Canada Pension Plan Investment Board lifted its position in Transocean LTD (NYSE:RIG) by 45.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,675,494 shares of the offshore drilling services provider’s stock after purchasing an additional 521,700 shares during the quarter. Canada Pension Plan Investment Board’s holdings in Transocean were worth $22,519,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Blue Chip Wealth Management Inc. bought a new stake in shares of Transocean in the first quarter worth about $103,000. Marathon Trading Investment Management LLC increased its holdings in shares of Transocean by 136.9% in the first quarter. Marathon Trading Investment Management LLC now owns 11,058 shares of the offshore drilling services provider’s stock worth $109,000 after purchasing an additional 41,058 shares during the last quarter. Quantitative Systematic Strategies LLC bought a new stake in shares of Transocean in the first quarter worth about $135,000. United Capital Financial Advisers LLC bought a new stake in shares of Transocean in the first quarter worth about $150,000. Finally, Element Capital Management LLC bought a new stake in shares of Transocean in the first quarter worth about $192,000. 72.43% of the stock is currently owned by hedge funds and other institutional investors.
Several brokerages have recently issued reports on RIG. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $13.30 target price on shares of Transocean in a report on Friday, August 17th. BMO Capital Markets reaffirmed a “sell” rating and issued a $8.00 target price on shares of Transocean in a report on Friday, August 10th. Barclays lifted their target price on Transocean from $7.00 to $8.00 and gave the stock an “underweight” rating in a report on Thursday, August 9th. ValuEngine raised Transocean from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 2nd. Finally, Fearnley Fonds cut Transocean from a “buy” rating to an “accumulate” rating in a report on Wednesday, August 1st. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. Transocean has an average rating of “Hold” and a consensus price target of $12.62.
In related news, Director Vincent J. Intrieri acquired 10,000 shares of Transocean stock in a transaction on Thursday, August 16th. The shares were bought at an average cost of $10.62 per share, with a total value of $106,200.00. Following the completion of the purchase, the director now directly owns 10,000 shares of the company’s stock, valued at approximately $106,200. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 14.09% of the company’s stock.
Shares of NYSE RIG opened at $11.33 on Wednesday. The company has a current ratio of 1.49, a quick ratio of 1.35 and a debt-to-equity ratio of 0.63. Transocean LTD has a 1-year low of $7.36 and a 1-year high of $14.34. The company has a market cap of $4.97 billion, a price-to-earnings ratio of -188.83 and a beta of 1.49.
Transocean (NYSE:RIG) last issued its quarterly earnings data on Monday, July 30th. The offshore drilling services provider reported ($0.04) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.17) by $0.13. Transocean had a negative return on equity of 2.00% and a negative net margin of 99.38%. The company had revenue of $790.00 million for the quarter, compared to analysts’ expectations of $768.68 million. The firm’s revenue was up 5.2% compared to the same quarter last year. analysts predict that Transocean LTD will post -0.91 EPS for the current fiscal year.
Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers deepwater and harsh environment drilling services. As of February 20, 2018, it owned or had partial ownership interests in, and operated 47 mobile offshore drilling units that consist of 27 ultra-deepwater floaters, 12 harsh environment floaters, 2 deepwater floaters, 6 midwater floaters, and 2 high-specification jackups.
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