Ninepoint Partners LP Makes New Investment in Transocean Ltd. $RIG

Ninepoint Partners LP acquired a new position in shares of Transocean Ltd. (NYSE:RIG) during the second quarter, Holdings Channel reports. The institutional investor acquired 7,000,000 shares of the offshore drilling services provider’s stock, valued at approximately $34,230,000. Transocean comprises 2.6% of Ninepoint Partners LP’s portfolio, making the stock its 7th largest position.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of RIG. Madison Asset Management LLC purchased a new position in Transocean in the second quarter valued at $14,817,000. S&CO Inc. acquired a new stake in Transocean in the 2nd quarter valued at about $220,000. Wealthcare Advisory Partners LLC purchased a new position in shares of Transocean in the 2nd quarter valued at about $52,000. Assenagon Asset Management S.A. purchased a new position in shares of Transocean in the 2nd quarter valued at about $37,477,000. Finally, Hardin Capital Partners LLC acquired a new position in shares of Transocean during the second quarter worth about $54,000. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on RIG shares. Fearnley Fonds raised shares of Transocean from a “hold” rating to a “strong-buy” rating in a report on Friday, August 7th. Barclays lowered their price target on shares of Transocean from $8.00 to $7.00 and set an “overweight” rating for the company in a report on Wednesday, August 12th. Susquehanna reduced their price objective on shares of Transocean from $8.00 to $7.00 and set a “positive” rating on the stock in a report on Wednesday, July 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Transocean in a research report on Friday, July 17th. Finally, TD Cowen boosted 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. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $6.68.

Insider Activity

In related news, Director Chad C. Deaton bought 35,000 shares of the company’s stock in a transaction that occurred on Thursday, July 2nd. The shares were purchased at an average cost of $4.95 per share, with a total value of $173,250.00. Following the transaction, the director directly owned 237,421 shares of the company’s stock, valued at approximately $1,175,233.95. This represents a 17.29% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 9.70% of the company’s stock.

Transocean Price Performance

RIG stock opened at $6.00 on Friday. The business has a 50 day moving average price of $5.33 and a 200 day moving average price of $5.98. The stock has a market cap of $6.70 billion, a price-to-earnings ratio of -3.19, a PEG ratio of 3.76 and a beta of 1.32. Transocean Ltd. has a fifty-two week low of $2.76 and a fifty-two week high of $7.66. The company has a quick ratio of 1.27, a current ratio of 1.59 and a debt-to-equity ratio of 0.56.

Transocean (NYSE:RIG) last announced its quarterly earnings results on Wednesday, August 5th. The offshore drilling services provider reported $0.03 EPS for the quarter, beating the consensus estimate of $0.01 by $0.02. Transocean had a negative net margin of 40.24% and a positive return on equity of 2.60%. The company had revenue of $966.00 million for the quarter, compared to analyst estimates of $956.64 million. During the same period in the prior year, the firm posted ($1.06) earnings per share. The firm’s revenue was down 2.2% on a year-over-year basis. Equities research analysts anticipate that Transocean Ltd. will post 0.14 earnings per share for the current fiscal 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.