Cedar Wealth Management LLC Sells 11,012 Shares of Transocean Ltd. (NYSE:RIG)

Cedar Wealth Management LLC lessened its stake in Transocean Ltd. (NYSE:RIG) by 10.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also bought and sold shares of RIG. Vanguard Group Inc. grew its holdings in Transocean by 0.6% during the first quarter. Vanguard Group Inc. now owns 68,982,142 shares of the offshore drilling services provider’s stock valued at $433,208,000 after purchasing an additional 429,950 shares during the period. Russell Investments Group Ltd. raised its stake in Transocean by 76.9% during the first quarter. Russell Investments Group Ltd. now owns 402,839 shares of the offshore drilling services provider’s stock valued at $2,530,000 after purchasing an additional 175,130 shares in the last quarter. International Assets Investment Management LLC lifted its stake in shares of Transocean by 335.3% in the 3rd quarter. International Assets Investment Management LLC now owns 196,699 shares of the offshore drilling services provider’s stock valued at $836,000 after purchasing an additional 151,507 shares during the last quarter. The Manufacturers Life Insurance Company lifted its position in Transocean by 214.3% in the second quarter. The Manufacturers Life Insurance Company now owns 382,362 shares of the offshore drilling services provider’s stock worth $2,046,000 after buying an additional 260,710 shares during the last quarter. Finally, Kailix Advisors LLC raised its position in Transocean by 59.9% in the 3rd quarter. Kailix Advisors LLC now owns 6,620,451 shares of the offshore drilling services provider’s stock worth $28,137,000 after purchasing an additional 2,481,059 shares during the period. 67.73% of the stock is owned by hedge funds and other institutional investors.

Transocean Trading Down 2.4 %

Shares of Transocean stock opened at $4.20 on Wednesday. The company has a market cap of $3.67 billion, a P/E ratio of -5.59 and a beta of 2.78. Transocean Ltd. has a fifty-two week low of $3.85 and a fifty-two week high of $6.88. 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 firm has a 50-day simple moving average of $4.32 and a two-hundred day simple moving average of $4.97.

Analysts Set New Price Targets

RIG has been the subject of several research analyst reports. Benchmark downgraded Transocean from a “buy” rating to a “hold” rating in a research report on Tuesday, October 15th. DNB Markets upgraded Transocean from a “hold” rating to a “buy” rating in a research note on Tuesday, September 3rd. Barclays reduced their price target on Transocean from $6.00 to $4.50 and set an “equal weight” rating on the stock in a research report on Wednesday, October 23rd. Susquehanna cut their price objective on shares of Transocean from $7.00 to $6.50 and set a “positive” rating on the stock in a report on Friday, November 1st. Finally, Citigroup cut Transocean from a “buy” rating to a “neutral” rating in a research report on Thursday, September 12th. Two equities 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. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $6.63.

Insider Activity

In other news, Director Perestroika purchased 1,500,000 shares of the stock in a transaction dated Thursday, September 12th. The shares were purchased at an average cost of $4.13 per share, with a total value of $6,195,000.00. Following the completion of 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 transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 12.54% of the company’s stock.

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.