Caitong International Asset Management Co. Ltd Sells 18,894 Shares of Transocean Ltd. $RIG

Caitong International Asset Management Co. Ltd lessened its stake in shares of Transocean Ltd. (NYSE:RIG) by 38.4% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 30,273 shares of the offshore drilling services provider’s stock after selling 18,894 shares during the period. Caitong International Asset Management Co. Ltd’s holdings in Transocean were worth $78,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Blume Capital Management Inc. increased its position in Transocean by 125.9% during the 2nd quarter. Blume Capital Management Inc. now owns 10,560 shares of the offshore drilling services provider’s stock valued at $27,000 after buying an additional 5,885 shares in the last quarter. Verum Partners LLC purchased a new stake in Transocean during the 2nd quarter valued at $28,000. Stockman Wealth Management Inc. purchased a new stake in Transocean during the 2nd quarter valued at $28,000. Belpointe Asset Management LLC purchased a new stake in Transocean during the 2nd quarter valued at $30,000. Finally, Revolve Wealth Partners LLC purchased a new stake in Transocean during the 2nd quarter valued at $30,000. Institutional investors own 67.73% of the company’s stock.

Analysts Set New Price Targets

RIG has been the topic of several recent analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of Transocean in a research note on Wednesday, October 8th. Barclays increased their target price on Transocean from $3.50 to $4.00 and gave the company an “overweight” rating in a research note on Wednesday, August 13th. Finally, Wall Street Zen upgraded Transocean from a “sell” rating to a “hold” rating in a research note on Sunday, August 10th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $4.26.

Transocean Stock Performance

RIG stock opened at $3.90 on Friday. The company has a market cap of $3.67 billion, a P/E ratio of -2.09 and a beta of 2.68. Transocean Ltd. has a 1 year low of $1.97 and a 1 year high of $4.74. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.26 and a quick ratio of 0.99. The stock’s fifty day moving average price is $3.24 and its 200-day moving average price is $2.87.

Insiders Place Their Bets

In other news, Director (Cyprus) Ltd Perestroika purchased 4,000,000 shares of the company’s stock in a transaction dated Friday, September 26th. The shares were purchased at an average cost of $3.05 per share, for a total transaction of $12,200,000.00. Following the purchase, the director directly owned 95,074,894 shares in the company, valued at approximately $289,978,426.70. This represents a 4.39% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Frederik Wilhelm Mohn bought 4,000,000 shares of the stock in a transaction that occurred on Friday, September 26th. The shares were bought at an average price of $3.05 per share, for a total transaction of $12,200,000.00. Following the completion of the transaction, the director directly owned 95,074,894 shares of the company’s stock, valued at $289,978,426.70. This represents a 4.39% increase in their position. The disclosure for this purchase can be found here. Company insiders own 12.27% of the company’s stock.

Transocean 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.