Retirement Systems of Alabama Sells 692,448 Shares of Transocean LTD (RIG)

Retirement Systems of Alabama lessened its holdings in shares of Transocean LTD (NYSE:RIG) by 55.5% during the 3rd quarter, Holdings Channel reports. The firm owned 555,117 shares of the offshore drilling services provider’s stock after selling 692,448 shares during the period. Retirement Systems of Alabama’s holdings in Transocean were worth $7,744,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Flagship Harbor Advisors LLC acquired a new position in shares of Transocean during the 2nd quarter valued at about $101,000. MinichMacGregor Wealth Management LLC boosted its position in shares of Transocean by 100.0% during the 3rd quarter. MinichMacGregor Wealth Management LLC now owns 10,000 shares of the offshore drilling services provider’s stock valued at $141,000 after acquiring an additional 5,000 shares during the last quarter. Verition Fund Management LLC acquired a new position in shares of Transocean during the 2nd quarter valued at about $167,000. Centaurus Financial Inc. acquired a new position in shares of Transocean during the 2nd quarter valued at about $178,000. Finally, Royal London Asset Management Ltd. acquired a new position in shares of Transocean during the 2nd quarter valued at about $187,000. 70.99% of the stock is currently owned by institutional investors.

NYSE RIG opened at $10.89 on Friday. Transocean LTD has a 12 month low of $8.70 and a 12 month high of $14.47. The company has a quick ratio of 1.35, a current ratio of 3.07 and a debt-to-equity ratio of 0.75.

Transocean (NYSE:RIG) last posted its earnings results on Monday, October 29th. The offshore drilling services provider reported $0.06 EPS for the quarter, beating the Zacks’ consensus estimate of ($0.10) by $0.16. Transocean had a negative net margin of 64.33% and a negative return on equity of 2.31%. The company had revenue of $816.00 million for the quarter, compared to analysts’ expectations of $779.19 million. During the same quarter in the prior year, the company posted $0.16 earnings per share. Transocean’s revenue for the quarter was up 1.0% compared to the same quarter last year. Sell-side analysts anticipate that Transocean LTD will post -0.8 earnings per share for the current fiscal year.

RIG has been the topic of several recent research reports. Barclays boosted their price target on shares of Transocean from $7.00 to $8.00 and gave the company an “underweight” rating in a research report on Thursday, August 9th. BTIG Research initiated coverage on shares of Transocean in a research report on Monday, September 17th. They set a “buy” rating and a $18.00 price target on the stock. ValuEngine cut shares of Transocean from a “strong-buy” rating to a “buy” rating in a research report on Thursday. JPMorgan Chase & Co. reissued a “sell” rating on shares of Transocean in a research report on Tuesday, September 4th. Finally, UBS Group raised shares of Transocean from an “accumulate” rating to a “buy” rating in a research report on Thursday, October 18th. Three research analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $13.79.

In other Transocean news, Director Vincent J. Intrieri purchased 10,000 shares of the business’s stock in a transaction on Thursday, August 16th. The shares were bought at an average cost of $10.62 per share, for a total transaction of $106,200.00. Following the completion of the purchase, the director now directly owns 10,000 shares of the company’s stock, valued at $106,200. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.33% of the stock is owned by corporate insiders.

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.

Read More: Hedge Funds – Risk or Reward?

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Institutional Ownership by Quarter for Transocean (NYSE:RIG)

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