Transocean Ltd. (RIG) Position Boosted by Prudential Financial Inc.
Prudential Financial Inc. lifted its stake in Transocean Ltd. (NYSE:RIG) by 53.1% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 2,290,673 shares of the offshore drilling services provider’s stock after purchasing an additional 794,927 shares during the quarter. Prudential Financial Inc. owned 0.59% of Transocean worth $18,853,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors also recently added to or reduced their stakes in RIG. Teachers Advisors LLC boosted its position in shares of Transocean by 796.2% in the 1st quarter. Teachers Advisors LLC now owns 4,355,168 shares of the offshore drilling services provider’s stock valued at $54,222,000 after purchasing an additional 3,869,219 shares during the period. Cornerstone Capital Management Holdings LLC. boosted its position in shares of Transocean by 606.1% in the 1st quarter. Cornerstone Capital Management Holdings LLC. now owns 2,028,718 shares of the offshore drilling services provider’s stock valued at $25,256,000 after purchasing an additional 1,741,410 shares during the period. Marshall Wace LLP boosted its position in shares of Transocean by 215.5% in the 2nd quarter. Marshall Wace LLP now owns 2,365,570 shares of the offshore drilling services provider’s stock valued at $18,925,000 after purchasing an additional 1,615,825 shares during the period. State Street Corp boosted its position in shares of Transocean by 8.2% in the 1st quarter. State Street Corp now owns 21,325,783 shares of the offshore drilling services provider’s stock valued at $265,374,000 after purchasing an additional 1,615,383 shares during the period. Finally, Pioneer Investment Management Inc. acquired a new position in shares of Transocean in the 1st quarter valued at $19,157,000. Institutional investors and hedge funds own 67.84% of the company’s stock.
In other Transocean news, CAO Howard E. Davis acquired 40,000 shares of the company’s stock in a transaction on Thursday, August 17th. The shares were purchased at an average price of $7.32 per share, for a total transaction of $292,800.00. Following the completion of the purchase, the chief accounting officer now directly owns 21,793 shares of the company’s stock, valued at $159,524.76. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.33% of the stock is owned by corporate insiders.
Shares of Transocean Ltd. (NYSE:RIG) opened at 8.78 on Thursday. The firm has a 50-day moving average price of $8.32 and a 200-day moving average price of $10.12. The firm’s market cap is $3.43 billion. Transocean Ltd. has a 12-month low of $7.20 and a 12-month high of $16.66.
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A number of equities analysts recently weighed in on RIG shares. R. F. Lafferty decreased their price target on Transocean from $21.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, May 15th. Zacks Investment Research upgraded Transocean from a “hold” rating to a “buy” rating and set a $9.50 price target for the company in a research report on Wednesday, August 2nd. BidaskClub lowered Transocean from a “sell” rating to a “strong sell” rating in a research report on Friday, June 23rd. Credit Suisse Group reiterated a “buy” rating on shares of Transocean in a research report on Wednesday, July 19th. Finally, Bank of America Corporation upgraded Transocean from an “underperform” rating to a “neutral” rating and increased their price target for the company from $7.00 to $9.00 in a research report on Tuesday, August 15th. Ten investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and fourteen have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $12.21.
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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