Cibc World Market Inc. Purchases 427,724 Shares of Transocean Ltd. $RIG

Cibc World Market Inc. raised its position in shares of Transocean Ltd. (NYSE:RIG) by 8.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 5,310,718 shares of the offshore drilling services provider’s stock after acquiring an additional 427,724 shares during the period. Cibc World Market Inc.’s holdings in Transocean were worth $21,933,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the company. AXQ Capital LP bought a new position in Transocean during the fourth quarter valued at $205,000. BNP Paribas Financial Markets increased its position in 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 acquiring an additional 1,921,344 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Transocean by 7.1% in the fourth quarter. Geode Capital Management LLC now owns 22,797,180 shares of the offshore drilling services provider’s stock worth $94,168,000 after purchasing an additional 1,515,893 shares during the last quarter. Penn Capital Management Company LLC grew its holdings in shares of Transocean by 7.3% in the fourth quarter. Penn Capital Management Company LLC now owns 3,755,392 shares of the offshore drilling services provider’s stock worth $15,551,000 after purchasing an additional 256,112 shares during the last quarter. Finally, Legal & General Group Plc grew its holdings in shares of Transocean by 6.2% in the fourth quarter. Legal & General Group Plc now owns 1,101,908 shares of the offshore drilling services provider’s stock worth $4,551,000 after purchasing an additional 64,432 shares during the last quarter. Institutional investors own 67.73% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on RIG. Barclays upgraded shares of Transocean from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $6.00 to $8.00 in a report on Thursday, May 7th. Morgan Stanley increased their price objective on shares of 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 increased their price target on shares of Transocean from $5.50 to $6.00 and gave the stock a “hold” rating in a report on Wednesday, May 6th. Fearnley Fonds cut shares of Transocean from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 10th. Finally, Susquehanna raised their price objective 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. 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 stock. Based on data from MarketBeat, Transocean currently has an average rating of “Hold” and an average target price of $6.96.

Transocean Stock Down 5.0%

Shares of RIG opened at $5.94 on Friday. The firm has a market cap of $6.63 billion, a P/E ratio of -1.99 and a beta of 1.28. Transocean Ltd. has a 12-month low of $2.51 and a 12-month high of $7.66. The company’s 50-day moving average price is $6.51 and its 200 day moving average price is $5.55. The company has a current ratio of 1.54, a quick ratio of 1.20 and a debt-to-equity ratio of 0.60.

Transocean (NYSE:RIG) last released 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 was up 19.3% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.10) earnings per share. On average, sell-side analysts forecast 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.