AQR Capital Management LLC Sells 1,875,041 Shares of Transocean LTD (NYSE:RIG)

AQR Capital Management LLC cut its stake in shares of Transocean LTD (NYSE:RIG) by 97.7% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 44,877 shares of the offshore drilling services provider’s stock after selling 1,875,041 shares during the quarter. AQR Capital Management LLC’s holdings in Transocean were worth $284,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of RIG. Advisor Group Inc. lifted its holdings in shares of Transocean by 7.1% during the first quarter. Advisor Group Inc. now owns 111,176 shares of the offshore drilling services provider’s stock valued at $968,000 after acquiring an additional 7,337 shares during the period. Swiss National Bank lifted its holdings in shares of Transocean by 3.1% during the first quarter. Swiss National Bank now owns 944,330 shares of the offshore drilling services provider’s stock valued at $8,225,000 after acquiring an additional 28,500 shares during the period. ClariVest Asset Management LLC lifted its holdings in shares of Transocean by 3.4% during the first quarter. ClariVest Asset Management LLC now owns 97,000 shares of the offshore drilling services provider’s stock valued at $845,000 after acquiring an additional 3,200 shares during the period. Tyers Asset Management LLC lifted its holdings in shares of Transocean by 17.2% during the first quarter. Tyers Asset Management LLC now owns 71,680 shares of the offshore drilling services provider’s stock valued at $624,000 after acquiring an additional 10,500 shares during the period. Finally, Primecap Management Co. CA lifted its holdings in shares of Transocean by 0.3% during the first quarter. Primecap Management Co. CA now owns 33,924,639 shares of the offshore drilling services provider’s stock valued at $295,484,000 after acquiring an additional 100,000 shares during the period. 70.84% of the stock is owned by institutional investors.

Shares of NYSE:RIG opened at $4.57 on Friday. Transocean LTD has a twelve month low of $3.76 and a twelve month high of $13.42. The firm has a market cap of $2.69 billion, a PE ratio of -5.78 and a beta of 1.81. The company has a debt-to-equity ratio of 0.74, a quick ratio of 2.55 and a current ratio of 2.88. The business has a fifty day moving average of $4.87 and a 200-day moving average of $6.32.

Transocean (NYSE:RIG) last announced its earnings results on Monday, July 29th. The offshore drilling services provider reported ($0.34) earnings per share for the quarter, meeting the Zacks’ consensus estimate of ($0.34). Transocean had a negative return on equity of 4.18% and a negative net margin of 33.49%. The company had revenue of $758.00 million during the quarter, compared to analyst estimates of $765.81 million. During the same period last year, the company posted ($0.04) earnings per share. The firm’s quarterly revenue was down 4.1% compared to the same quarter last year. On average, analysts anticipate that Transocean LTD will post -1.22 EPS for the current fiscal year.

A number of research analysts have issued reports on RIG shares. HSBC set a $12.00 price objective on Transocean and gave the company a “buy” rating in a report on Monday, July 15th. Citigroup lifted their price objective on Transocean from $4.90 to $7.00 and gave the company a “neutral” rating in a report on Monday, September 23rd. UBS Group set a $10.00 price objective on Transocean and gave the company a “buy” rating in a report on Monday, August 26th. Piper Jaffray Companies set a $8.00 price objective on Transocean and gave the company a “hold” rating in a report on Wednesday, July 31st. Finally, Royal Bank of Canada cut Transocean from an “outperform” rating to a “sector perform” rating and cut their price objective for the company from $17.00 to $9.00 in a report on Wednesday, September 25th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the stock. Transocean has a consensus rating of “Hold” and an average price target of $10.04.

In other Transocean news, Director Chad C. Deaton bought 25,000 shares of the stock in a transaction dated Friday, August 2nd. The stock was bought at an average cost of $5.29 per share, for a total transaction of $132,250.00. Following the completion of the purchase, the director now owns 24,800 shares in the company, valued at approximately $131,192. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last 90 days, insiders bought 32,500 shares of company stock valued at $162,915. 11.05% of the stock is currently owned by corporate insiders.

Transocean Company Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers drilling rigs, related equipment, and work crews; and ultra-deepwater and harsh environment drilling services. As of February 18, 2019, it owned or had partial ownership interests in, and operated 48 mobile offshore drilling units that consist of 31 ultra-deepwater floaters, 13 harsh environment floaters, and 4 midwater floaters.

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Institutional Ownership by Quarter for Transocean (NYSE:RIG)

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