Cedar Wealth Management LLC Grows Stock Holdings in Transocean Ltd. (NYSE:RIG)

Cedar Wealth Management LLC increased its stake in shares of Transocean Ltd. (NYSE:RIG) by 7.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 104,128 shares of the offshore drilling services provider’s stock after buying an additional 6,916 shares during the quarter. Cedar Wealth Management LLC’s holdings in Transocean were worth $390,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in RIG. Twin Tree Management LP acquired a new stake in Transocean in the fourth quarter valued at about $27,000. Blue Trust Inc. lifted its position in Transocean by 96.2% in the fourth quarter. Blue Trust Inc. now owns 9,841 shares of the offshore drilling services provider’s stock valued at $37,000 after purchasing an additional 4,826 shares during the period. Adero Partners LLC acquired a new stake in Transocean in the fourth quarter valued at about $38,000. Stratos Wealth Partners LTD. acquired a new stake in Transocean in the fourth quarter valued at about $40,000. Finally, R Squared Ltd acquired a new stake in Transocean in the fourth quarter valued at about $41,000. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on RIG. SEB Equity Research set a $2.80 price target on shares of Transocean in a research report on Wednesday, March 5th. Barclays reduced their price target on shares of Transocean from $4.50 to $4.00 and set an “overweight” rating for the company in a research report on Tuesday, February 25th. JPMorgan Chase & Co. upgraded shares of Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 price target for the company in a research report on Friday, December 6th. Citigroup reduced their price target on shares of Transocean from $4.50 to $3.50 and set a “neutral” rating for the company in a research report on Wednesday. Finally, TD Cowen reduced their price target on shares of Transocean from $6.50 to $5.50 and set a “hold” rating for the company in a research report on Wednesday, January 8th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $5.23.

Transocean Trading Down 1.4 %

Shares of Transocean stock opened at $3.20 on Friday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.47 and a quick ratio of 1.34. Transocean Ltd. has a 1 year low of $2.55 and a 1 year high of $6.88. The company has a market capitalization of $2.81 billion, a P/E ratio of -4.38, a P/E/G ratio of 0.86 and a beta of 2.72. The business has a 50 day moving average price of $3.49 and a 200 day moving average price of $3.93.

Transocean (NYSE:RIG) last issued its quarterly earnings data on Monday, February 17th. The offshore drilling services provider reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.11). The company had revenue of $952.00 million for the quarter, compared to analyst estimates of $962.28 million. Transocean had a negative return on equity of 0.52% and a negative net margin of 14.53%. Sell-side analysts anticipate that Transocean Ltd. will post 0.14 EPS for the current fiscal year.

Insiders Place Their Bets

In other Transocean news, EVP Roderick James Mackenzie sold 22,000 shares of Transocean stock in a transaction that occurred on Tuesday, February 11th. The shares were sold at an average price of $3.85, for a total value of $84,700.00. Following the completion of the sale, the executive vice president now directly owns 313,072 shares of the company’s stock, valued at approximately $1,205,327.20. The trade was a 6.57 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 13.16% of the stock is owned by corporate insiders.

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.