Insider Selling at Transocean Ltd. (NYSE:RIG): EVP Trades 22,000 Shares

Transocean Ltd. (NYSE:RIG) recently experienced insider trading as executive vice president Roderick James Mackenzie sold 22,000 shares of the company’s stock on February 11th. The shares were sold at an average price of $3.85 each, totaling a value of $84,700. Following this transaction, Mackenzie now holds 313,072 shares in Transocean, which are currently valued at approximately $1,205,327.20. This sale represents a decrease of 6.57% in his overall position in the company.

Recent Insider Transactions

Mackenzie has engaged in other significant trades recently. On January 10th, he sold another 22,000 shares at an average price of $4.05, bringing the total value of that transaction to $89,100. Previously, on November 18th, 2019, he sold 20,000 shares at an average price of $4.29, amounting to $85,800.

Current Stock Performance

As of February 13th, shares of Transocean traded down 2.3%, closing at $3.64. During mid-day trading, $0.09 was taken from the price, with around 23 million shares exchanged, close to the average volume of 26 million. The company’s stock has a 50-day simple moving average of $3.86 and a 200-day simple moving average of $4.30. Over the past year, the stock has fluctuated between a low of $3.40 and a high of $6.88. Transocean holds a market capitalization of $3.18 billion and has a negative P/E ratio of -4.85.

Analyst Ratings and Recommendations

Transocean has been under the scrutiny of various analysts recently. Evercore ISI downgraded the stock’s rating from "outperform" to "in-line" and adjusted the target price from $6.00 to $5.00. Additionally, StockNews.com assigned a "sell" rating following an earlier upgrade from Susquehanna, which lowered its target from $7.00 to $6.50. On a more optimistic note, JPMorgan Chase & Co. raised its rating from "underweight" to "neutral" with a price target of $5.00. Barclays also upgraded Transocean from "equal weight" to "overweight" with a target of $4.50. According to MarketBeat, the stock holds an average rating of "Hold" with a price target of $5.94.

Hedge Fund Movements

Hedge funds have recently adjusted their stakes in Transocean. For example, Twin Tree Management LP initiated a new position worth about $27,000 in the fourth quarter. Meanwhile, Blue Trust Inc. increased its position by 96.2%, now holding 9,841 shares valued at $37,000. Other firms, such as Adero Partners LLC and Stratos Wealth Partners, also established new positions, bringing institutional ownership to 67.73% of the total shares.

Company Overview

Transocean Ltd. provides offshore contract drilling services for oil and gas wells globally. The company operates mobile offshore drilling rigs and is involved in drilling activities across various environments, including ultra-deepwater and harsh conditions.

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