108,208 Transocean Ltd. $RIG Shares Sold by Red Cedar Investment Management LLC

Red Cedar Investment Management LLC lowered its position in shares of Transocean Ltd. (NYSE:RIG) by 16.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 545,725 shares of the offshore drilling services provider’s stock after selling 108,208 shares during the period. Red Cedar Investment Management LLC’s holdings in Transocean were worth $2,860,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of RIG. Hartford Financial Management Inc. acquired a new position in Transocean during the 3rd quarter valued at about $31,000. Costello Asset Management INC acquired a new stake in shares of Transocean in the third quarter valued at approximately $33,000. Ascentis Independent Advisors acquired a new stake in shares of Transocean in the first quarter valued at approximately $43,000. EverSource Wealth Advisors LLC raised its holdings in shares of Transocean by 27.0% during the first quarter. EverSource Wealth Advisors LLC now owns 6,536 shares of the offshore drilling services provider’s stock valued at $43,000 after buying an additional 1,391 shares during the last quarter. Finally, Root Financial Partners LLC bought a new stake in shares of Transocean during the third quarter valued at approximately $48,000. Institutional investors and hedge funds own 67.73% of the company’s stock.

Transocean Trading Down 1.4%

Shares of RIG stock opened at $5.17 on Tuesday. The stock has a 50-day simple moving average of $5.73 and a 200 day simple moving average of $5.87. The stock has a market capitalization of $5.77 billion, a P/E ratio of 36.89, a P/E/G ratio of 3.99 and a beta of 1.44. Transocean Ltd. has a fifty-two week low of $3.68 and a fifty-two week high of $7.66. The company has a quick ratio of 1.27, a current ratio of 1.53 and a debt-to-equity ratio of 0.54.

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

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on RIG shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Transocean in a research report on Thursday, October 15th. Wall Street Zen cut Transocean from a “hold” rating to a “sell” rating in a research report on Saturday. Morgan Stanley cut their target price on Transocean from $7.00 to $6.50 and set an “equal weight” rating on the stock in a research note on Monday. Zacks Research downgraded Transocean from a “strong-buy” rating to a “hold” rating in a research note on Friday. Finally, Barclays reduced their price target on Transocean from $8.00 to $7.00 and set an “overweight” rating for the company in a research report on Wednesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, five have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $6.61.

Transocean Profile

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.