K.J. Harrison & Partners Inc Acquires New Shares in Transocean Ltd. $RIG

K.J. Harrison & Partners Inc bought a new stake in Transocean Ltd. (NYSE:RIG) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 100,000 shares of the offshore drilling services provider’s stock, valued at approximately $663,000.

Other hedge funds also recently bought and sold shares of the company. HighTower Advisors LLC grew its stake in Transocean by 33.5% in the 4th quarter. HighTower Advisors LLC now owns 2,085,842 shares of the offshore drilling services provider’s stock valued at $8,615,000 after buying an additional 523,528 shares during the last quarter. Mirabella Financial Services LLP acquired a new position in Transocean during the 3rd quarter worth $2,609,000. Van ECK Associates Corp boosted its holdings in Transocean by 6.4% during the third quarter. Van ECK Associates Corp now owns 14,690,291 shares of the offshore drilling services provider’s stock valued at $45,834,000 after acquiring an additional 884,924 shares during the period. Polar Asset Management Partners Inc. bought a new stake in Transocean during the third quarter valued at about $3,978,000. Finally, Clough Capital Partners L P grew its position in shares of Transocean by 157.3% in the third quarter. Clough Capital Partners L P now owns 3,958,053 shares of the offshore drilling services provider’s stock valued at $12,349,000 after purchasing an additional 2,419,796 shares during the last quarter. 67.73% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. Clarkson Capital cut Transocean from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 19th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Transocean in a research report on Tuesday, April 21st. Barclays raised Transocean from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $6.00 to $8.00 in a research report on Thursday, May 7th. TD Cowen raised their price objective 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. Finally, Susquehanna boosted their target price on shares of Transocean from $7.50 to $8.00 and gave the stock a “positive” rating in a research report on Tuesday, April 7th. Three analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $6.96.

Transocean Stock Down 0.1%

RIG stock opened at $5.05 on Monday. Transocean Ltd. has a twelve month low of $2.53 and a twelve month high of $7.66. The company has a quick ratio of 1.20, a current ratio of 1.54 and a debt-to-equity ratio of 0.60. The company has a market cap of $5.64 billion, a PE ratio of -1.70 and a beta of 1.30. The business’s 50-day simple moving average is $6.11 and its 200 day simple moving average is $5.73.

Transocean (NYSE:RIG) last announced its quarterly earnings data on Monday, May 4th. The offshore drilling services provider reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.02 billion. During the same quarter in the prior year, the business posted ($0.10) EPS. Transocean’s revenue was up 19.3% compared to the same quarter last year. On average, research analysts anticipate that Transocean Ltd. will post 0.16 earnings per share for the current year.

Transocean 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.