Cresset Asset Management LLC Sells 64,060 Shares of Transocean Ltd. (NYSE:RIG)

Cresset Asset Management LLC trimmed its holdings in Transocean Ltd. (NYSE:RIG) by 32.8% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 131,142 shares of the offshore drilling services provider’s stock after selling 64,060 shares during the period. Cresset Asset Management LLC’s holdings in Transocean were worth $492,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in RIG. Barclays PLC grew its position in Transocean by 60.1% in the third quarter. Barclays PLC now owns 1,623,924 shares of the offshore drilling services provider’s stock worth $6,902,000 after acquiring an additional 609,681 shares in the last quarter. Harbor Capital Advisors Inc. boosted its holdings in shares of Transocean by 28.0% during the 4th quarter. Harbor Capital Advisors Inc. now owns 42,803 shares of the offshore drilling services provider’s stock worth $161,000 after buying an additional 9,361 shares during the period. Pallas Capital Advisors LLC boosted its holdings in shares of Transocean by 25.6% during the 4th quarter. Pallas Capital Advisors LLC now owns 15,332 shares of the offshore drilling services provider’s stock worth $57,000 after buying an additional 3,127 shares during the period. FNY Investment Advisers LLC bought a new stake in shares of Transocean during the 4th quarter worth $150,000. Finally, 180 Wealth Advisors LLC boosted its holdings in shares of Transocean by 32.6% during the 4th quarter. 180 Wealth Advisors LLC now owns 116,736 shares of the offshore drilling services provider’s stock worth $438,000 after buying an additional 28,715 shares during the period. 67.73% of the stock is owned by institutional investors.

Analysts Set New Price Targets

RIG has been the subject of several recent analyst reports. SEB Equity Research set a $2.80 price objective on shares of Transocean in a report on Wednesday, March 5th. Susquehanna reduced their price target on shares of Transocean from $5.00 to $4.00 and set a “positive” rating for the company in a report on Monday, April 14th. Barclays reduced their price target on shares of Transocean from $4.00 to $3.50 and set an “overweight” rating for the company in a report on Monday, April 7th. Morgan Stanley reduced their price target on shares of Transocean from $5.00 to $4.00 and set an “equal weight” rating for the company in a report on Thursday, March 27th. Finally, 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 report on Wednesday, March 19th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $4.63.

Transocean Trading Up 2.2%

Shares of RIG stock opened at $2.79 on Thursday. Transocean Ltd. has a 52-week low of $1.97 and a 52-week high of $6.38. The stock has a market cap of $2.46 billion, a price-to-earnings ratio of -3.82, a P/E/G ratio of 0.86 and a beta of 2.52. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.34 and a current ratio of 1.47. The firm has a fifty day moving average of $2.62 and a 200-day moving average of $3.44.

Transocean (NYSE:RIG) last announced its quarterly earnings data on Monday, April 28th. The offshore drilling services provider reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.02. Transocean had a negative net margin of 14.53% and a negative return on equity of 0.52%. The company had revenue of $906.00 million during the quarter, compared to analysts’ expectations of $884.92 million. During the same quarter in the prior year, the company posted ($0.03) EPS. The business’s revenue was up 18.7% on a year-over-year basis. On average, equities research analysts forecast that Transocean Ltd. will post 0.14 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Roderick James Mackenzie sold 22,000 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $2.78, for a total transaction of $61,160.00. Following the completion of the sale, the executive vice president now owns 340,841 shares in the company, valued at $947,537.98. This trade represents a 6.06% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 12.27% of the company’s stock.

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.