Transocean Ltd. (RIG) Fell with Energy Prices
Scout Investments, Inc, an affiliate of Carillon Tower Advisers, Inc., released the “Carillon Scout Mid Cap Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. The market advance dominated by large-cap tech stocks broadened out, so mid-and small-cap companies outperformed their large-cap counterparts. In addition, please check the fund’s top five holdings to know its best picks in 2023.
Carillon Scout Mid Cap Fund featured stocks like Transocean Ltd. (NYSE:RIG) in the fourth quarter 2023 investor letter. Headquartered in Steinhausen, Switzerland, Transocean Ltd. (NYSE:RIG) provides offshore contract drilling services for oil and gas wells. On March 22, 2024, Transocean Ltd. (NYSE:RIG) stock closed at $5.97 per share. One-month return of Transocean Ltd. (NYSE:RIG) was 25.68%, and its shares lost 3.71% of their value over the last 52 weeks. Transocean Ltd. (NYSE:RIG) has a market capitalization of $4.83 billion.
Carillon Scout Mid Cap Fund stated the following regarding Transocean Ltd. (NYSE:RIG) in its fourth quarter 2023 investor letter:
"Transocean Ltd. (NYSE:RIG), a leader in deepwater offshore drilling rigs, was next among the losers in a generally weak energy group. Oil fell from recent highs, partially driven by Mideast tensions, and this hurt sentiment in the energy sector despite little change in offshore rig day-rate pricing or long-term fundamentals."
An aerial view of an oil rig in the mid-western United States, capturing the importance of the natural gas industry in the region.
Transocean Ltd. (NYSE:RIG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Transocean Ltd. (NYSE:RIG) was held by 45 hedge fund portfolios, compared to 47 in the previous quarter, according to our database.
We discussed Transocean Ltd. (NYSE:RIG) in another article and shared the list of stocks billionaire Ken Fisher and corporate insiders are buying. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
