Transocean (NYSE:RIG) Director Chad Deaton Buys 35,000 Shares

Transocean Ltd. (NYSE:RIG) Director Chad Deaton purchased 35,000 shares of the stock in a transaction on Thursday, July 2nd. The shares were acquired at an average price of $4.95 per share, for a total transaction of $173,250.00. Following the transaction, the director directly owned 237,421 shares of the company’s stock, valued at $1,175,233.95. This represents a 17.29% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Transocean Stock Up 1.9%

Shares of RIG opened at $5.03 on Wednesday. The firm has a market cap of $5.61 billion, a P/E ratio of -1.69 and a beta of 1.30. Transocean Ltd. has a 12 month low of $2.53 and a 12 month high of $7.66. The stock’s 50 day moving average is $6.06 and its two-hundred day moving average is $5.75. The company has a current ratio of 1.54, a quick ratio of 1.20 and a debt-to-equity ratio of 0.60.

Transocean (NYSE:RIG) last released its quarterly earnings results on Monday, May 4th. The offshore drilling services provider reported ($0.03) earnings per share for the quarter, missing the consensus estimate of $0.07 by ($0.10). Transocean had a positive return on equity of 0.88% and a negative net margin of 66.79%.The company had revenue of $1.08 billion for the quarter, compared to analyst estimates of $1.02 billion. During the same quarter last year, the company earned ($0.10) EPS. The firm’s revenue for the quarter was up 19.3% on a year-over-year basis. Analysts predict that Transocean Ltd. will post 0.16 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

RIG has been the subject of several recent research reports. TD Cowen increased their price target on Transocean from $5.50 to $6.00 and gave the company a “hold” rating in a report on Wednesday, May 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of Transocean in a research note on Tuesday, April 21st. Morgan Stanley upped their target price on Transocean from $5.00 to $7.00 and gave the company an “equal weight” rating in a report on Wednesday, April 15th. Susquehanna lifted their price target on Transocean from $7.50 to $8.00 and gave the stock a “positive” rating in a report on Tuesday, April 7th. Finally, Barclays raised shares of Transocean from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $6.00 to $8.00 in a research report on Thursday, May 7th. Three analysts have rated the stock with a Buy rating, five have given a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $6.96.

Hedge Funds Weigh In On Transocean

A number of hedge funds have recently made changes to their positions in RIG. Integrated Wealth Concepts LLC increased its stake in Transocean by 12.1% during the first quarter. Integrated Wealth Concepts LLC now owns 69,637 shares of the offshore drilling services provider’s stock worth $221,000 after purchasing an additional 7,520 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Transocean by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 434,031 shares of the offshore drilling services provider’s stock worth $1,376,000 after purchasing an additional 18,957 shares during the period. Goldman Sachs Group Inc. increased its holdings in Transocean by 88.9% during the 1st quarter. Goldman Sachs Group Inc. now owns 12,151,817 shares of the offshore drilling services provider’s stock worth $38,521,000 after purchasing an additional 5,719,637 shares during the period. Cetera Investment Advisers raised its position in Transocean by 5.7% in the 2nd quarter. Cetera Investment Advisers now owns 233,984 shares of the offshore drilling services provider’s stock valued at $606,000 after purchasing an additional 12,532 shares in the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Transocean by 29.2% in the 2nd quarter. Invesco Ltd. now owns 1,032,774 shares of the offshore drilling services provider’s stock valued at $2,675,000 after buying an additional 233,458 shares during the period. Hedge funds and other institutional investors own 67.73% of the company’s stock.

About Transocean

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.