Northern Trust Corp Sells 44,063 Shares of Transocean LTD (RIG)

Northern Trust Corp reduced its stake in shares of Transocean LTD (NYSE:RIG) by 1.2% in the second quarter, according to its most recent filing with the SEC. The institutional investor owned 3,527,006 shares of the offshore drilling services provider’s stock after selling 44,063 shares during the period. Northern Trust Corp owned about 0.76% of Transocean worth $47,402,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. Flagship Harbor Advisors LLC bought a new stake in Transocean during the 2nd quarter worth approximately $101,000. Blue Chip Wealth Management Inc. bought a new position in shares of Transocean in the first quarter valued at approximately $103,000. United Capital Financial Advisers LLC bought a new position in shares of Transocean in the first quarter valued at approximately $150,000. Verition Fund Management LLC bought a new position in shares of Transocean in the second quarter valued at approximately $167,000. Finally, Centaurus Financial Inc. bought a new position in shares of Transocean in the second quarter valued at approximately $178,000. 70.74% of the stock is owned by hedge funds and other institutional investors.

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In other news, Director Vincent J. Intrieri acquired 10,000 shares of the company’s stock in a transaction that occurred on Thursday, August 16th. The shares were acquired at an average price of $10.62 per share, for a total transaction of $106,200.00. Following the completion of the purchase, the director now owns 10,000 shares in the company, valued at $106,200. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 14.09% of the stock is currently owned by corporate insiders.

Transocean stock opened at $13.19 on Friday. Transocean LTD has a 12 month low of $8.70 and a 12 month high of $14.47. The company has a current ratio of 1.49, a quick ratio of 1.35 and a debt-to-equity ratio of 0.63. The company has a market capitalization of $6.44 billion, a P/E ratio of -219.83 and a beta of 1.47.

Transocean (NYSE:RIG) last posted its quarterly earnings data on Monday, July 30th. The offshore drilling services provider reported ($0.04) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.13. Transocean had a negative return on equity of 2.00% and a negative net margin of 99.38%. The business had revenue of $790.00 million for the quarter, compared to the consensus estimate of $768.68 million. The company’s revenue was up 5.2% on a year-over-year basis. On average, analysts predict that Transocean LTD will post -0.85 earnings per share for the current year.

Several equities analysts have recently issued reports on RIG shares. ValuEngine raised Transocean from a “hold” rating to a “buy” rating in a report on Wednesday, September 19th. JPMorgan Chase & Co. reaffirmed a “sell” rating on shares of Transocean in a report on Tuesday, September 4th. Morgan Stanley started coverage on Transocean in a report on Tuesday, September 18th. They issued an “overweight” rating and a $15.00 target price for the company. Tudor Pickering raised Transocean from a “hold” rating to a “buy” rating in a report on Thursday, July 12th. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and issued a $13.30 target price on shares of Transocean in a report on Friday, August 17th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $13.44.

Transocean Company Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers deepwater and harsh environment drilling services. As of February 20, 2018, it owned or had partial ownership interests in, and operated 47 mobile offshore drilling units that consist of 27 ultra-deepwater floaters, 12 harsh environment floaters, 2 deepwater floaters, 6 midwater floaters, and 2 high-specification jackups.

See Also: Earnings Per Share

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