Canoe Financial LP Invests $23.68 Million in Transocean Ltd. $RIG

Canoe Financial LP acquired a new position in shares of Transocean Ltd. (NYSE:RIG) in the first quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 3,571,400 shares of the offshore drilling services provider’s stock, valued at approximately $23,678,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Dalal Street LLC acquired a new position in Transocean in the third quarter valued at about $76,260,000. Ghisallo Capital Management LLC purchased a new position in Transocean during the third quarter worth about $57,720,000. Zimmer Partners LP acquired a new stake in shares of Transocean during the third quarter valued at about $30,262,000. Barclays PLC increased its position in shares of Transocean by 230.6% during the fourth quarter. Barclays PLC now owns 10,802,664 shares of the offshore drilling services provider’s stock valued at $44,615,000 after acquiring an additional 7,535,041 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Transocean by 20.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 43,470,312 shares of the offshore drilling services provider’s stock valued at $179,531,000 after acquiring an additional 7,516,589 shares during the period. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

RIG has been the topic of several recent analyst reports. Clarkson Capital lowered shares of Transocean from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 19th. Morgan Stanley boosted their target price on Transocean from $5.00 to $7.00 and gave the company an “equal weight” rating in a research report on Wednesday, April 15th. TD Cowen upped their price target on Transocean from $5.50 to $6.00 and gave the stock a “hold” rating in a research note on Wednesday, May 6th. Susquehanna raised their price target on Transocean from $7.50 to $8.00 and gave the stock a “positive” rating in a research report on Tuesday, April 7th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Transocean in a research note on Tuesday, April 21st. Three analysts have rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $6.96.

Transocean Stock Down 0.3%

Shares of NYSE:RIG opened at $5.09 on Monday. The firm has a market capitalization of $5.69 billion, a PE ratio of -1.71 and a beta of 1.29. Transocean Ltd. has a 1 year low of $2.51 and a 1 year high of $7.66. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.54 and a quick ratio of 1.20. The firm’s 50-day moving average is $6.21 and its two-hundred day moving average is $5.70.

Transocean (NYSE:RIG) last posted its quarterly earnings data on Monday, May 4th. The offshore drilling services provider reported ($0.03) EPS for the quarter, missing the consensus estimate of $0.07 by ($0.10). The business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.02 billion. Transocean had a negative net margin of 66.79% and a positive return on equity of 0.88%. The company’s revenue for the quarter was up 19.3% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.10) EPS. Analysts predict that Transocean Ltd. will post 0.17 EPS for the current year.

Transocean Company Profile

Transocean Ltd. is a leading international provider of offshore contract drilling services for the oil and gas industry. The company specializes in the operation of mobile drilling units, including ultra-deepwater drillships, semisubmersible rigs and high-specification jackup rigs. Transocean’s fleet is designed to meet complex drilling requirements, from ultra-deepwater well construction to shelf exploration and development projects.

The company’s core services encompass the full spectrum of offshore drilling operations, including project and engineering management, marine operations, drilling supervision, and maintenance support.