Oppenheimer & Co. Inc. Sells 6,758 Shares of Transocean Ltd. (NYSE:RIG)

Oppenheimer & Co. Inc. decreased its holdings in Transocean Ltd. (NYSE:RIGGet Rating) by 4.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 131,143 shares of the offshore drilling services provider’s stock after selling 6,758 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Transocean were worth $436,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. increased its stake in shares of Transocean by 285.5% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 5,536 shares of the offshore drilling services provider’s stock worth $25,000 after purchasing an additional 4,100 shares in the last quarter. Spartan Fund Management Inc. purchased a new stake in Transocean in the second quarter worth about $37,000. Southern Capital Advisors LLC bought a new position in shares of Transocean in the second quarter worth about $48,000. Wetherby Asset Management Inc. purchased a new position in shares of Transocean during the 1st quarter valued at about $50,000. Finally, D.A. Davidson & CO. bought a new position in shares of Transocean during the 2nd quarter valued at approximately $51,000. 65.64% of the stock is currently owned by institutional investors.

Transocean Stock Down 3.8 %

NYSE RIG opened at $4.28 on Thursday. The stock has a 50 day moving average price of $3.35 and a 200-day moving average price of $3.51. Transocean Ltd. has a one year low of $2.32 and a one year high of $5.56. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.38 and a current ratio of 1.64. The company has a market capitalization of $3.09 billion, a P/E ratio of -5.35 and a beta of 2.88.

Transocean (NYSE:RIGGet Rating) last released its quarterly earnings data on Wednesday, November 2nd. The offshore drilling services provider reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.08. The business had revenue of $691.00 million during the quarter, compared to analyst estimates of $665.24 million. Transocean had a negative net margin of 20.50% and a negative return on equity of 3.74%. Transocean’s quarterly revenue was up 10.4% compared to the same quarter last year. During the same quarter last year, the business earned ($0.19) earnings per share. As a group, equities analysts predict that Transocean Ltd. will post -0.59 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have weighed in on RIG. Capital One Financial raised shares of Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 price target on the stock in a report on Tuesday, August 2nd. TheStreet raised shares of Transocean from a “d+” rating to a “c-” rating in a report on Monday. BTIG Research raised Transocean from a “neutral” rating to a “buy” rating in a report on Tuesday, September 6th. StockNews.com raised Transocean from a “sell” rating to a “hold” rating in a research note on Friday, November 4th. Finally, Susquehanna Bancshares decreased their target price on Transocean from $4.20 to $3.30 and set a “neutral” rating on the stock in a research note on Monday, October 17th. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, Transocean presently has an average rating of “Moderate Buy” and a consensus price target of $4.33.

Transocean Profile

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Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts its mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. As of February 14, 2022, the company had partial ownership interests in and operated a fleet of 37 mobile offshore drilling units, including 27 ultra-deep water and 10 harsh environment floaters.

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Institutional Ownership by Quarter for Transocean (NYSE:RIG)

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