Transocean Ltd. (RIG) Shares Sold by Convergence Investment Partners LLC

Convergence Investment Partners LLC cut its position in shares of Transocean Ltd. (NYSE:RIG) by 82.5% during the second quarter, Holdings Channel reports. The fund owned 37,137 shares of the offshore drilling services provider’s stock after selling 174,474 shares during the period. Convergence Investment Partners LLC’s holdings in Transocean were worth $306,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in RIG. Principal Financial Group Inc. raised its stake in Transocean by 6.5% in the first quarter. Principal Financial Group Inc. now owns 626,397 shares of the offshore drilling services provider’s stock worth $7,798,000 after buying an additional 38,355 shares during the last quarter. Wells Fargo & Company MN raised its stake in Transocean by 21.6% in the first quarter. Wells Fargo & Company MN now owns 481,855 shares of the offshore drilling services provider’s stock worth $6,000,000 after buying an additional 85,486 shares during the last quarter. WFG Advisors LP raised its stake in Transocean by 40.7% in the first quarter. WFG Advisors LP now owns 8,856 shares of the offshore drilling services provider’s stock worth $110,000 after buying an additional 2,562 shares during the last quarter. Hartford Investment Management Co. raised its stake in Transocean by 0.6% in the first quarter. Hartford Investment Management Co. now owns 103,575 shares of the offshore drilling services provider’s stock worth $1,290,000 after buying an additional 654 shares during the last quarter. Finally, Cibc World Markets Corp raised its stake in Transocean by 51.9% in the first quarter. Cibc World Markets Corp now owns 40,648 shares of the offshore drilling services provider’s stock worth $506,000 after buying an additional 13,893 shares during the last quarter. Institutional investors own 69.31% of the company’s stock.

Shares of Transocean Ltd. (NYSE:RIG) opened at 7.28 on Friday. The company has a 50 day moving average of $8.39 and a 200-day moving average of $10.69. Transocean Ltd. has a one year low of $7.27 and a one year high of $16.66. The firm’s market cap is $2.85 billion. Transocean also was the target of some unusual options trading activity on Wednesday. Stock investors bought 17,912 call options on the stock. This is an increase of approximately 175% compared to the average daily volume of 6,510 call options.

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Several brokerages recently issued reports on RIG. Credit Suisse Group set a $18.00 price objective on Transocean and gave the stock a “buy” rating in a report on Thursday, April 20th. R. F. Lafferty cut their price objective on Transocean from $21.00 to $16.00 and set a “buy” rating for the company in a report on Monday, May 15th. Zacks Investment Research upgraded Transocean from a “hold” rating to a “buy” rating and set a $9.50 price objective for the company in a report on Wednesday, August 2nd. BidaskClub lowered Transocean from a “sell” rating to a “strong sell” rating in a report on Friday, June 23rd. Finally, Bank of America Corporation upgraded Transocean from an “underperform” rating to a “neutral” rating and increased their price objective for the stock from $7.00 to $9.00 in a report on Tuesday. Twelve research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and eleven have given a buy rating to the company’s stock. Transocean has a consensus rating of “Hold” and an average target price of $12.46.

About Transocean

Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company’s primary business is to contract its drilling rigs, related equipment and work crews on a dayrate basis to drill oil and gas wells. As of February 9, 2017, it owned or had partial ownership interests in and operated 56 mobile offshore drilling units.

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Institutional Ownership by Quarter for Transocean (NYSE:RIG)

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