Northern Trust Corp Trims Stock Position in Transocean Ltd. $RIG

Key Points

• Northern Trust Corp has reduced its stake in Transocean Ltd. by 5.5%, owning 7,056,171 shares after selling 414,530 shares in the first quarter, valuing their holdings at approximately $22.4 million.
• Transocean's stock recently opened at $3.04 and has demonstrated volatility over the past year, with a low of $1.97 and a high of $4.87, while currently having an average target price of $4.26 from analysts.
• A total of 67.73% of Transocean's stock is held by institutional investors, with several firms increasing their positions or acquiring new stakes in the first quarter, signaling ongoing interest in the company.

Northern Trust Corp cut its position in shares of Transocean Ltd. (NYSE:RIG - Free Report) by 5.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,056,171 shares of the offshore drilling services provider's stock after selling 414,530 shares during the period. Northern Trust Corp owned about 0.80% of Transocean worth $22,368,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in RIG. Parallel Advisors LLC raised its holdings in shares of Transocean by 154.8% in the first quarter. Parallel Advisors LLC now owns 8,810 shares of the offshore drilling services provider's stock valued at $28,000 after acquiring an additional 5,353 shares in the last quarter. Townsend & Associates Inc purchased a new position in Transocean during the 1st quarter valued at about $32,000. Costello Asset Management INC bought a new stake in shares of Transocean in the 1st quarter valued at about $32,000. Wedbush Securities Inc. purchased a new stake in shares of Transocean in the 1st quarter worth approximately $35,000. Finally, Integrity Wealth Solutions LLC bought a new position in shares of Transocean during the first quarter valued at approximately $39,000. Institutional investors own 67.73% of the company's stock.

Analyst Upgrades and Downgrades

RIG has been the subject of a number of recent research reports. Wall Street Zen raised shares of Transocean from a "sell" rating to a "hold" rating in a research note on Sunday, August 10th. Barclays increased their price target on shares of Transocean from $3.50 to $4.00 and gave the company an "overweight" rating in a research report on Wednesday, August 13th. Finally, Morgan Stanley lowered their price target on shares of Transocean from $4.00 to $3.50 and set an "equal weight" rating on the stock in a report on Friday, May 16th. Three investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $4.26.

Transocean Stock Performance

Shares of RIG traded up $0.11 during trading hours on Thursday, reaching $3.10. 13,512,853 shares of the company traded hands, compared to its average volume of 35,203,125. The company has a quick ratio of 0.99, a current ratio of 1.26 and a debt-to-equity ratio of 0.63. The business has a fifty day moving average price of $2.89 and a 200-day moving average price of $2.80. Transocean Ltd. has a 12-month low of $1.97 and a 12-month high of $4.76. The stock has a market capitalization of $2.92 billion, a P/E ratio of -1.66, a P/E/G ratio of 6.48 and a beta of 2.79.

Transocean Profile

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.