Transocean (NYSE:RIG) EVP Roderick James Mackenzie Sells 78,370 Shares

by · The Markets Daily

Transocean Ltd. (NYSE:RIG – Get Free Report) EVP Roderick James Mackenzie sold 78,370 shares of Transocean stock in a transaction dated Wednesday, March 4th. The stock was 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 of the company’s stock, valued at approximately $1,704,639. This trade represents a 22.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link.

Transocean Trading Down 3.7%

Shares of Transocean stock traded down $0.24 on Thursday, reaching $6.13. 37,722,597 shares of the company’s stock were exchanged, compared to its average volume of 65,387,112. The firm’s 50-day moving average is $5.18 and its two-hundred day moving average is $4.17. The company has a market capitalization of $6.76 billion, a P/E ratio of -1.95 and a beta of 1.40. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.27 and a current ratio of 1.56. Transocean Ltd. has a 52 week low of $1.97 and a 52 week high of $6.96.

Transocean (NYSE:RIG – Get Free Report) last posted its quarterly earnings results on Thursday, February 19th. The offshore drilling services provider reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.07). The company had revenue of $1.04 billion during the quarter, compared to the consensus estimate of $1.03 billion. Transocean had a negative net margin of 73.52% and a positive return on equity of 0.41%. The company’s revenue for the quarter was up 9.6% on a year-over-year basis. During the same period last year, the firm posted ($0.09) earnings per share. Sell-side analysts predict that Transocean Ltd. will post 0.14 EPS for the current fiscal year.

Institutional Trading of Transocean

Institutional investors and hedge funds have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd lifted its stake in shares of Transocean by 207.6% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 33,504 shares of the offshore drilling services provider’s stock worth $138,000 after purchasing an additional 22,613 shares during the period. Mercer Global Advisors Inc. ADV increased its holdings in Transocean by 82.3% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 44,065 shares of the offshore drilling services provider’s stock valued at $182,000 after buying an additional 19,890 shares during the last quarter. EP Wealth Advisors LLC purchased a new position in shares of Transocean during the 4th quarter worth $43,000. Mackenzie Financial Corp grew its position in shares of Transocean by 12.4% during the 4th quarter. Mackenzie Financial Corp now owns 53,238 shares of the offshore drilling services provider’s stock valued at $219,000 after acquiring an additional 5,877 shares during the period. Finally, NewEdge Advisors LLC increased its stake in shares of Transocean by 65.1% in the 4th quarter. NewEdge Advisors LLC now owns 167,452 shares of the offshore drilling services provider’s stock worth $692,000 after purchasing an additional 66,001 shares in the last quarter. 67.73% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently commented on RIG. Pareto Securities cut shares of Transocean from a “hold” rating to a “sell” rating and set a $5.25 price target on the stock. in a research note on Tuesday, February 10th. Susquehanna upped their target price on Transocean from $6.50 to $7.50 and gave the stock a “positive” rating in a research note on Monday, February 23rd. BTIG Research boosted their price objective on Transocean from $6.00 to $10.00 and gave the stock a “buy” rating in a report on Monday, February 9th. Barclays lowered Transocean from an “overweight” rating to an “equal weight” rating and lifted their price target for the stock from $4.50 to $6.00 in a research note on Wednesday, February 18th. Finally, Fearnley Fonds cut shares of Transocean from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 10th. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, Transocean has a consensus rating of “Reduce” and a consensus price target of $6.38.

Check Out Our Latest Stock Analysis on Transocean

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