Cibc World Market Inc. Boosts Holdings in Transocean Ltd. $RIG

Cibc World Market Inc. lifted its stake in Transocean Ltd. (NYSE:RIG) by 8.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,310,718 shares of the offshore drilling services provider’s stock after purchasing an additional 427,724 shares during the period. Cibc World Market Inc. owned 0.48% of Transocean worth $21,933,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of RIG. AXQ Capital LP bought a new position in shares of Transocean during the fourth quarter valued at approximately $205,000. BNP Paribas Financial Markets increased its stake in shares of Transocean by 774.9% during the fourth quarter. BNP Paribas Financial Markets now owns 2,169,307 shares of the offshore drilling services provider’s stock valued at $8,959,000 after purchasing an additional 1,921,344 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Transocean by 7.1% during the fourth quarter. Geode Capital Management LLC now owns 22,797,180 shares of the offshore drilling services provider’s stock valued at $94,168,000 after purchasing an additional 1,515,893 shares in the last quarter. Penn Capital Management Company LLC increased its stake in shares of Transocean by 7.3% during the fourth quarter. Penn Capital Management Company LLC now owns 3,755,392 shares of the offshore drilling services provider’s stock valued at $15,551,000 after purchasing an additional 256,112 shares in the last quarter. Finally, Legal & General Group Plc increased its stake in shares of Transocean by 6.2% during the fourth quarter. Legal & General Group Plc now owns 1,101,908 shares of the offshore drilling services provider’s stock valued at $4,551,000 after purchasing an additional 64,432 shares in the last quarter. 67.73% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have issued reports on RIG shares. Clarkson Capital cut shares of Transocean from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 19th. TD Cowen lifted their target price on shares of Transocean from $5.50 to $6.00 and gave the stock a “hold” rating in a report on Wednesday, May 6th. Barclays raised shares of Transocean from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $6.00 to $8.00 in a report on Thursday, May 7th. Susquehanna lifted their price target on shares of Transocean from $7.50 to $8.00 and gave the stock a “positive” rating in a research note on Tuesday, April 7th. Finally, Morgan Stanley lifted their price target on shares of Transocean from $5.00 to $7.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 15th. Three investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, Transocean has a consensus rating of “Hold” and a consensus price target of $6.96.

Transocean Price Performance

Shares of NYSE:RIG opened at $5.94 on Friday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.54 and a quick ratio of 1.20. Transocean Ltd. has a 1-year low of $2.51 and a 1-year high of $7.66. The company has a market capitalization of $6.63 billion, a P/E ratio of -1.99 and a beta of 1.28. The firm’s 50 day simple moving average is $6.51 and its two-hundred day simple moving average is $5.55.

Transocean (NYSE:RIG) last released its earnings results 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). Transocean had a positive return on equity of 0.88% and a negative net margin of 66.79%.The company had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.02 billion. During the same period last year, the firm posted ($0.10) EPS. Transocean’s quarterly revenue was up 19.3% compared to the same quarter last year. Research analysts expect that Transocean Ltd. will post 0.17 EPS for the current fiscal year.

About Transocean

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.