Clough Capital Partners L P Has $23.94 Million Stock Holdings in Transocean Ltd. $RIG

Key Points

• Clough Capital Partners reduced its Transocean stake by 21.1% in the first quarter, selling 966,652 shares. It still owned 3.61 million shares valued at approximately $23.94 million, representing 2.3% of its portfolio.
• Transocean reported quarterly revenue of $1.08 billion, up 19.3% year over year and above estimates, but posted an adjusted loss of $0.03 per share, missing consensus expectations of $0.07.
• Analyst sentiment remains mixed, with the stock carrying an overall “Hold” rating and an average price target of $6.82 versus its reported $5.35 opening price.

Clough Capital Partners L P decreased its position in Transocean Ltd. (NYSE:RIG - Free Report) by 21.1% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,610,967 shares of the offshore drilling services provider's stock after selling 966,652 shares during the period. Transocean makes up 2.3% of Clough Capital Partners L P's portfolio, making the stock its 14th largest position. Clough Capital Partners L P owned approximately 0.32% of Transocean worth $23,941,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. TD Waterhouse Canada Inc. grew its stake in Transocean by 22,432.1% in the fourth quarter. TD Waterhouse Canada Inc. now owns 6,309 shares of the offshore drilling services provider's stock valued at $26,000 after acquiring an additional 6,281 shares during the period. Josh Arnold Investment Consultant LLC bought a new position in shares of Transocean during the 2nd quarter valued at about $26,000. Flagship Harbor Advisors LLC bought a new stake in Transocean during the 4th quarter worth approximately $27,000. Elevation Point Wealth Partners LLC bought a new position in Transocean in the third quarter valued at approximately $31,000. Finally, Larson Financial Group LLC increased its position in shares of Transocean by 203.8% during the third quarter. Larson Financial Group LLC now owns 11,030 shares of the offshore drilling services provider's stock worth $34,000 after acquiring an additional 7,399 shares in the last quarter. Institutional investors and hedge funds own 67.73% of the company's stock.

Transocean Stock Up 0.1%

RIG stock opened at $5.35 on Monday. The company has a quick ratio of 1.20, a current ratio of 1.54 and a debt-to-equity ratio of 0.60. The business has a 50 day moving average price of $5.71 and a two-hundred day moving average price of $5.85. The company has a market cap of $5.98 billion, a price-to-earnings ratio of -1.80, a P/E/G ratio of 3.72 and a beta of 1.30. Transocean Ltd. has a twelve month low of $2.72 and a twelve month high of $7.66.

Transocean (NYSE:RIG - Get Free Report) last issued its earnings results on Monday, May 4th. The offshore drilling services provider reported ($0.03) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.07 by ($0.10). Transocean had a negative net margin of 66.79% and a positive return on equity of 0.88%. The firm had revenue of $1.08 billion during the quarter, compared to the consensus estimate of $1.02 billion. During the same period in the previous year, the company posted ($0.10) earnings per share. The firm's revenue for the quarter was up 19.3% compared to the same quarter last year. Analysts anticipate that Transocean Ltd. will post 0.13 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Chad C. Deaton purchased 35,000 shares of the company's stock in a transaction that occurred on Thursday, July 2nd. The stock was acquired at an average cost of $4.95 per share, with a total value of $173,250.00. Following the acquisition, the director owned 237,421 shares in the company, valued at approximately $1,175,233.95. This trade represents a 17.29% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 9.70% of the company's stock.

Wall Street Analysts Forecast Growth

RIG has been the topic of several research reports. TD Cowen boosted their price objective on shares of Transocean from $5.50 to $6.00 and gave the company a "hold" rating in a research report on Wednesday, May 6th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Transocean in a report on Friday, July 17th. Susquehanna dropped their price target on Transocean from $8.00 to $7.00 and set a "positive" rating on the stock in a research note on Wednesday, July 8th. Barclays upgraded Transocean from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $6.00 to $8.00 in a report on Thursday, May 7th. Finally, Morgan Stanley upped their price objective on Transocean from $5.00 to $7.00 and gave the stock an "equal weight" rating in a research report on Wednesday, April 15th. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $6.82.

About Transocean

Transocean Ltd. is a leading international provider of offshore contract drilling services for the oil and gas industry. The company specializes in the operation of mobile drilling units, including ultra-deepwater drillships, semisubmersible rigs and high-specification jackup rigs. Transocean's fleet is designed to meet complex drilling requirements, from ultra-deepwater well construction to shelf exploration and development projects.

The company's core services encompass the full spectrum of offshore drilling operations, including project and engineering management, marine operations, drilling supervision, and maintenance support.

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