3,571,400 Shares in Transocean Ltd. $RIG Acquired by Canoe Financial LP

Canoe Financial LP acquired a new stake in Transocean Ltd. (NYSE:RIG) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 3,571,400 shares of the offshore drilling services provider’s stock, valued at approximately $23,678,000. Canoe Financial LP owned about 0.32% of Transocean as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RIG. Dalal Street LLC purchased a new stake in shares of Transocean during the third quarter worth $76,260,000. Ghisallo Capital Management LLC purchased a new position in shares of Transocean in the third quarter worth about $57,720,000. Zimmer Partners LP acquired a new position in Transocean during the third quarter worth about $30,262,000. Barclays PLC grew its stake in Transocean by 230.6% during the 4th 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 in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in Transocean by 20.9% during 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 in the last quarter. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on RIG shares. TD Cowen raised their target price on shares of Transocean from $5.50 to $6.00 and gave the stock a “hold” rating in a research note on Wednesday, May 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Transocean in a research report on Tuesday, April 21st. Susquehanna increased their price target on Transocean from $7.50 to $8.00 and gave the company a “positive” rating in a report on Tuesday, April 7th. Clarkson Capital downgraded Transocean from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 19th. Finally, Barclays raised Transocean from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $6.00 to $8.00 in a research note on Thursday, May 7th. Three investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $6.96.

Transocean Price Performance

Transocean stock opened at $5.09 on Monday. The company has a current ratio of 1.54, a quick ratio of 1.20 and a debt-to-equity ratio of 0.60. The company has a 50-day moving average price of $6.21 and a 200 day moving average price of $5.70. Transocean Ltd. has a 12-month low of $2.51 and a 12-month high of $7.66. The stock has a market cap of $5.69 billion, a P/E ratio of -1.71 and a beta of 1.29.

Transocean (NYSE:RIG) last posted its earnings results on Monday, May 4th. The offshore drilling services provider reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.10). The firm had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.02 billion. Transocean had a negative net margin of 66.79% and a positive return on equity of 0.88%. The business’s revenue for the quarter was up 19.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.10) earnings per share. Sell-side analysts anticipate that Transocean Ltd. will post 0.17 earnings per share for the current 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.