Connor Clark & Lunn Investment Management Ltd. Sells 594,514 Shares of Transocean Ltd. (NYSE:RIG)

Connor Clark & Lunn Investment Management Ltd. lowered its position in Transocean Ltd. (NYSE:RIG) by 73.6% in the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 213,575 shares of the offshore drilling services provider’s stock after selling 594,514 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Transocean were worth $908,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Northwestern Mutual Wealth Management Co. raised its position in shares of Transocean by 138.8% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,633 shares of the offshore drilling services provider’s stock worth $25,000 after acquiring an additional 2,693 shares in the last quarter. Nisa Investment Advisors LLC bought a new position in shares of Transocean in the 2nd quarter worth approximately $30,000. Atria Investments Inc bought a new position in shares of Transocean in the 3rd quarter worth approximately $51,000. SG Americas Securities LLC bought a new position in shares of Transocean in the 2nd quarter worth approximately $64,000. Finally, CWM LLC grew its stake in shares of Transocean by 36.1% in the 3rd quarter. CWM LLC now owns 17,065 shares of the offshore drilling services provider’s stock worth $73,000 after buying an additional 4,529 shares during the last quarter. Institutional investors own 67.73% of the company’s stock.

Transocean Price Performance

Shares of Transocean stock opened at $4.31 on Thursday. Transocean Ltd. has a one year low of $3.85 and a one year high of $6.88. The stock’s fifty day moving average is $4.33 and its 200 day moving average is $4.92. The stock has a market cap of $3.77 billion, a P/E ratio of -5.87 and a beta of 2.78. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.34 and a current ratio of 1.64.

Wall Street Analyst Weigh In

Several analysts recently weighed in on RIG shares. Benchmark downgraded Transocean from a “buy” rating to a “hold” rating in a research note on Tuesday, October 15th. Susquehanna cut their price target on Transocean from $7.00 to $6.50 and set a “positive” rating on the stock in a research note on Friday, November 1st. DNB Markets upgraded Transocean from a “hold” rating to a “buy” rating in a research note on Tuesday, September 3rd. StockNews.com upgraded Transocean to a “sell” rating in a research note on Tuesday, November 12th. Finally, Barclays cut their price target on Transocean from $6.00 to $4.50 and set an “equal weight” rating on the stock in a research note on Wednesday, October 23rd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $6.63.

Insider Buying and Selling

In other Transocean news, Director Perestroika purchased 1,500,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were acquired at an average cost of $4.13 per share, with a total value of $6,195,000.00. Following the completion of the acquisition, the director now directly owns 91,074,894 shares in the company, valued at $376,139,312.22. The trade was a 1.67 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Roderick James Mackenzie sold 20,000 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $4.29, for a total value of $85,800.00. Following the sale, the executive vice president now directly owns 310,857 shares in the company, valued at approximately $1,333,576.53. This represents a 6.04 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.54% of the stock is owned by insiders.

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.