California Public Employees Retirement System raised its stake in shares of Transocean LTD (NYSE:RIG) by 25.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 958,185 shares of the offshore drilling services provider’s stock after buying an additional 195,985 shares during the period. California Public Employees Retirement System owned about 0.24% of Transocean worth $10,310,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Prudential Financial Inc. raised its stake in Transocean by 53.1% during the 2nd quarter. Prudential Financial Inc. now owns 2,290,673 shares of the offshore drilling services provider’s stock valued at $18,853,000 after buying an additional 794,927 shares during the last quarter. Thompson Siegel & Walmsley LLC raised its stake in Transocean by 129.6% during the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 6,299,461 shares of the offshore drilling services provider’s stock valued at $51,844,000 after buying an additional 3,556,281 shares during the last quarter. Comerica Bank raised its stake in Transocean by 148.9% during the 3rd quarter. Comerica Bank now owns 336,684 shares of the offshore drilling services provider’s stock valued at $3,498,000 after buying an additional 201,399 shares during the last quarter. Engineers Gate Manager LP raised its stake in Transocean by 821.9% during the 2nd quarter. Engineers Gate Manager LP now owns 386,853 shares of the offshore drilling services provider’s stock valued at $3,184,000 after buying an additional 344,889 shares during the last quarter. Finally, Commerzbank Aktiengesellschaft FI raised its stake in Transocean by 87.2% during the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 1,190,757 shares of the offshore drilling services provider’s stock valued at $9,800,000 after buying an additional 554,527 shares during the last quarter. Institutional investors and hedge funds own 72.88% of the company’s stock.

A number of equities research analysts have weighed in on RIG shares. started coverage on shares of Transocean in a research note on Thursday, October 19th. They set a “hold” rating and a $12.00 target price for the company. Jefferies Group upped their price objective on Transocean from $10.50 to $11.00 and gave the stock a “hold” rating in a research note on Friday, November 3rd. Zacks Investment Research upgraded Transocean from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a research note on Tuesday, October 3rd. ValuEngine upgraded Transocean from a “hold” rating to a “buy” rating in a research note on Thursday, November 2nd. Finally, Deutsche Bank started coverage on Transocean in a research note on Tuesday, October 10th. They issued a “buy” rating and a $13.00 price objective for the company. Eleven equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and fourteen have given a buy rating to the stock. Transocean has an average rating of “Hold” and an average price target of $12.12.

Transocean LTD (NYSE:RIG) opened at $10.72 on Friday. The firm has a market cap of $4,190.00, a price-to-earnings ratio of -1.50 and a beta of 1.80. The company has a quick ratio of 2.13, a current ratio of 2.36 and a debt-to-equity ratio of 0.51. Transocean LTD has a 1-year low of $7.20 and a 1-year high of $16.16.

Transocean (NYSE:RIG) last issued its earnings results on Wednesday, November 1st. The offshore drilling services provider reported $0.16 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.20. The company had revenue of $808.00 million during the quarter, compared to the consensus estimate of $703.13 million. Transocean had a negative net margin of 84.09% and a positive return on equity of 2.10%. Transocean’s quarterly revenue was down 10.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.25 EPS. analysts expect that Transocean LTD will post -0.34 earnings per share for the current fiscal year.

TRADEMARK VIOLATION WARNING: This story was first posted by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are reading this story on another site, it was stolen and reposted in violation of United States and international trademark & copyright law. The original version of this story can be viewed at https://www.thecerbatgem.com/2017/12/29/transocean-ltd-rig-position-boosted-by-california-public-employees-retirement-system.html.

About Transocean

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.

Institutional Ownership by Quarter for Transocean (NYSE:RIG)

Receive News & Stock Ratings for Transocean Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Transocean and related stocks with our FREE daily email newsletter.