Flagship Harbor Advisors LLC acquired a new stake in Transocean LTD (NYSE:RIG) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 7,548 shares of the offshore drilling services provider’s stock, valued at approximately $101,000.

A number of other hedge funds have also recently made changes to their positions in the business. Louisiana State Employees Retirement System lifted its holdings in Transocean by 3.5% in the 2nd quarter. Louisiana State Employees Retirement System now owns 118,500 shares of the offshore drilling services provider’s stock valued at $1,593,000 after purchasing an additional 4,000 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Transocean by 12.2% during the 1st quarter. PNC Financial Services Group Inc. now owns 39,025 shares of the offshore drilling services provider’s stock worth $387,000 after acquiring an additional 4,243 shares during the period. NumerixS Investment Technologies Inc raised its holdings in shares of Transocean by 6.8% during the 2nd quarter. NumerixS Investment Technologies Inc now owns 75,948 shares of the offshore drilling services provider’s stock worth $1,018,000 after acquiring an additional 4,848 shares during the period. Raymond James Financial Services Advisors Inc. raised its holdings in shares of Transocean by 5.9% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 93,379 shares of the offshore drilling services provider’s stock worth $1,255,000 after acquiring an additional 5,201 shares during the period. Finally, State of Wisconsin Investment Board raised its holdings in shares of Transocean by 6.9% during the 1st quarter. State of Wisconsin Investment Board now owns 86,068 shares of the offshore drilling services provider’s stock worth $852,000 after acquiring an additional 5,533 shares during the period. Institutional investors own 70.75% of the company’s stock.

Several research firms have recently commented on RIG. Susquehanna Bancshares upgraded Transocean from a “neutral” rating to a “positive” rating and lifted their price target for the stock from $11.00 to $16.00 in a report on Monday, July 9th. Tudor Pickering upgraded Transocean from a “hold” rating to a “buy” rating in a report on Thursday, July 12th. ValuEngine upgraded Transocean from a “buy” rating to a “strong-buy” rating in a report on Thursday, June 7th. Credit Suisse Group set a $16.00 price target on Transocean and gave the stock a “buy” rating in a report on Friday, July 13th. Finally, UBS Group upgraded Transocean from a “neutral” rating to a “positive” rating in a report on Monday, July 9th. Three analysts have rated the stock with a sell rating, eight have assigned a hold rating and eleven have issued a buy rating to the company’s stock. Transocean has a consensus rating of “Hold” and an average target price of $13.04.

In related news, Director Vincent J. Intrieri acquired 10,000 shares of Transocean stock in a transaction that occurred on Thursday, August 16th. The shares were purchased at an average cost of $10.62 per share, for a total transaction of $106,200.00. Following the acquisition, the director now owns 10,000 shares in the company, valued at $106,200. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.33% of the stock is currently owned by insiders.

Shares of RIG opened at $11.59 on Tuesday. The stock has a market capitalization of $5.28 billion, a P/E ratio of -193.17 and a beta of 1.49. Transocean LTD has a 12-month low of $8.70 and a 12-month high of $14.34. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.35 and a current ratio of 1.49.

Transocean (NYSE:RIG) last issued its quarterly earnings data on Monday, July 30th. The offshore drilling services provider reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.17) by $0.13. The firm had revenue of $790.00 million for the quarter, compared to analyst estimates of $768.68 million. Transocean had a negative net margin of 99.38% and a negative return on equity of 2.00%. The firm’s revenue for the quarter was up 5.2% on a year-over-year basis. analysts expect that Transocean LTD will post -0.85 earnings per share for the current year.

Transocean Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers deepwater and harsh environment drilling services. As of February 20, 2018, it owned or had partial ownership interests in, and operated 47 mobile offshore drilling units that consist of 27 ultra-deepwater floaters, 12 harsh environment floaters, 2 deepwater floaters, 6 midwater floaters, and 2 high-specification jackups.

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Institutional Ownership by Quarter for Transocean (NYSE:RIG)

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