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Fund Takes Bold New Position: Is Transocean Stock a Good Buy?

The Motley Fool Logo The Motley Fool By Jake Lerch
Fund Takes Bold New Position: Is Transocean Stock a Good Buy?

Ninepoint Partners LP acquired 6 million shares of Transocean, valued at $18.7 million, representing a new position in the offshore drilling company despite its recent underperformance in the stock market.

Insights
RIG   neutral

While Ninepoint made a significant investment, the company has been unprofitable since 2016, with stock performance lagging the S&P 500. However, recent improvements in balance sheet and quarterly earnings provide some positive indicators.