Transocean Ltd. (NYSE:RIG – Get Rating) shares hit a new 52-week high during mid-day trading on Tuesday following insider buying activity. The company traded as high as $7.74 and last traded at $7.68, with a volume of 1769311 shares trading hands. The stock had previously closed at $7.59.
Specifically, Director Chad C. Deaton acquired 30,000 shares of the business’s stock in a transaction dated Thursday, March 2nd. The shares were bought at an average price of $7.40 per share, with a total value of $222,000.00. Following the transaction, the director now directly owns 141,000 shares of the company’s stock, valued at $1,043,400. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, Director Chad C. Deaton acquired 30,000 shares of the business’s stock in a transaction dated Thursday, March 2nd. The shares were bought at an average price of $7.40 per share, with a total value of $222,000.00. Following the transaction, the director now directly owns 141,000 shares of the company’s stock, valued at $1,043,400. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, COO Keelan Adamson sold 50,026 shares of the stock in a transaction dated Monday, February 13th. The stock was sold at an average price of $7.15, for a total transaction of $357,685.90. Following the transaction, the chief operating officer now directly owns 342,549 shares in the company, valued at approximately $2,449,225.35. The disclosure for this sale can be found here. Insiders have sold 111,903 shares of company stock valued at $698,560 in the last 90 days. 13.26% of the stock is currently owned by corporate insiders.
Wall Street Analysts Forecast Growth
RIG has been the topic of several recent research reports. BTIG Research raised their price target on shares of Transocean from $8.00 to $10.00 in a research report on Wednesday, January 25th. TheStreet raised shares of Transocean from a “d+” rating to a “c-” rating in a research report on Monday, November 14th. Piper Sandler raised their price target on shares of Transocean from $4.00 to $5.00 and gave the company a “neutral” rating in a research report on Friday, November 18th. Susquehanna raised their price target on shares of Transocean from $5.50 to $6.00 and gave the company a “neutral” rating in a research report on Thursday, February 23rd. Finally, Benchmark initiated coverage on shares of Transocean in a research report on Thursday, January 19th. They set a “buy” rating and a $7.50 target price on the stock. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Transocean presently has an average rating of “Hold” and an average price target of $5.91.
Transocean Stock Performance
Transocean (NYSE:RIG – Get Rating) last issued its quarterly earnings results on Tuesday, February 21st. The offshore drilling services provider reported ($0.49) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.30). Transocean had a negative return on equity of 5.85% and a negative net margin of 24.12%. The company had revenue of $606.00 million for the quarter, compared to analysts’ expectations of $620.89 million. During the same quarter in the previous year, the business earned ($0.19) EPS. The company’s revenue for the quarter was down 2.4% on a year-over-year basis. As a group, sell-side analysts expect that Transocean Ltd. will post -0.25 EPS for the current fiscal year.
Institutional Investors Weigh In On Transocean
Large investors have recently modified their holdings of the stock. Renaissance Technologies LLC grew its stake in Transocean by 5,526.9% in the 1st quarter. Renaissance Technologies LLC now owns 7,872,028 shares of the offshore drilling services provider’s stock valued at $35,975,000 after buying an additional 7,732,128 shares in the last quarter. Morgan Stanley grew its stake in Transocean by 60.7% in the 4th quarter. Morgan Stanley now owns 18,330,357 shares of the offshore drilling services provider’s stock valued at $83,586,000 after buying an additional 6,925,085 shares in the last quarter. Whitebox Advisors LLC grew its stake in Transocean by 200.0% in the 3rd quarter. Whitebox Advisors LLC now owns 3,000,000 shares of the offshore drilling services provider’s stock valued at $7,410,000 after buying an additional 6,000,000 shares in the last quarter. Vanguard Group Inc. grew its stake in Transocean by 9.4% in the 3rd quarter. Vanguard Group Inc. now owns 60,315,980 shares of the offshore drilling services provider’s stock valued at $148,981,000 after buying an additional 5,165,717 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in Transocean by 117.9% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 8,940,965 shares of the offshore drilling services provider’s stock valued at $40,861,000 after buying an additional 4,838,046 shares in the last quarter. Hedge funds and other institutional investors own 55.16% of the company’s stock.
Transocean Company Profile
Transocean Ltd. engages in the provision of offshore contract drilling services for oil and gas wells. It also owns and operates offshore drilling fleets such as ultra-deepwater, harsh environment, deepwater, and midwater rigs. The company was founded in 1953 and is headquartered in Steinhausen, Switzerland.
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