K.J. Harrison & Partners Inc Takes Position in Transocean Ltd. $RIG

K.J. Harrison & Partners Inc bought a new stake in Transocean Ltd. (NYSE:RIG) during the first quarter, HoldingsChannel.com reports. The fund bought 100,000 shares of the offshore drilling services provider’s stock, valued at approximately $663,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Dalal Street LLC acquired a new stake in Transocean during the third quarter valued at approximately $76,260,000. Ghisallo Capital Management LLC acquired a new position in shares of Transocean in the 3rd quarter worth approximately $57,720,000. Zimmer Partners LP bought a new position in shares of Transocean during the 3rd quarter worth approximately $30,262,000. Barclays PLC boosted its stake in Transocean by 230.6% in 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 buying an additional 7,535,041 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Transocean by 20.9% in the fourth 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 during the period. Institutional investors own 67.73% of the company’s stock.

Transocean Price Performance

Transocean stock opened at $5.05 on Monday. The business’s 50-day simple moving average is $6.11 and its 200 day simple moving average is $5.73. 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 stock has a market cap of $5.64 billion, a price-to-earnings ratio of -1.70 and a beta of 1.30. Transocean Ltd. has a 12-month low of $2.53 and a 12-month high of $7.66.

Transocean (NYSE:RIG) last announced 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). The business 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 company’s quarterly revenue was up 19.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.10) earnings per share. As a group, research analysts anticipate that Transocean Ltd. will post 0.16 earnings per share for the current year.

Analyst Ratings Changes

RIG has been the subject of several recent analyst reports. Barclays upgraded Transocean from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $6.00 to $8.00 in a research note on Thursday, May 7th. Susquehanna increased 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. Clarkson Capital downgraded shares of Transocean from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 19th. TD Cowen boosted their price target on shares of Transocean from $5.50 to $6.00 and gave the company a “hold” rating in a research report on Wednesday, May 6th. Finally, Morgan Stanley upped their price objective on shares of Transocean from $5.00 to $7.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 15th. Three analysts have rated the stock with a Buy rating, five have given a Hold rating and three have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Transocean currently has an average rating of “Hold” and a consensus 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.