The Prudential Financial Inc. invests in 59,000 by purchasing Transocean Ltd. (RIG) shares

The Prudential Financial Inc. invests in 59,000 by purchasing Transocean Ltd. (RIG) shares

Prudential Financial Inc. increased its stake in shares of Transocean Ltd. (NYSE:RIG) by 15.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 452,720 shares of the offshore drilling services provider’s stock after buying an additional 59,000 shares during the period. Prudential Financial Inc. owned 0.12% of Transocean worth $5,383,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. State Street Corp boosted its position in shares of Transocean by 26.1% in the first quarter. State Street Corp now owns 15,962,503 shares of the offshore drilling services provider’s stock valued at $145,896,000 after buying an additional 3,301,654 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Transocean by 8.2% in the second quarter. Dimensional Fund Advisors LP now owns 7,929,429 shares of the offshore drilling services provider’s stock valued at $94,275,000 after buying an additional 601,808 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its stake in Transocean by 15.0% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 6,421,951 shares of the offshore drilling services provider’s stock valued at $58,697,000 after buying an additional 839,942 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Transocean by 287.4% in the first quarter. Renaissance Technologies LLC now owns 3,359,749 shares of the offshore drilling services provider’s stock valued at $30,708,000 after buying an additional 2,492,549 shares during the last quarter. Finally, BlackRock Fund Advisors boosted its stake in Transocean by 3.7% in the first quarter. BlackRock Fund Advisors now owns 3,332,717 shares of the offshore drilling services provider’s stock valued at $30,461,000 after buying an additional 119,934 shares during the last quarter. Institutional investors and hedge funds own 71.55% of the company’s stock.

Transocean Ltd. (NYSE:RIG) traded down 4.216% on Thursday, reaching $9.655. The company’s stock had a trading volume of 2,728,543 shares. Transocean Ltd. has a 52 week low of $7.67 and a 52 week high of $17.19. The firm has a market capitalization of $3.53 billion, a PE ratio of 2.816 and a beta of 1.91. The stock’s 50 day moving average is $9.78 and its 200-day moving average is $10.34.

Transocean (NYSE:RIG) last posted its earnings results on Wednesday, August 3rd. The offshore drilling services provider reported $0.17 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.01) by $0.18. Transocean had a return on equity of 8.46% and a net margin of 21.91%. The company had revenue of $943 million for the quarter. During the same quarter last year, the business earned $1.11 earnings per share. Transocean’s quarterly revenue was down 49.9% on a year-over-year basis. Analysts predict that Transocean Ltd. will post $0.94 EPS for the current year.

RIG has been the subject of several recent analyst reports. Canaccord Genuity upgraded Transocean from a “sell” rating to a “hold” rating in a research note on Thursday, September 15th. Clarkson Capital restated a “neutral” rating and set a $12.00 target price on shares of Transocean in a research note on Thursday, August 4th. Goldman Sachs Group Inc. restated a “sell” rating on shares of Transocean in a research note on Friday, September 23rd. Vetr reaffirmed a “buy” rating and set a $10.74 price target on shares of Transocean in a research report on Thursday, August 18th. Finally, Jefferies Group reaffirmed a “hold” rating and set a $10.00 price target (down previously from $11.00) on shares of Transocean in a research report on Tuesday, August 16th. Ten research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $10.34.

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 primarily on a day rate basis to drill oil and gas wells. The Company operates through the contract drilling services segment.

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