Transocean Ltd. $RIG Stock Sold by Red Cedar Investment Management LLC

Red Cedar Investment Management LLC lessened its stake in shares of Transocean Ltd. (NYSE:RIG) by 16.5% in the third quarter, Holdings Channel.com reports. The fund owned 545,725 shares of the offshore drilling services provider’s stock after selling 108,208 shares during the quarter. Red Cedar Investment Management LLC’s holdings in Transocean were worth $2,860,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Penn Capital Management Company LLC acquired a new stake in shares of Transocean during the third quarter worth $19,840,000. AlphaCore Capital LLC purchased a new stake in shares of Transocean during the third quarter valued at $175,000. Brighton Jones LLC acquired a new position in shares of Transocean in the 3rd quarter valued at $136,000. StoneX Group Inc. acquired a new position in shares of Transocean in the 3rd quarter valued at $97,000. Finally, Privium Fund Management B.V. purchased a new position in Transocean in the 3rd quarter worth about $816,000. 67.73% of the stock is owned by institutional investors.

Transocean Stock Performance

Shares of RIG opened at $5.17 on Tuesday. The company’s 50 day moving average price is $5.73 and its 200 day moving average price is $5.87. Transocean Ltd. has a 52 week low of $3.68 and a 52 week high of $7.66. The company has a market capitalization of $5.77 billion, a PE ratio of 36.89, a PEG ratio of 3.99 and a beta of 1.44. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.27 and a current ratio of 1.53.

Transocean (NYSE:RIG) last released its earnings results on Monday, November 2nd. The offshore drilling services provider reported $0.02 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.02. Transocean had a net margin of 7.25% and a return on equity of 1.84%. The company had revenue of $937.00 million during the quarter, compared to the consensus estimate of $943.99 million. During the same quarter in the prior year, the firm earned ($2.00) EPS. The company’s revenue was down 8.9% compared to the same quarter last year. Research analysts expect that Transocean Ltd. will post 0.18 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on RIG shares. Fearnley Fonds raised Transocean from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 7th. Zacks Research lowered shares of Transocean from a “strong-buy” rating to a “hold” rating in a research note on Friday. Weiss Ratings reiterated a “sell (d-)” rating on shares of Transocean in a report on Thursday, October 15th. Wall Street Zen cut shares of Transocean from a “hold” rating to a “sell” rating in a report on Saturday. Finally, Barclays dropped their target price on shares of Transocean from $8.00 to $7.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have given a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, Transocean has an average rating of “Hold” and a consensus target price of $6.61.

About Transocean

Transocean Ltd. is an offshore contract drilling company that provides drilling services to oil and gas companies around the world. Its work focuses on offshore exploration and development, particularly in deepwater and harsh-environment locations.

The company owns and operates a fleet of offshore drilling rigs, including drillships and semisubmersible rigs. It contracts these rigs to customers and provides the crews and related services needed to conduct offshore drilling operations.

Transocean serves customers across multiple offshore regions worldwide.