New York State Common Retirement Fund Sells 599,023 Shares of Transocean Ltd. (NYSE:RIG)

New York State Common Retirement Fund lowered its holdings in Transocean Ltd. (NYSE:RIG) by 29.4% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,435,298 shares of the offshore drilling services provider’s stock after selling 599,023 shares during the quarter. New York State Common Retirement Fund owned 0.18% of Transocean worth $9,114,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Private Trust Co. NA grew its stake in shares of Transocean by 1,489.8% in the fourth quarter. Private Trust Co. NA now owns 8,537 shares of the offshore drilling services provider’s stock worth $54,000 after acquiring an additional 8,000 shares during the last quarter. Csenge Advisory Group acquired a new stake in Transocean in the 3rd quarter worth $83,000. Southern Capital Advisors LLC bought a new position in shares of Transocean during the 4th quarter worth about $83,000. Joseph P. Lucia & Associates LLC acquired a new position in shares of Transocean during the third quarter valued at about $87,000. Finally, Vicus Capital bought a new stake in shares of Transocean in the fourth quarter valued at about $88,000. 67.73% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Bank of America boosted their price target on Transocean from $5.50 to $6.00 and gave the company an “underperform” rating in a research note on Monday, April 15th. StockNews.com upgraded shares of Transocean to a “sell” rating in a research note on Tuesday, February 20th. Morgan Stanley reduced their price objective on shares of Transocean from $8.00 to $7.00 and set an “equal weight” rating for the company in a report on Monday, February 26th. Barclays lowered their target price on shares of Transocean from $7.00 to $6.00 and set an “equal weight” rating on the stock in a research note on Thursday, February 22nd. Finally, Susquehanna upgraded shares of Transocean from a “neutral” rating to a “positive” rating and raised their price target for the stock from $5.50 to $9.00 in a research note on Monday, April 8th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $7.70.

Transocean Trading Up 0.9 %

RIG stock opened at $5.27 on Thursday. The business has a fifty day moving average price of $5.74 and a 200 day moving average price of $5.96. The company has a debt-to-equity ratio of 0.68, a current ratio of 1.52 and a quick ratio of 1.22. Transocean Ltd. has a fifty-two week low of $4.45 and a fifty-two week high of $8.88. The stock has a market capitalization of $4.32 billion, a price-to-earnings ratio of -10.13 and a beta of 2.78.

Transocean (NYSE:RIG) last announced its earnings results on Monday, April 29th. The offshore drilling services provider reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.10. The company had revenue of $767.00 million during the quarter, compared to analyst estimates of $781.86 million. Transocean had a negative return on equity of 4.68% and a negative net margin of 13.27%. The firm’s quarterly revenue was up 18.2% compared to the same quarter last year. During the same period last year, the company posted ($0.38) earnings per share. Analysts expect that Transocean Ltd. will post 0.05 EPS for the current fiscal year.

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.