Cedar Wealth Management LLC Acquires 65,486 Shares of Transocean Ltd. $RIG

Cedar Wealth Management LLC grew its holdings in shares of Transocean Ltd. (NYSE:RIG) by 52.6% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 190,028 shares of the offshore drilling services provider’s stock after purchasing an additional 65,486 shares during the period. Cedar Wealth Management LLC’s holdings in Transocean were worth $492,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Teacher Retirement System of Texas bought a new position in Transocean during the 1st quarter valued at approximately $380,000. Principal Financial Group Inc. increased its holdings in shares of Transocean by 20.0% during the first quarter. Principal Financial Group Inc. now owns 48,345 shares of the offshore drilling services provider’s stock valued at $153,000 after acquiring an additional 8,043 shares in the last quarter. Signaturefd LLC raised its position in shares of Transocean by 291.7% in the 1st quarter. Signaturefd LLC now owns 20,569 shares of the offshore drilling services provider’s stock worth $65,000 after purchasing an additional 15,318 shares during the last quarter. Mariner Investment Group LLC boosted its stake in Transocean by 300.0% in the 1st quarter. Mariner Investment Group LLC now owns 100,000 shares of the offshore drilling services provider’s stock worth $317,000 after purchasing an additional 75,000 shares in the last quarter. Finally, Wealth Alliance LLC purchased a new stake in Transocean during the 1st quarter valued at about $42,000. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Analyst Upgrades and Downgrades

RIG has been the topic of several analyst reports. Wall Street Zen upgraded shares of Transocean from a “sell” rating to a “hold” rating in a research note on Sunday, August 10th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Transocean in a research report on Wednesday, October 8th. Barclays lifted their target price on Transocean from $4.00 to $4.50 and gave the stock an “overweight” rating in a report on Wednesday, November 5th. Finally, Citigroup boosted their price target on Transocean from $3.50 to $4.25 and gave the stock a “neutral” rating in a research note on Friday. Three equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Transocean presently has an average rating of “Hold” and an average price target of $4.39.

Insider Transactions at Transocean

In other news, Director (Cyprus) Ltd Perestroika purchased 4,000,000 shares of the business’s stock in a transaction on Friday, September 26th. The stock was acquired at an average cost of $3.05 per share, for a total transaction of $12,200,000.00. Following the purchase, the director directly owned 95,074,894 shares in the company, valued at $289,978,426.70. This trade represents a 4.39% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Roderick James Mackenzie sold 53,769 shares of the company’s stock in a transaction dated Friday, October 31st. The shares were sold at an average price of $3.86, for a total transaction of $207,548.34. Following the sale, the executive vice president directly owned 247,072 shares of the company’s stock, valued at $953,697.92. The trade was a 17.87% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 12.27% of the company’s stock.

Transocean Trading Up 0.1%

NYSE:RIG opened at $4.02 on Friday. The company has a market cap of $4.42 billion, a PE ratio of -1.22 and a beta of 2.65. The company has a current ratio of 1.26, a quick ratio of 0.99 and a debt-to-equity ratio of 0.63. The company has a 50 day simple moving average of $3.52 and a two-hundred day simple moving average of $3.05. Transocean Ltd. has a 12 month low of $1.97 and a 12 month high of $4.52.

Transocean (NYSE:RIG) last released its quarterly earnings results on Wednesday, October 29th. The offshore drilling services provider reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.04 by $0.02. Transocean had a positive return on equity of 0.43% and a negative net margin of 75.71%.The firm had revenue of ($1,894.00) million for the quarter, compared to analysts’ expectations of $1.01 billion. The firm’s revenue was up 8.4% compared to the same quarter last year. Research analysts forecast that Transocean Ltd. will post 0.14 earnings per share for the current year.

About Transocean

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. The company operates a fleet of mobile offshore drilling units, consisting of ultra-deepwater floaters and harsh environment floaters.