Midas Management Corp increased its stake in Transocean Ltd. (NYSE:RIG) by 82.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 250,000 shares of the offshore drilling services provider’s stock after buying an additional 113,000 shares during the period. Midas Management Corp owned 0.06% of Transocean worth $2,058,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of RIG. Public Employees Retirement Association of Colorado boosted its stake in Transocean by 12.7% in the second quarter. Public Employees Retirement Association of Colorado now owns 12,340 shares of the offshore drilling services provider’s stock valued at $102,000 after buying an additional 1,394 shares in the last quarter. FNY Partners Fund LP acquired a new stake in Transocean during the first quarter valued at about $108,000. WFG Advisors LP boosted its position in Transocean by 40.7% in the first quarter. WFG Advisors LP now owns 8,856 shares of the offshore drilling services provider’s stock valued at $110,000 after buying an additional 2,562 shares in the last quarter. Ameritas Investment Partners Inc. purchased a new position in Transocean during the first quarter valued at $116,000. Finally, Ronald Blue & Co. LLC purchased a new position in Transocean during the first quarter valued at $125,000. 67.32% of the stock is currently owned by hedge funds and other institutional investors.
Transocean Ltd. (NYSE RIG) traded up 2.08% on Friday, reaching $8.35. The company’s stock had a trading volume of 9,919,438 shares. The stock’s market capitalization is $3.27 billion. The firm has a 50 day moving average price of $8.43 and a 200 day moving average price of $10.89. Transocean Ltd. has a 52 week low of $7.67 and a 52 week high of $16.66.
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RIG has been the subject of several analyst reports. R. F. Lafferty lowered their price objective on Transocean from $21.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, May 8th. Royal Bank Of Canada reaffirmed a “sell” rating and issued a $13.00 price objective on shares of Transocean in a research note on Monday, May 15th. Credit Suisse Group reaffirmed a “buy” rating on shares of Transocean in a research note on Wednesday, July 19th. Sanford C. Bernstein lowered Transocean from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $16.50 to $9.00 in a research note on Thursday, July 6th. Finally, Odeon Capital Group LLC started coverage on Transocean in a research note on Wednesday, May 17th. They set a “sell” rating and a $8.00 price target for the company. Thirteen research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $12.73.
Transocean Company Profile
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.
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