Cibc World Markets Corp Invests $256,000 in Transocean Ltd. (NYSE:RIG)

Cibc World Markets Corp bought a new stake in Transocean Ltd. (NYSE:RIG) during the 4th quarter, Holdings Channel reports. The institutional investor bought 68,258 shares of the offshore drilling services provider’s stock, valued at approximately $256,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Twin Tree Management LP acquired a new stake in shares of Transocean during the 4th quarter worth about $27,000. Blue Trust Inc. raised its holdings in Transocean by 96.2% during the fourth quarter. Blue Trust Inc. now owns 9,841 shares of the offshore drilling services provider’s stock worth $37,000 after purchasing an additional 4,826 shares in the last quarter. Adero Partners LLC acquired a new stake in Transocean during the fourth quarter worth approximately $38,000. Stratos Wealth Partners LTD. acquired a new position in shares of Transocean in the 4th quarter valued at $40,000. Finally, R Squared Ltd acquired a new position in shares of Transocean in the 4th quarter valued at $41,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Transocean

In other Transocean news, EVP Roderick James Mackenzie sold 22,000 shares of the company’s stock in a transaction dated Tuesday, February 11th. The shares were sold at an average price of $3.85, for a total transaction of $84,700.00. Following the transaction, the executive vice president now directly owns 313,072 shares in the company, valued at approximately $1,205,327.20. This represents a 6.57 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 13.16% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on RIG shares. Citigroup decreased their price objective on shares of Transocean from $4.50 to $3.50 and set a “neutral” rating for the company in a research note on Wednesday, March 19th. Benchmark restated a “hold” rating on shares of Transocean in a research note on Tuesday, December 3rd. Evercore ISI cut Transocean from an “outperform” rating to an “in-line” rating and reduced their price objective for the company from $6.00 to $5.00 in a research note on Wednesday, January 15th. Barclays lowered their target price on shares of Transocean from $4.50 to $4.00 and set an “overweight” rating on the stock in a research report on Tuesday, February 25th. Finally, JPMorgan Chase & Co. upgraded shares of Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 price target for the company in a research report on Friday, December 6th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $5.23.

Transocean Trading Down 2.8 %

Shares of Transocean stock opened at $3.14 on Wednesday. The firm has a market cap of $2.76 billion, a price-to-earnings ratio of -4.30, a price-to-earnings-growth ratio of 0.86 and a beta of 2.72. Transocean Ltd. has a 52-week low of $2.55 and a 52-week high of $6.88. The company’s 50-day simple moving average is $3.46 and its 200-day simple moving average is $3.92. The company has a quick ratio of 1.34, a current ratio of 1.47 and a debt-to-equity ratio of 0.60.

Transocean (NYSE:RIG) last issued its earnings results on Monday, February 17th. The offshore drilling services provider reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.11). Transocean had a negative return on equity of 0.52% and a negative net margin of 14.53%. The business had revenue of $952.00 million for the quarter, compared to analysts’ expectations of $962.28 million. As a group, equities research analysts anticipate that Transocean Ltd. will post 0.14 earnings per share for the current year.

About Transocean

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. The company operates a fleet of mobile offshore drilling units, consisting of ultra-deepwater floaters and harsh environment floaters.