Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
Open Insights Capital Nelson Wu | “Similar to our OXY holdings, our Valaris (VAL) investment also round-tripped. As you may recall we purchased shares of VAL last quarter after it announced a tie-up with Transocean (RIG). At close, each share of VAL converts into 15.235 shares of RIG. In RIG's most recent quarterly update, the company indicated that the US Department of Justice (DOJ) issued a second request and will require additional time to review the transaction for anti-trust issues. The government's forced to take a closer look because a combined VAL-RIG (New RIG) will own a larger global share of the 7th generation offshore drilling rigs. There are a few positive factors though, New RIG will only own ~1/3 of the 7th generation drillships, and given it's a large global market, it's not an entirely dominant position. Additionally, there are 7 stacked rigs, which is indicative of a soft market, and RIG can add those back, or sell them if the DOJ requires mitigating actions. A New RIG will become the leader of the industry with $10B in drilling backlogs, but Borr and Noble will still be nipping at its heel. We think eventually an approval may require some divestitures, but overall the drilling market is large enough if we look at the totality of drilling ships and jackups that a combined VAL/RIG should clear the necessary hurdles. VAL shares currently trade at a slight discount to the RIG shares, which is the market pricing in a fairly high certainty that the merger will be consummated. We continue to hold the shares, and may look to add if we see some weakness.” | NEUTRAL | Q2 2026 Jul 22, 2026 | View Pitch |
Pabrai Wagons Fund Mohnish Pabrai | “We have 3 positions in U.S. offshore oil services. Offshore accounts for 1/3 of global oil and gas production and breaks even at levels far below fracking and other methods. Drillships are complex and expensive. There is no new supply in the pipeline. In our view, shares are trading at a significant discount to replacement value. A new 8th Gen drillship, if built, is unlikely to be delivered in less than 5 years and would cost over $1 billion with a 50% upfront deposit. To justify that capex, in our view, operators would require day rates to be over $1 million for 20+ years, more than 2x day rates today. Given the operating leverage, we believe that at $1 million day rates, Transocean, Valaris, and Noble's free cash flow could surge dramatically, and be well over $1 billion per year.” | NEUTRAL | Q2 2026 Jul 4, 2026 | View Pitch |
Open Insights Capital Nelson Wu | “RIG itself came out of COVID heavily indebted, and with the threat of insolvency the shares cratered to around $2.13/share. By 2025, drillship owners had idled or retired enough vessels that the marke” | BULL | Q1 2026 Apr 15, 2026 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
