Cedar Wealth Management LLC Reduces Stake in Transocean Ltd. (NYSE:RIG)

Cedar Wealth Management LLC lessened its position in shares of Transocean Ltd. (NYSE:RIG) by 10.2% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 97,212 shares of the offshore drilling services provider’s stock after selling 11,012 shares during the quarter. Cedar Wealth Management LLC’s holdings in Transocean were worth $413,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. lifted its stake in Transocean by 138.8% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 4,633 shares of the offshore drilling services provider’s stock worth $25,000 after purchasing an additional 2,693 shares in the last quarter. Nisa Investment Advisors LLC purchased a new stake in Transocean during the second quarter worth about $30,000. Atria Investments Inc purchased a new position in shares of Transocean in the third quarter valued at approximately $51,000. SG Americas Securities LLC purchased a new stake in Transocean during the 2nd quarter worth approximately $64,000. Finally, CWM LLC boosted its position in Transocean by 36.1% in the 3rd quarter. CWM LLC now owns 17,065 shares of the offshore drilling services provider’s stock valued at $73,000 after buying an additional 4,529 shares during the period. 67.73% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Transocean

In related news, Director Perestroika purchased 1,500,000 shares of Transocean stock in a transaction that occurred on Thursday, September 12th. The stock was purchased at an average cost of $4.13 per share, with a total value of $6,195,000.00. Following the completion of the transaction, the director now directly owns 91,074,894 shares in the company, valued at approximately $376,139,312.22. The trade was a 1.67 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 12.54% of the company’s stock.

Transocean Stock Performance

Shares of Transocean stock opened at $4.20 on Wednesday. The company has a quick ratio of 1.34, a current ratio of 1.64 and a debt-to-equity ratio of 0.64. Transocean Ltd. has a 52 week low of $3.85 and a 52 week high of $6.88. The firm’s 50 day moving average is $4.32 and its two-hundred day moving average is $4.97. The firm has a market capitalization of $3.67 billion, a P/E ratio of -5.59 and a beta of 2.78.

Wall Street Analysts Forecast Growth

RIG has been the topic of several analyst reports. Susquehanna reduced their price objective on Transocean from $7.00 to $6.50 and set a “positive” rating on the stock in a research note on Friday, November 1st. Benchmark lowered Transocean from a “buy” rating to a “hold” rating in a research report on Tuesday, October 15th. Barclays lowered their price objective on Transocean from $6.00 to $4.50 and set an “equal weight” rating for the company in a research report on Wednesday, October 23rd. Citigroup cut shares of Transocean from a “buy” rating to a “neutral” rating in a report on Thursday, September 12th. Finally, Morgan Stanley boosted their price target on shares of Transocean from $5.00 to $6.00 and gave the stock an “equal weight” rating in a report on Thursday, October 3rd. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $6.63.

Transocean Company 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.