25 EPS. equities analysts expect 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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