Insider Selling: Transocean LTD Director Sells 1,816 Shares of Stock (RIG)
Transocean LTD (NYSE:RIG) Director Edward R. Muller sold 1,816 shares of Transocean LTD stock on the open market in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of $42.75, for a total value of $77,634.00. Following the completion of the transaction, the director now directly owns 6,647 shares of the company’s stock, valued at approximately $284,159. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Shares of Transocean LTD (NYSE:RIG) traded down 0.88% during mid-day trading on Tuesday, hitting $42.68. 2,557,082 shares of the company’s stock traded hands. Transocean LTD has a 52 week low of $38.47 and a 52 week high of $55.74. The stock has a 50-day moving average of $42.27 and a 200-day moving average of $44.08. The company has a market cap of $15.450 billion and a price-to-earnings ratio of 10.15. Transocean LTD also was the target of a significant increase in short interest in the month of May. As of May 15th, there was short interest totalling 50,680,758 shares, an increase of 8.3% from the April 30th total of 46,794,142 shares. Based on an average daily volume of 5,031,039 shares, the short-interest ratio is currently 10.1 days. Approximately 14.5% of the company’s shares are sold short.
Transocean LTD (NYSE:RIG) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $1.43 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.40. The company had revenue of $2.34 billion for the quarter, compared to the consensus estimate of $2.27 billion. During the same quarter in the previous year, the company posted $0.93 earnings per share. The company’s revenue for the quarter was up 7.1% on a year-over-year basis. On average, analysts predict that Transocean LTD will post $4.32 earnings per share for the current fiscal year.
The company also recently declared a dividend, which is scheduled for Wednesday, June 18th. Investors of record on Friday, May 30th will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Wednesday, May 28th.
A number of research firms have recently commented on RIG. Analysts at Johnson Rice reiterated an “underweight” rating on shares of Transocean LTD in a research note on Tuesday, June 3rd. Separately, analysts at Susquehanna reiterated a “neutral” rating on shares of Transocean LTD in a research note on Monday, May 19th. They now have a $41.00 price target on the stock, down previously from $43.00. Finally, analysts at Barclays cut their price target on shares of Transocean LTD from $45.00 to $42.00 in a research note on Friday, May 16th. They now have an “overweight” rating on the stock. Five research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $21,784.77.
Transocean Ltd. (NYSE:RIG) is an international provider of offshore contract drilling services for oil and gas wells.
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