Transocean Ltd. (NYSE:RIG – Get Free Report) was the recipient of some unusual options trading on Monday. Traders acquired 30,706 call options on the company. This is an increase of 95% compared to the typical daily volume of 15,725 call options.
Insider Activity
In other news, EVP Roderick James Mackenzie sold 22,000 shares of Transocean stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $2.78, for a total transaction of $61,160.00. Following the transaction, the executive vice president now directly owns 340,841 shares of the company’s stock, valued at $947,537.98. The trade was a 6.06% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 12.54% of the company’s stock.
Hedge Funds Weigh In On Transocean
A number of large investors have recently modified their holdings of RIG. Optiver Holding B.V. grew its holdings in shares of Transocean by 53.6% in the 4th quarter. Optiver Holding B.V. now owns 8,400 shares of the offshore drilling services provider’s stock worth $32,000 after acquiring an additional 2,933 shares during the period. Van Den Berg Management I Inc. grew its holdings in shares of Transocean by 11.9% in the 4th quarter. Van Den Berg Management I Inc. now owns 28,155 shares of the offshore drilling services provider’s stock worth $106,000 after acquiring an additional 3,000 shares during the period. Nomura Holdings Inc. grew its holdings in shares of Transocean by 11.6% in the 4th quarter. Nomura Holdings Inc. now owns 32,651 shares of the offshore drilling services provider’s stock worth $122,000 after acquiring an additional 3,390 shares during the period. Mercer Global Advisors Inc. ADV grew its holdings in shares of Transocean by 23.5% in the 4th quarter. Mercer Global Advisors Inc. ADV now owns 19,015 shares of the offshore drilling services provider’s stock worth $71,000 after acquiring an additional 3,620 shares during the period. Finally, Avantax Advisory Services Inc. grew its holdings in shares of Transocean by 4.2% in the 4th quarter. Avantax Advisory Services Inc. now owns 107,012 shares of the offshore drilling services provider’s stock worth $401,000 after acquiring an additional 4,285 shares during the period. 67.73% of the stock is owned by hedge funds and other institutional investors.
Transocean Stock Down 2.3%
Transocean (NYSE:RIG – Get Free Report) last posted its quarterly earnings data on Monday, April 28th. The offshore drilling services provider reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.02. The firm had revenue of $906.00 million during the quarter, compared to the consensus estimate of $884.92 million. Transocean had a negative return on equity of 0.94% and a negative net margin of 18.79%. The firm’s revenue was up 18.7% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.03) EPS. Equities research analysts expect that Transocean will post 0.14 earnings per share for the current year.
Wall Street Analysts Forecast Growth
RIG has been the topic of a number of research reports. Morgan Stanley reduced their price objective on Transocean from $4.00 to $3.50 and set an “equal weight” rating on the stock in a research note on Friday, May 16th. Citigroup lowered their price objective on shares of Transocean from $4.50 to $3.50 and set a “neutral” rating for the company in a research note on Wednesday, March 19th. Susquehanna dropped their target price on Transocean from $5.00 to $4.00 and set a “positive” rating on the stock in a report on Monday, April 14th. SEB Equity Research set a $2.80 price objective on Transocean in a report on Wednesday, March 5th. Finally, Barclays lowered their price target on Transocean from $4.00 to $3.50 and set an “overweight” rating on the stock in a research note on Monday, April 7th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Transocean presently has a consensus rating of “Hold” and a consensus target price of $4.58.
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.
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