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

Transocean Ltd. (NYSE:RIG) Director Perestroika acquired 1,500,000 shares of Transocean stock in a transaction that occurred on Monday, November 24th. The stock was acquired at an average price of $4.02 per share, with a total value of $6,030,000.00. Following the completion of the acquisition, the director directly owned 96,574,894 shares in the company, valued at $388,231,073.88. This represents a 1.58% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Transocean Stock Performance

NYSE:RIG traded up $0.02 during mid-day trading on Tuesday, reaching $4.04. The company’s stock had a trading volume of 37,655,718 shares, compared to its average volume of 39,045,379. The company has a current ratio of 1.26, a quick ratio of 0.99 and a debt-to-equity ratio of 0.63. The stock has a market cap of $4.45 billion, a P/E ratio of -1.23 and a beta of 2.65. The firm’s fifty day moving average price is $3.61 and its two-hundred day moving average price is $3.13. Transocean Ltd. has a 12-month low of $1.97 and a 12-month high of $4.45.

Transocean (NYSE:RIG) last announced 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. The firm had revenue of ($1,894.00) million during the quarter, compared to analyst estimates of $1.01 billion. Transocean had a negative net margin of 75.71% and a positive return on equity of 0.43%. Transocean’s quarterly revenue was up 8.4% compared to the same quarter last year. On average, equities analysts forecast that Transocean Ltd. will post 0.14 EPS for the current fiscal year.

Analyst Ratings Changes

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

Institutional Trading of Transocean

A number of hedge funds and other institutional investors have recently bought and sold shares of RIG. Dalal Street LLC bought a new position in shares of Transocean in the third quarter worth about $76,260,000. Ghisallo Capital Management LLC purchased a new stake in Transocean in the 3rd quarter worth approximately $57,720,000. Vanguard Group Inc. raised its stake in Transocean by 19.3% during the 3rd quarter. Vanguard Group Inc. now owns 94,519,248 shares of the offshore drilling services provider’s stock worth $294,900,000 after acquiring an additional 15,315,289 shares during the period. Zimmer Partners LP purchased a new position in Transocean during the third quarter valued at approximately $30,262,000. Finally, Ninepoint Partners LP bought a new position in shares of Transocean in the third quarter worth approximately $18,720,000. Hedge funds and other institutional investors own 67.73% of the company’s stock.

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.