State of New Jersey Common Pension Fund D Buys 69,617 Shares of Transocean Ltd. (NYSE:RIG)

State of New Jersey Common Pension Fund D increased its stake in shares of Transocean Ltd. (NYSE:RIGGet Rating) by 12.0% during the 3rd quarter, Holdings Channel.com reports. The fund owned 652,107 shares of the offshore drilling services provider’s stock after purchasing an additional 69,617 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Transocean were worth $1,611,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Zweig DiMenna Associates LLC grew its position in Transocean by 127.1% during the 3rd quarter. Zweig DiMenna Associates LLC now owns 1,646,400 shares of the offshore drilling services provider’s stock worth $4,067,000 after acquiring an additional 921,400 shares during the last quarter. US Bancorp DE grew its position in Transocean by 336.4% during the 3rd quarter. US Bancorp DE now owns 10,277 shares of the offshore drilling services provider’s stock worth $25,000 after acquiring an additional 7,922 shares during the last quarter. Bourgeon Capital Management LLC purchased a new stake in Transocean in the 3rd quarter worth approximately $224,000. Mirabella Financial Services LLP purchased a new stake in Transocean in the 3rd quarter worth approximately $494,000. Finally, Raymond James Financial Services Advisors Inc. lifted its holdings in Transocean by 3.4% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 613,040 shares of the offshore drilling services provider’s stock worth $1,514,000 after buying an additional 20,148 shares during the period. 55.16% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

RIG has been the subject of several research analyst reports. Susquehanna Bancshares dropped their price objective on Transocean from $4.20 to $3.30 and set a “neutral” rating for the company in a report on Monday, October 17th. Benchmark initiated coverage on Transocean in a report on Thursday. They issued a “buy” rating and a $7.50 price objective for the company. Susquehanna dropped their price objective on Transocean from $4.20 to $3.30 and set a “neutral” rating for the company in a report on Monday, October 17th. StockNews.com upgraded Transocean from a “sell” rating to a “hold” rating in a report on Friday, November 4th. Finally, Barclays raised their target price on Transocean from $5.00 to $6.00 and gave the company an “overweight” rating in a research note on Tuesday, November 8th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $4.94.

Insider Buying and Selling at Transocean

In other Transocean news, CAO David A. Tonnel sold 34,267 shares of Transocean stock in a transaction on Tuesday, January 10th. The stock was sold at an average price of $5.45, for a total value of $186,755.15. Following the completion of the sale, the chief accounting officer now owns 291,608 shares of the company’s stock, valued at approximately $1,589,263.60. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Transocean news, CAO David A. Tonnel sold 34,267 shares of Transocean stock in a transaction on Tuesday, January 10th. The stock was sold at an average price of $5.45, for a total value of $186,755.15. Following the completion of the sale, the chief accounting officer now owns 291,608 shares of the company’s stock, valued at approximately $1,589,263.60. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO David A. Tonnel sold 14,541 shares of Transocean stock in a transaction on Wednesday, January 18th. The stock was sold at an average price of $6.15, for a total value of $89,427.15. Following the completion of the sale, the chief accounting officer now directly owns 277,067 shares of the company’s stock, valued at approximately $1,703,962.05. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 61,877 shares of company stock worth $340,874. 13.26% of the stock is owned by insiders.

Transocean Trading Up 5.3 %

RIG opened at $6.01 on Friday. The business has a 50 day moving average of $4.53 and a 200-day moving average of $3.72. The stock has a market cap of $4.34 billion, a PE ratio of -7.51 and a beta of 2.79. Transocean Ltd. has a 52 week low of $2.32 and a 52 week high of $6.18. The company has a quick ratio of 1.38, a current ratio of 1.64 and a debt-to-equity ratio of 0.57.

Transocean (NYSE:RIGGet Rating) last announced its quarterly earnings data on Wednesday, November 2nd. The offshore drilling services provider reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.09. The business had revenue of $691.00 million during the quarter, compared to analysts’ expectations of $665.24 million. Transocean had a negative return on equity of 3.74% and a negative net margin of 20.50%. The firm’s quarterly revenue was up 10.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.19) earnings per share. Equities research analysts predict that Transocean Ltd. will post -0.55 earnings per share for the current fiscal year.

Transocean Company 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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