CIBC Asset Management Inc Acquires 861 Shares of Transocean Ltd. (RIG)
CIBC Asset Management Inc boosted its stake in Transocean Ltd. (NYSE:RIG) by 3.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,324 shares of the offshore drilling services provider’s stock after buying an additional 861 shares during the period. CIBC Asset Management Inc’s holdings in Transocean were worth $200,000 as of its most recent SEC filing.
Several other hedge funds have also recently bought and sold shares of RIG. Public Employees Retirement Association of Colorado raised its stake in shares of Transocean by 12.7% in the second quarter. Public Employees Retirement Association of Colorado now owns 12,340 shares of the offshore drilling services provider’s stock worth $102,000 after buying 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 worth $108,000. WFG Advisors LP raised its stake in shares of Transocean by 40.7% in the first quarter. WFG Advisors LP now owns 8,856 shares of the offshore drilling services provider’s stock worth $110,000 after buying an additional 2,562 shares in the last quarter. Ameritas Investment Partners Inc. bought a new stake in shares of Transocean during the first quarter worth $116,000. Finally, Ronald Blue & Co. LLC bought a new stake in shares of Transocean during the first quarter worth $125,000. 69.31% of the stock is owned by institutional investors.
Transocean Ltd. (NYSE:RIG) opened at 7.32 on Tuesday. Transocean Ltd. has a 12 month low of $7.20 and a 12 month high of $16.66. The firm has a 50-day moving average of $8.34 and a 200 day moving average of $10.55. The firm’s market capitalization is $2.86 billion.
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A number of brokerages recently weighed in on RIG. UBS AG reissued a “neutral” rating and issued a $12.00 price target (down previously from $15.00) on shares of Transocean in a report on Friday, May 5th. Instinet reaffirmed a “reduce” rating and issued a $7.00 price objective (down from $8.00) on shares of Transocean in a research note on Saturday. Goldman Sachs Group, Inc. (The) raised shares of Transocean from a “sell” rating to a “neutral” rating and raised their price objective for the company from $8.57 to $9.75 in a research note on Wednesday, August 9th. Evercore ISI reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Transocean in a research note on Thursday, August 10th. Finally, Bank of America Corporation raised shares of Transocean from an “underperform” rating to a “neutral” rating and raised their price objective for the company from $7.00 to $9.00 in a research note on Tuesday, August 15th. Eleven equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and twelve have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $12.42.
In other Transocean news, CAO Howard E. Davis purchased 40,000 shares of the stock in a transaction on Thursday, August 17th. The stock was acquired at an average price of $7.32 per share, with a total value of $292,800.00. Following the completion of the acquisition, the chief accounting officer now owns 21,793 shares in the company, valued at $159,524.76. The acquisition was disclosed in a filing with the SEC, which is available at this link. 0.33% of the stock is currently owned by company insiders.
Transocean Company Profile
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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