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Raymond James Financial Services Advisors Inc. reduces position in Transocean Ltd. (NYSE:RIG)


Raymond James Financial Services Advisors Inc. has acquired its interest in the shares of Transocean Ltd. (NYSE:RIG – Free Report) fell 12.1% in the fourth quarter, the company said in its most recent filing with the Securities and Exchange Commission. The fund owned 87,284 shares of the offshore drilling services provider, after selling 12,001 shares during the period. The interests of Raymond James Financial Services Advisors Inc. in Transocean were worth $554,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. increased its stake in Transocean by 9.4% during the third quarter. Vanguard Group Inc. now owns 60,315,980 shares of the offshore drilling services provider’s stock worth $148,981,000 after acquiring an additional 5,165,717 shares during the period. BlackRock Inc. increased its stake in Transocean by 64.4% during the first quarter. BlackRock Inc. now owns 27,992,307 shares of the offshore drilling services provider’s stock worth $178,031,000 after acquiring an additional 10,962,276 shares during the period. Morgan Stanley increased its stake in Transocean by 60.7% during the fourth quarter. Morgan Stanley now owns 18,330,357 shares of the offshore drilling services provider’s stock valued at $83,586,000 after acquiring an additional 6,925,085 shares during the period. Dimensional Fund Advisors LP increased its stake in Transocean by 4.3% during the first quarter. Dimensional Fund Advisors LP now owns 12,924,313 shares of the offshore drilling services provider’s stock worth $59,071,000 after acquiring an additional 535,577 shares during the period. Finally, Renaissance Technologies LLC increased its stake in Transocean by 95.2% in the first quarter. Renaissance Technologies LLC now owns 11,892,498 shares of the offshore drilling services provider’s stock valued at $75,637,000 after acquiring an additional 5,800,435 shares during the period. 67.73% of the shares are currently held by institutional investors and hedge funds.

Wall Street analysts predict growth

Several brokers responded to RIG. Bank of America raised its price target on shares of Transocean from $5.50 to $6.00 and gave the company an “underperform” rating in a research note on Monday. Citigroup lowered their price target on shares of Transocean from $9.00 to $7.00 and set a “buy” rating on the company in a research note on Wednesday, February 21. Barclays lowered their price target on shares of Transocean from $7.00 to $6.00 and set an “equalweight” rating for the company in a research note on Thursday, February 22. StockNews.com upgraded shares of Transocean to a “sell” rating in a research note on Tuesday, February 20th. Finally, Susquehanna upgraded shares of Transocean from a “neutral” rating to a “positive” rating and raised their price target for the company from $5.50 to $9.00 in a research note on Monday, April 8. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $8.22.

Check out our latest analysis on Transocean

Transoceanic stock performance

NYSE:RIG opened at $5.56 on Friday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 1.22 and a current ratio of 1.52. The company has a fifty day moving average of $5.63 and a two hundred day moving average of $6.10. The stock has a market cap of $4.55 billion, a price-to-earnings ratio of -4.37 and a beta of 2.78. Transocean Ltd. has a fifty-two week low of $4.45 and a fifty-two week high of $8.88.

Transocean (NYSE:RIG – Get Free Report) last posted its quarterly earnings data on Monday, February 19. The offshore drilling services provider reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.12. The company had revenue of $741.00 million during the quarter, compared to analyst expectations of $779.17 million. Transocean had a negative net margin of 33.69% and a negative return on equity of 7.13%. During the same period last year, the company posted earnings per share of ($0.49). As a group, research analysts predict that Transocean Ltd. will record a profit per share of 0.02 for the current financial year.

Transocean Company Profile

(Free report)

Transocean Ltd. together with its subsidiaries, provides offshore contract drilling services for oil and gas wells around the world. 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-deep water floats and heavy duty floats.

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Quarterly Institutional Ownership for Transocean (NYSE:RIG)



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