Key Points
- Transocean EVP Roderick James Mackenzie sold 78,370 shares on March 4 at an average price of $6.36 for roughly $498,433, reducing his stake by 22.62% to 268,025 shares, per an SEC Form 4 filing.
- Transocean shares traded around $6.02 recently; the company missed EPS estimates ($0.02 vs. $0.09) despite a slight revenue beat, and analysts hold a consensus rating of "Reduce" with an average target of $6.38.
Transocean Ltd. (NYSE:RIG - Get Free Report) EVP Roderick James Mackenzie sold 78,370 shares of the stock in a transaction dated Wednesday, March 4th. The shares were sold at an average price of $6.36, for a total value of $498,433.20. Following the completion of the transaction, the executive vice president directly owned 268,025 shares in the company, valued at approximately $1,704,639. This represents a 22.62% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.
Transocean Stock Performance
Shares of Transocean stock traded down $0.12 during trading hours on Friday, reaching $6.02. 9,873,925 shares of the stock traded hands, compared to its average volume of 49,512,176. Transocean Ltd. has a one year low of $1.97 and a one year high of $6.96. The firm has a market capitalization of $6.63 billion, a price-to-earnings ratio of -1.91 and a beta of 1.40. The company has a quick ratio of 1.27, a current ratio of 1.56 and a debt-to-equity ratio of 0.64. The company has a 50 day moving average price of $5.18 and a 200 day moving average price of $4.17.
Transocean (NYSE:RIG - Get Free Report) last posted its quarterly earnings data on Thursday, February 19th. The offshore drilling services provider reported $0.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.09 by ($0.07). The business had revenue of $1.04 billion during the quarter, compared to analysts' expectations of $1.03 billion. Transocean had a positive return on equity of 0.41% and a negative net margin of 73.52%.The business's quarterly revenue was up 9.6% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.09) EPS. On average, equities research analysts expect that Transocean Ltd. will post 0.14 earnings per share for the current fiscal year.
Institutional Trading of Transocean
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Monashee Investment Management LLC bought a new stake in Transocean in the third quarter worth $936,000. Trek Financial LLC purchased a new stake in shares of Transocean in the third quarter valued at $5,162,000. HighTower Advisors LLC lifted its holdings in shares of Transocean by 2,662.3% in the 3rd quarter. HighTower Advisors LLC now owns 1,562,314 shares of the offshore drilling services provider's stock worth $4,874,000 after acquiring an additional 1,505,755 shares during the last quarter. Cibc World Market Inc. boosted its stake in shares of Transocean by 23.9% during the 3rd quarter. Cibc World Market Inc. now owns 4,882,994 shares of the offshore drilling services provider's stock worth $15,235,000 after purchasing an additional 941,537 shares during the period. Finally, Ninepoint Partners LP bought a new position in Transocean during the 3rd quarter valued at about $18,720,000. Institutional investors own 67.73% of the company's stock.
Analyst Ratings Changes
A number of brokerages recently commented on RIG. BTIG Research raised their target price on Transocean from $6.00 to $10.00 and gave the stock a "buy" rating in a report on Monday, February 9th. Barclays cut Transocean from an "overweight" rating to an "equal weight" rating and upped their price target for the stock from $4.50 to $6.00 in a research report on Wednesday, February 18th. Morgan Stanley lifted their price objective on Transocean from $4.50 to $5.00 and gave the company an "equal weight" rating in a research report on Monday, February 23rd. Fearnley Fonds lowered shares of Transocean from a "strong-buy" rating to a "hold" rating in a report on Tuesday, February 10th. Finally, Citigroup raised their target price on shares of Transocean from $4.25 to $4.50 and gave the stock a "neutral" rating in a research note on Thursday, December 11th. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, Transocean currently has a consensus rating of "Reduce" and an average target price of $6.38.
Read Our Latest Stock Report on RIG
About Transocean
(
Get Free Report)
Transocean Ltd. is a leading international provider of offshore contract drilling services for the oil and gas industry. The company specializes in the operation of mobile drilling units, including ultra-deepwater drillships, semisubmersible rigs and high-specification jackup rigs. Transocean's fleet is designed to meet complex drilling requirements, from ultra-deepwater well construction to shelf exploration and development projects.
The company's core services encompass the full spectrum of offshore drilling operations, including project and engineering management, marine operations, drilling supervision, and maintenance support.
Featured Articles
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
