Cannon Global Investment Management LLC Takes $249,000 Position in Transocean Ltd. (NYSE:RIG)

Cannon Global Investment Management LLC acquired a new stake in Transocean Ltd. (NYSE:RIG) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 39,700 shares of the offshore drilling services provider’s stock, valued at approximately $249,000.

Several other hedge funds have also modified their holdings of RIG. Cloverfields Capital Group LP purchased a new position in Transocean in the fourth quarter valued at $1,008,000. Janney Montgomery Scott LLC increased its holdings in Transocean by 180.5% in the third quarter. Janney Montgomery Scott LLC now owns 32,535 shares of the offshore drilling services provider’s stock valued at $267,000 after buying an additional 20,935 shares during the last quarter. B. Riley Wealth Advisors Inc. increased its holdings in Transocean by 16.2% in the third quarter. B. Riley Wealth Advisors Inc. now owns 14,371 shares of the offshore drilling services provider’s stock valued at $118,000 after buying an additional 2,000 shares during the last quarter. Jump Financial LLC increased its holdings in Transocean by 332.4% in the fourth quarter. Jump Financial LLC now owns 383,941 shares of the offshore drilling services provider’s stock valued at $2,438,000 after buying an additional 295,154 shares during the last quarter. Finally, Qube Research & Technologies Ltd purchased a new position in Transocean in the third quarter valued at $2,095,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on RIG shares. Bank of America raised their price objective on Transocean from $5.50 to $6.00 and gave the stock an “underperform” rating in a report on Monday, April 15th. Susquehanna raised Transocean from a “neutral” rating to a “positive” rating and raised their price objective for the stock from $5.50 to $9.00 in a report on Monday, April 8th. Benchmark reaffirmed a “buy” rating and set a $8.00 price objective on shares of Transocean in a report on Tuesday, April 30th. Finally, Evercore ISI lowered their price target on Transocean from $9.00 to $7.00 and set an “outperform” rating on the stock in a report on Wednesday, May 1st. Two analysts have rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $7.70.

Transocean Trading Up 0.4 %

Shares of RIG stock traded up $0.02 during midday trading on Friday, reaching $5.35. 127,265,410 shares of the company traded hands, compared to its average volume of 16,216,533. The firm’s 50 day simple moving average is $5.64 and its two-hundred day simple moving average is $5.69. Transocean Ltd. has a 1-year low of $4.45 and a 1-year high of $8.88. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.35 and a quick ratio of 1.04.

Transocean (NYSE:RIG) last posted its quarterly earnings results on Monday, April 29th. The offshore drilling services provider reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.10. Transocean had a negative net margin of 13.27% and a negative return on equity of 4.67%. The company had revenue of $767.00 million during the quarter, compared to the consensus estimate of $781.86 million. During the same period last year, the firm earned ($0.38) EPS. The company’s revenue for the quarter was up 18.2% on a year-over-year basis. Equities research analysts anticipate that Transocean Ltd. will post -0.04 EPS for the current year.

Insider Buying and Selling

In related news, Director (Cyprus) Ltd Perestroika acquired 2,000,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 15th. The stock was purchased at an average cost of $6.01 per share, for a total transaction of $12,020,000.00. Following the transaction, the director now directly owns 87,574,894 shares of the company’s stock, valued at approximately $526,325,112.94. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 13.16% of the company’s stock.

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.