Havemeyer Place LP Makes New Investment in Transocean Ltd. $RIG

Havemeyer Place LP acquired a new position in Transocean Ltd. (NYSE:RIG) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 215,700 shares of the offshore drilling services provider’s stock, valued at approximately $891,000.

Other institutional investors have also recently made changes to their positions in the company. Monashee Investment Management LLC purchased a new position in shares of Transocean during the 3rd quarter valued at $936,000. Citigroup Inc. increased its stake in Transocean by 37.5% in the 3rd quarter. Citigroup Inc. now owns 818,781 shares of the offshore drilling services provider’s stock worth $2,555,000 after acquiring an additional 223,231 shares during the last quarter. HighTower Advisors LLC increased its stake in Transocean by 2,662.3% in the 3rd quarter. HighTower Advisors LLC now owns 1,562,314 shares of the offshore drilling services provider’s stock worth $4,874,000 after acquiring an additional 1,505,755 shares during the last quarter. Ninepoint Partners LP purchased a new position in shares of Transocean in the 3rd quarter worth about $18,720,000. Finally, Cibc World Market Inc. boosted its holdings in shares of Transocean by 23.9% in the 3rd quarter. Cibc World Market Inc. now owns 4,882,994 shares of the offshore drilling services provider’s stock worth $15,235,000 after purchasing an additional 941,537 shares in the last quarter. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Transocean Stock Performance

Shares of RIG stock opened at $6.16 on Tuesday. Transocean Ltd. has a fifty-two week low of $2.51 and a fifty-two week high of $7.66. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.20 and a current ratio of 1.54. The stock has a 50 day moving average price of $6.50 and a two-hundred day moving average price of $5.58. The company has a market capitalization of $6.87 billion, a P/E ratio of -2.07 and a beta of 1.29.

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

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on RIG. Fearnley Fonds cut Transocean from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 10th. Pareto Securities cut Transocean from a “hold” rating to a “sell” rating and set a $5.25 price objective for the company. in a report on Tuesday, February 10th. Morgan Stanley increased their target price on Transocean from $5.00 to $7.00 and gave the company an “equal weight” rating in a report on Wednesday, April 15th. BTIG Research raised their price target on Transocean from $6.00 to $10.00 and gave the stock a “buy” rating in a research report on Monday, February 9th. Finally, Barclays upgraded Transocean from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $6.00 to $8.00 in a research report on Thursday, May 7th. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $6.96.

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.