Exchange Traded Concepts LLC Sells 78,468 Shares of Transocean Ltd. (NYSE:RIG)

Exchange Traded Concepts LLC cut its holdings in Transocean Ltd. (NYSE:RIGFree Report) by 71.1% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 31,907 shares of the offshore drilling services provider’s stock after selling 78,468 shares during the period. Exchange Traded Concepts LLC’s holdings in Transocean were worth $120,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in RIG. Pilgrim Global Advisors LLC purchased a new position in Transocean in the third quarter worth about $77,473,000. Kailix Advisors LLC lifted its stake in shares of Transocean by 59.9% in the 3rd quarter. Kailix Advisors LLC now owns 6,620,451 shares of the offshore drilling services provider’s stock valued at $28,137,000 after purchasing an additional 2,481,059 shares during the last quarter. Point72 Europe London LLP purchased a new position in shares of Transocean in the 3rd quarter worth approximately $8,935,000. State Street Corp increased its position in shares of Transocean by 11.0% during the 3rd quarter. State Street Corp now owns 19,594,121 shares of the offshore drilling services provider’s stock valued at $83,275,000 after purchasing an additional 1,944,723 shares during the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in Transocean by 334.2% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 1,660,176 shares of the offshore drilling services provider’s stock valued at $7,056,000 after buying an additional 1,277,814 shares during the period. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Roderick James Mackenzie sold 22,000 shares of the company’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $4.05, for a total value of $89,100.00. Following the completion of the sale, the executive vice president now directly owns 229,596 shares of the company’s stock, valued at $929,863.80. This represents a 8.74 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 13.16% of the stock is owned by insiders.

Transocean Stock Performance

Shares of NYSE:RIG opened at $3.92 on Friday. The firm’s 50 day simple moving average is $3.95 and its 200-day simple moving average is $4.39. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.34 and a current ratio of 1.64. Transocean Ltd. has a one year low of $3.40 and a one year high of $6.88. The firm has a market cap of $3.43 billion, a PE ratio of -5.22, a price-to-earnings-growth ratio of 0.77 and a beta of 2.73.

Wall Street Analyst Weigh In

RIG has been the subject of several recent analyst reports. Evercore ISI lowered shares of Transocean from an “outperform” rating to an “in-line” rating and dropped their price objective for the stock from $6.00 to $5.00 in a research note on Wednesday, January 15th. Benchmark reaffirmed a “hold” rating on shares of Transocean in a research note on Tuesday, December 3rd. StockNews.com raised shares of Transocean to a “sell” rating in a research report on Tuesday, November 12th. Barclays upgraded Transocean from an “equal weight” rating to an “overweight” rating and set a $4.50 target price for the company in a research report on Wednesday, December 18th. Finally, TD Cowen reduced their price target on Transocean from $6.50 to $5.50 and set a “hold” rating on the stock in a report on Wednesday, January 8th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $5.94.

Check Out Our Latest Stock Report on RIG

About Transocean

(Free Report)

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. 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-deepwater floaters and harsh environment floaters.

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Institutional Ownership by Quarter for Transocean (NYSE:RIG)

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