Cibc World Markets Corp Buys Shares of 68,258 Transocean Ltd. (NYSE:RIG)

Cibc World Markets Corp acquired a new stake in Transocean Ltd. (NYSE:RIG) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 68,258 shares of the offshore drilling services provider’s stock, valued at approximately $256,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RIG. Charles Schwab Investment Management Inc. raised its holdings in Transocean by 7.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 12,465,534 shares of the offshore drilling services provider’s stock valued at $46,746,000 after acquiring an additional 859,214 shares during the last quarter. Hosking Partners LLP grew its position in shares of Transocean by 23.5% in the fourth quarter. Hosking Partners LLP now owns 1,706,143 shares of the offshore drilling services provider’s stock valued at $6,398,000 after purchasing an additional 324,955 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Transocean by 4.1% in the third quarter. Geode Capital Management LLC now owns 17,245,298 shares of the offshore drilling services provider’s stock valued at $73,307,000 after purchasing an additional 680,242 shares during the last quarter. Van ECK Associates Corp lifted its position in Transocean by 33.9% during the fourth quarter. Van ECK Associates Corp now owns 15,393,873 shares of the offshore drilling services provider’s stock worth $57,727,000 after buying an additional 3,895,880 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D boosted its stake in Transocean by 25.2% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 499,801 shares of the offshore drilling services provider’s stock worth $1,874,000 after buying an additional 100,691 shares during the last quarter. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Transocean Price Performance

RIG opened at $3.14 on Wednesday. The stock’s 50-day moving average price is $3.46 and its 200 day moving average price is $3.92. Transocean Ltd. has a 12-month low of $2.55 and a 12-month high of $6.88. The firm has a market cap of $2.76 billion, a price-to-earnings ratio of -4.30, a PEG ratio of 0.86 and a beta of 2.72. The company has a current ratio of 1.47, a quick ratio of 1.34 and a debt-to-equity ratio of 0.60.

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

Insider Buying and Selling at Transocean

In other Transocean news, EVP Roderick James Mackenzie sold 22,000 shares of the stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $4.05, for a total value of $89,100.00. Following the sale, the executive vice president now owns 229,596 shares of the company’s stock, valued at $929,863.80. This trade represents a 8.74 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 13.16% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on RIG shares. Evercore ISI lowered Transocean from an “outperform” rating to an “in-line” rating and reduced their price target for the stock from $6.00 to $5.00 in a report on Wednesday, January 15th. SEB Equity Research set a $2.80 target price on shares of Transocean in a research note on Wednesday, March 5th. Benchmark reissued a “hold” rating on shares of Transocean in a research note on Tuesday, December 3rd. JPMorgan Chase & Co. raised shares of Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 price target on the stock in a research report on Friday, December 6th. Finally, Citigroup lowered their price objective on Transocean from $4.50 to $3.50 and set a “neutral” rating for the company in a research report on Wednesday, March 19th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $5.23.

Transocean Profile

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.