Insider Buying: Transocean (NYSE:RIG) Director Acquires 1,500,000 Shares of Stock

Transocean Ltd. (NYSE:RIG) Director Perestroika purchased 1,500,000 shares of the firm’s stock in a transaction on Monday, November 24th. The shares were acquired at an average cost of $4.02 per share, for a total transaction of $6,030,000.00. Following the completion of the acquisition, the director owned 96,574,894 shares of the company’s stock, valued at approximately $388,231,073.88. This trade represents a 1.58% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Transocean Price Performance

Shares of NYSE:RIG traded up $0.02 during trading on Tuesday, hitting $4.04. 37,655,718 shares of the company’s stock were exchanged, compared to its average volume of 39,045,379. The business’s 50-day simple moving average is $3.61 and its 200 day simple moving average is $3.13. The company has a market cap of $4.45 billion, a price-to-earnings ratio of -1.23 and a beta of 2.65. Transocean Ltd. has a 52-week low of $1.97 and a 52-week high of $4.45. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.26 and a quick ratio of 0.99.

Transocean (NYSE:RIG) last posted its quarterly earnings results on Wednesday, October 29th. The offshore drilling services provider reported $0.06 EPS for the quarter, topping analysts’ consensus estimates of $0.04 by $0.02. Transocean had a positive return on equity of 0.43% and a negative net margin of 75.71%.The company had revenue of ($1,894.00) million for the quarter, compared to analysts’ expectations of $1.01 billion. Transocean’s quarterly revenue was up 8.4% on a year-over-year basis. As a group, equities analysts predict that Transocean Ltd. will post 0.14 EPS for the current year.

Institutional Trading of Transocean

A number of large investors have recently made changes to their positions in the business. Jump Financial LLC lifted its stake in shares of Transocean by 156.2% in the 1st quarter. Jump Financial LLC now owns 1,489,600 shares of the offshore drilling services provider’s stock valued at $4,722,000 after purchasing an additional 908,219 shares during the last quarter. Quantbot Technologies LP purchased a new stake in Transocean during the 1st quarter valued at $688,000. 180 Wealth Advisors LLC lifted its position in Transocean by 69.3% in the second quarter. 180 Wealth Advisors LLC now owns 276,851 shares of the offshore drilling services provider’s stock worth $717,000 after buying an additional 113,320 shares during the last quarter. Ion Asset Management Ltd. boosted its stake in Transocean by 7.5% during the first quarter. Ion Asset Management Ltd. now owns 4,300,000 shares of the offshore drilling services provider’s stock worth $13,631,000 after buying an additional 300,000 shares during the period. Finally, Nuveen LLC bought a new position in Transocean during the first quarter valued at $7,774,000. 67.73% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on RIG shares. Wall Street Zen upgraded shares of Transocean from a “sell” rating to a “hold” rating in a research report on Sunday, August 10th. Barclays increased their price objective on shares of Transocean from $4.00 to $4.50 and gave the company an “overweight” rating in a report on Wednesday, November 5th. Citigroup raised their price objective on Transocean from $3.50 to $4.25 and gave the company a “neutral” rating in a research report on Friday, November 14th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Transocean in a research report on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $4.39.

Transocean Company Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. The company operates a fleet of mobile offshore drilling units, consisting of ultra-deepwater floaters and harsh environment floaters.