Pekin Hardy Strauss Inc. Trims Position in Transocean Ltd. (NYSE:RIG)

Pekin Hardy Strauss Inc. lessened its holdings in shares of Transocean Ltd. (NYSE:RIG) by 13.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 26,506 shares of the offshore drilling services provider’s stock after selling 4,000 shares during the quarter. Pekin Hardy Strauss Inc.’s holdings in Transocean were worth $113,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in RIG. Primecap Management Co. CA increased its holdings in shares of Transocean by 0.4% in the third quarter. Primecap Management Co. CA now owns 56,342,169 shares of the offshore drilling services provider’s stock worth $239,454,000 after purchasing an additional 222,680 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Transocean by 19.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 36,725,995 shares of the offshore drilling services provider’s stock worth $196,484,000 after acquiring an additional 5,856,414 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Transocean by 18.3% during the second quarter. Bank of New York Mellon Corp now owns 16,858,264 shares of the offshore drilling services provider’s stock valued at $90,192,000 after buying an additional 2,606,017 shares during the period. American Century Companies Inc. grew its position in Transocean by 24.3% in the 2nd quarter. American Century Companies Inc. now owns 13,437,572 shares of the offshore drilling services provider’s stock valued at $71,891,000 after acquiring an additional 2,623,615 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of Transocean by 7.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 11,606,320 shares of the offshore drilling services provider’s stock worth $49,327,000 after purchasing an additional 826,229 shares during the last quarter. 67.73% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. StockNews.com raised shares of Transocean to a “sell” rating in a research note on Tuesday, November 12th. Citigroup downgraded Transocean from a “buy” rating to a “neutral” rating in a report on Thursday, September 12th. DNB Markets upgraded shares of Transocean from a “hold” rating to a “buy” rating in a report on Tuesday, September 3rd. Benchmark lowered shares of Transocean from a “buy” rating to a “hold” rating in a report on Tuesday, October 15th. Finally, Morgan Stanley increased their price objective on shares of Transocean from $5.00 to $6.00 and gave the company an “equal weight” rating in a research note on Thursday, October 3rd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $6.63.

Insiders Place Their Bets

In other Transocean news, EVP Roderick James Mackenzie sold 20,000 shares of the stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $4.29, for a total value of $85,800.00. Following the completion of the sale, the executive vice president now directly owns 310,857 shares in the company, valued at approximately $1,333,576.53. This trade represents a 6.04 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Perestroika purchased 1,500,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were acquired at an average price of $4.13 per share, for a total transaction of $6,195,000.00. Following the purchase, the director now directly owns 91,074,894 shares of the company’s stock, valued at approximately $376,139,312.22. The trade was a 1.67 % increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 13.16% of the company’s stock.

Transocean Stock Down 2.0 %

NYSE:RIG opened at $4.38 on Tuesday. Transocean Ltd. has a fifty-two week low of $3.85 and a fifty-two week high of $6.88. The company’s 50-day simple moving average is $4.33 and its 200-day simple moving average is $4.93. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.34 and a current ratio of 1.64. The stock has a market capitalization of $3.84 billion, a P/E ratio of -5.84 and a beta of 2.78.

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.