SCP Investment LP Invests $419,000 in Transocean Ltd. (NYSE:RIG) (2024)

Posted by Defense World Staff on Jun 5th, 2024

SCP Investment LP purchased a new stake in shares of Transocean Ltd. (NYSE:RIG – Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 61,288 shares of the offshore drilling services provider’s stock, valued at approximately $419,000. Transocean accounts for 0.4% of SCP Investment LP’s holdings, making the stock its 28th biggest position.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC lifted its holdings in Transocean by 180.5% during 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 purchasing an additional 20,935 shares in the last quarter. B. Riley Wealth Advisors Inc. boosted its holdings in Transocean by 16.2% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 14,371 shares of the offshore drilling services provider’s stock worth $118,000 after buying an additional 2,000 shares during the last quarter. Clough Capital Partners L P increased its stake in Transocean by 12.0% during the 3rd quarter. Clough Capital Partners L P now owns 1,663,543 shares of the offshore drilling services provider’s stock worth $13,658,000 after buying an additional 178,100 shares in the last quarter. Qube Research & Technologies Ltd acquired a new position in shares of Transocean during the third quarter valued at approximately $2,095,000. Finally, Fisher Asset Management LLC lifted its position in shares of Transocean by 11.0% in the fourth quarter. Fisher Asset Management LLC now owns 27,714 shares of the offshore drilling services provider’s stock valued at $176,000 after acquiring an additional 2,743 shares in the last quarter. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on RIG shares. Morgan Stanley reduced their price objective on Transocean from $8.00 to $7.00 and set an “equal weight” rating for the company in a research note on Monday, February 26th. Evercore ISI dropped their price objective on shares of Transocean from $9.00 to $7.00 and set an “outperform” rating for the company in a research note on Wednesday, May 1st. StockNews.com raised shares of Transocean to a “sell” rating in a research note on Tuesday, February 20th. Barclays lowered their price target on shares of Transocean from $7.00 to $6.00 and set an “equal weight” rating on the stock in a research report on Thursday, February 22nd. Finally, Benchmark reiterated a “buy” rating and issued a $8.00 price objective on shares of Transocean in a research report on Tuesday, April 30th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Transocean presently has a consensus rating of “Hold” and an average target price of $7.70.

Read Our Latest Report on Transocean

Insiders Place Their Bets

In related news, Director (Cyprus) Ltd Perestroika acquired 2,000,000 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were bought at an average price of $6.01 per share, with a total value of $12,020,000.00. Following the completion of the acquisition, the director now owns 87,574,894 shares in the company, valued at $526,325,112.94. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 12.54% of the stock is owned by company insiders.

Transocean Stock Down 5.3 %

Shares of NYSE:RIG opened at $5.41 on Wednesday. Transocean Ltd. has a 1 year low of $4.45 and a 1 year high of $8.88. The firm’s 50-day moving average is $5.96 and its two-hundred day moving average is $5.79. The firm has a market capitalization of $4.43 billion, a PE ratio of -10.39 and a beta of 2.82. 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 – Get Free Report) last released its 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 return on equity of 4.67% and a negative net margin of 13.27%. The firm had revenue of $767.00 million during the quarter, compared to analyst estimates of $781.86 million. During the same period last year, the business posted ($0.38) earnings per share. Transocean’s revenue was up 18.2% compared to the same quarter last year.

About Transocean

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