California Public Employees Retirement System Cuts Holdings in Transocean Ltd. (NYSE:RIG)

California Public Employees Retirement System lowered its stake in shares of Transocean Ltd. (NYSE:RIG) by 4.5% in the fourth quarter, Holdings Channel reports. The institutional investor owned 1,012,545 shares of the offshore drilling services provider’s stock after selling 47,772 shares during the period. California Public Employees Retirement System’s holdings in Transocean were worth $6,430,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. AE Wealth Management LLC lifted its position in shares of Transocean by 25.7% during the third quarter. AE Wealth Management LLC now owns 17,289 shares of the offshore drilling services provider’s stock valued at $142,000 after buying an additional 3,532 shares during the last quarter. Commonwealth Equity Services LLC grew its holdings in Transocean by 8.8% in the third quarter. Commonwealth Equity Services LLC now owns 222,448 shares of the offshore drilling services provider’s stock worth $1,826,000 after purchasing an additional 17,961 shares during the last quarter. Raymond James & Associates increased its position in shares of Transocean by 35.1% during the third quarter. Raymond James & Associates now owns 381,124 shares of the offshore drilling services provider’s stock worth $3,129,000 after purchasing an additional 98,987 shares in the last quarter. Stratos Wealth Advisors LLC acquired a new position in shares of Transocean during the third quarter worth $363,000. Finally, Independent Advisor Alliance lifted its holdings in shares of Transocean by 150.4% during the 3rd quarter. Independent Advisor Alliance now owns 28,565 shares of the offshore drilling services provider’s stock valued at $235,000 after purchasing an additional 17,158 shares during the last quarter. Institutional investors own 67.73% of the company’s stock.

Transocean Price Performance

NYSE:RIG opened at $5.57 on Friday. The firm’s fifty day moving average is $5.77 and its two-hundred day moving average is $5.94. The firm has a market cap of $4.57 billion, a price-to-earnings ratio of -10.71 and a beta of 2.83. Transocean Ltd. has a one year low of $4.45 and a one year high of $8.88. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.22 and a current ratio of 1.35.

Transocean (NYSE:RIG) last posted its earnings results on Monday, April 29th. The offshore drilling services provider reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.10. Transocean had a negative return on equity of 4.67% and a negative net margin of 13.27%. The firm had revenue of $767.00 million for the quarter, compared to analyst estimates of $781.86 million. During the same period last year, the company earned ($0.38) earnings per share. Transocean’s revenue for the quarter was up 18.2% compared to the same quarter last year. Research analysts expect that Transocean Ltd. will post 0.05 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Barclays reduced their target price on Transocean from $7.00 to $6.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 22nd. StockNews.com upgraded shares of Transocean to a “sell” rating in a research note on Tuesday, February 20th. Citigroup cut their price target on shares of Transocean from $9.00 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday, February 21st. Susquehanna upgraded shares of Transocean from a “neutral” rating to a “positive” rating and lifted their price objective for the stock from $5.50 to $9.00 in a research note on Monday, April 8th. Finally, Morgan Stanley cut their target price on Transocean from $8.00 to $7.00 and set an “equal weight” rating on the stock in a research report on Monday, February 26th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $7.70.

About Transocean

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.