Horseman Capital Management Ltd Purchases New Stake in Transocean Ltd. (RIG)
Horseman Capital Management Ltd purchased a new stake in shares of Transocean Ltd. (NYSE:RIG) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,808,189 shares of the offshore drilling services provider’s stock, valued at approximately $19,456,000. Transocean makes up about 4.3% of Horseman Capital Management Ltd’s portfolio, making the stock its 7th largest holding. Horseman Capital Management Ltd owned approximately 0.46% of Transocean as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Public Employees Retirement Association of Colorado increased its position in shares of Transocean by 12.7% during the second quarter. Public Employees Retirement Association of Colorado now owns 12,340 shares of the offshore drilling services provider’s stock valued at $102,000 after acquiring an additional 1,394 shares in the last quarter. FNY Partners Fund LP bought a new stake in shares of Transocean during the first quarter valued at approximately $108,000. Capstone Investment Advisors Netherlands B.V. bought a new stake in shares of Transocean during the second quarter valued at approximately $111,000. Advisor Partners LLC bought a new stake in shares of Transocean during the second quarter valued at approximately $112,000. Finally, Dupont Capital Management Corp bought a new stake in shares of Transocean during the second quarter valued at approximately $113,000. 68.65% of the stock is owned by institutional investors.
In related news, CAO Howard E. Davis acquired 40,000 shares of the firm’s stock in a transaction on Thursday, August 17th. The shares were acquired at an average cost of $7.32 per share, with a total value of $292,800.00. Following the completion of the acquisition, the chief accounting officer now directly owns 21,793 shares in the company, valued at approximately $159,524.76. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 0.33% of the company’s stock.
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Several equities research analysts recently weighed in on RIG shares. Zacks Investment Research raised shares of Transocean from a “hold” rating to a “buy” rating and set a $9.50 price target for the company in a research report on Wednesday, August 2nd. Credit Suisse Group reissued a “buy” rating on shares of Transocean in a research report on Wednesday, July 19th. Evercore ISI reissued a “buy” rating and set a $18.00 price target on shares of Transocean in a research report on Thursday, August 10th. ValuEngine raised shares of Transocean from a “hold” rating to a “buy” rating in a research report on Thursday, August 17th. Finally, Pareto Securities raised shares of Transocean from a “hold” rating to a “buy” rating in a research report on Friday, August 18th. Ten research analysts have rated the stock with a sell rating, fourteen have given a hold rating and fifteen have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $12.18.
Shares of Transocean Ltd. (RIG) traded up 1.71% during mid-day trading on Wednesday, reaching $10.68. 4,841,348 shares of the company’s stock were exchanged. Transocean Ltd. has a 1-year low of $7.20 and a 1-year high of $16.66. The stock’s market capitalization is $4.18 billion. The company’s 50 day moving average is $10.11 and its 200 day moving average is $9.37.
Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company’s primary business is to contract its drilling rigs, related equipment and work crews on a dayrate basis to drill oil and gas wells. As of February 9, 2017, it owned or had partial ownership interests in and operated 56 mobile offshore drilling units.
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