Transocean (NYSE:RIG) Shares Up 4.1% on Insider Buying Activity

Transocean Ltd. (NYSE:RIG)’s share price rose 4.1% on Monday following insider buying activity. The stock traded as high as $4.30 and last traded at $4.30. Approximately 2,614,398 shares were traded during trading, a decline of 86% from the average daily volume of 18,211,180 shares. The stock had previously closed at $4.13.

Specifically, Director Perestroika bought 1,500,000 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were acquired at an average price of $4.13 per share, with a total value of $6,195,000.00. Following the transaction, the director now owns 91,074,894 shares of the company’s stock, valued at approximately $376,139,312.22. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. StockNews.com upgraded shares of Transocean to a “sell” rating in a research note on Monday, August 5th. Morgan Stanley dropped their target price on Transocean from $7.00 to $5.00 and set an “equal weight” rating on the stock in a research report on Monday. Citigroup cut Transocean from a “buy” rating to a “neutral” rating in a research note on Thursday, September 12th. Benchmark reiterated a “buy” rating and issued a $8.00 target price on shares of Transocean in a research note on Friday, August 2nd. Finally, DNB Markets raised shares of Transocean from a “hold” rating to a “buy” rating in a research report on Tuesday, September 3rd. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $7.00.

Transocean Stock Performance

The firm has a market cap of $4.18 billion, a price-to-earnings ratio of -8.55 and a beta of 2.79. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.36 and a quick ratio of 1.08. The firm has a fifty day simple moving average of $5.00 and a two-hundred day simple moving average of $5.46.

Transocean (NYSE:RIG) last released its earnings results on Wednesday, July 31st. The offshore drilling services provider reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.07). Transocean had a negative return on equity of 4.76% and a negative net margin of 11.34%. The company had revenue of $861.00 million for the quarter, compared to analysts’ expectations of $862.25 million. During the same period in the prior year, the firm posted ($0.15) EPS. The firm’s revenue for the quarter was up 18.1% on a year-over-year basis. On average, analysts expect that Transocean Ltd. will post -0.19 EPS for the current year.

Hedge Funds Weigh In On Transocean

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RIG. Murphy Pohlad Asset Management LLC increased its holdings in shares of Transocean by 1.7% in the first quarter. Murphy Pohlad Asset Management LLC now owns 96,150 shares of the offshore drilling services provider’s stock valued at $604,000 after purchasing an additional 1,600 shares during the period. Traynor Capital Management Inc. increased its holdings in Transocean by 5.2% in the 1st quarter. Traynor Capital Management Inc. now owns 33,257 shares of the offshore drilling services provider’s stock worth $209,000 after buying an additional 1,650 shares during the period. Oppenheimer Asset Management Inc. raised its position in Transocean by 8.6% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 22,237 shares of the offshore drilling services provider’s stock worth $140,000 after buying an additional 1,767 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in Transocean by 138.8% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,633 shares of the offshore drilling services provider’s stock valued at $25,000 after acquiring an additional 2,693 shares during the period. Finally, Fisher Asset Management LLC boosted its holdings in shares of Transocean by 11.0% in the 4th quarter. Fisher Asset Management LLC now owns 27,714 shares of the offshore drilling services provider’s stock valued at $176,000 after acquiring an additional 2,743 shares during the last quarter. 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.