Vanessa C. L. Chang Purchases 3,500 Shares of Transocean LTD (NYSE:RIG) Stock

Transocean LTD (NYSE:RIG) Director Vanessa C. L. Chang purchased 3,500 shares of Transocean stock in a transaction on Monday, August 12th. The stock was bought at an average cost of $4.19 per share, for a total transaction of $14,665.00. Following the transaction, the director now directly owns 17,500 shares in the company, valued at $73,325. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Shares of NYSE RIG opened at $3.86 on Friday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 2.55 and a current ratio of 2.88. Transocean LTD has a fifty-two week low of $3.76 and a fifty-two week high of $14.47. The firm has a market capitalization of $2.63 billion, a PE ratio of -4.89 and a beta of 1.75. The stock’s 50-day simple moving average is $5.63 and its 200-day simple moving average is $7.36.

Transocean (NYSE:RIG) last issued its earnings results on Monday, July 29th. The offshore drilling services provider reported ($0.34) earnings per share for the quarter, hitting the consensus estimate of ($0.34). Transocean had a negative return on equity of 4.18% and a negative net margin of 33.49%. The business had revenue of $758.00 million for the quarter, compared to analyst estimates of $765.81 million. During the same quarter last year, the company earned ($0.04) EPS. The business’s quarterly revenue was down 4.1% on a year-over-year basis. On average, sell-side analysts forecast that Transocean LTD will post -1.02 earnings per share for the current fiscal year.

RIG has been the topic of a number of analyst reports. HSBC set a $12.00 price target on Transocean and gave the company a “buy” rating in a research report on Monday, July 15th. Royal Bank of Canada set a $17.00 price target on Transocean and gave the company a “buy” rating in a research report on Wednesday, July 31st. Bank of America initiated coverage on Transocean in a research report on Monday, June 10th. They issued a “neutral” rating and a $6.50 price target on the stock. Morgan Stanley set a $10.00 price target on Transocean and gave the company a “buy” rating in a research report on Monday, July 15th. Finally, Citigroup reduced their price target on Transocean from $6.70 to $4.90 and set a “neutral” rating on the stock in a research report on Thursday. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $12.29.

Hedge funds and other institutional investors have recently modified their holdings of the company. Steward Partners Investment Advisory LLC acquired a new stake in shares of Transocean during the 2nd quarter worth about $35,000. Icon Wealth Partners LLC purchased a new position in Transocean during the 1st quarter worth approximately $38,000. Nisa Investment Advisors LLC purchased a new position in Transocean during the 1st quarter worth approximately $44,000. Meeder Asset Management Inc. grew its stake in Transocean by 535.2% during the 2nd quarter. Meeder Asset Management Inc. now owns 8,962 shares of the offshore drilling services provider’s stock worth $57,000 after buying an additional 7,551 shares during the last quarter. Finally, Oppenheimer Asset Management Inc. purchased a new position in Transocean during the 2nd quarter worth approximately $64,000. 70.39% of the stock is currently owned by institutional investors and hedge funds.

Transocean Company Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers drilling rigs, related equipment, and work crews; and ultra-deepwater and harsh environment drilling services. As of February 18, 2019, it owned or had partial ownership interests in, and operated 48 mobile offshore drilling units that consist of 31 ultra-deepwater floaters, 13 harsh environment floaters, and 4 midwater floaters.

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