Transocean (NYSE:RIG) Director Buys $12,200,000.00 in Stock

Key Points

• Transocean Director Frederik Wilhelm Mohn purchased 4,000,000 shares of the company's stock for a total of $12.2 million, increasing his position by 4.39% to nearly 95 million shares.
• The stock remained flat at $3.11 during mid-day trading, with a twelve-month range between $1.97 and $4.74.
• Analyst ratings for Transocean reflect a consensus of "Hold" with a target price increase from $3.50 to $4.00 by Barclays.

Transocean Ltd. (NYSE:RIG - Get Free Report) Director Frederik Wilhelm Mohn bought 4,000,000 shares of the firm's stock in a transaction that occurred on Friday, September 26th. The shares were purchased at an average cost of $3.05 per share, for a total transaction of $12,200,000.00. Following the purchase, the director owned 95,074,894 shares in the company, valued at $289,978,426.70. This represents a 4.39% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink.

Transocean Stock Performance

Shares of RIG stock remained flat at $3.11 during mid-day trading on Tuesday. 54,970,682 shares of the stock were exchanged, compared to its average volume of 41,961,528. Transocean Ltd. has a twelve month low of $1.97 and a twelve month high of $4.74. The company has a quick ratio of 0.99, a current ratio of 1.26 and a debt-to-equity ratio of 0.63. The company has a fifty day moving average price of $3.10 and a 200 day moving average price of $2.82. The company has a market capitalization of $2.93 billion, a P/E ratio of -1.67, a P/E/G ratio of 5.98 and a beta of 2.79.

Institutional Investors Weigh In On Transocean

A number of institutional investors have recently bought and sold shares of RIG. Parallel Advisors LLC grew its position in Transocean by 154.8% in the 1st quarter. Parallel Advisors LLC now owns 8,810 shares of the offshore drilling services provider's stock worth $28,000 after purchasing an additional 5,353 shares during the last quarter. Townsend & Associates Inc bought a new position in shares of Transocean in the 1st quarter valued at about $32,000. Costello Asset Management INC bought a new position in Transocean in the 1st quarter valued at about $32,000. Josh Arnold Investment Consultant LLC bought a new stake in shares of Transocean during the 2nd quarter worth approximately $26,000. Finally, Blueshift Asset Management LLC bought a new stake in Transocean during the 2nd quarter worth approximately $27,000. 67.73% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Barclays raised their target price on shares of Transocean from $3.50 to $4.00 and gave the stock an "overweight" rating in a report on Wednesday, August 13th. Wall Street Zen raised shares of Transocean from a "sell" rating to a "hold" rating in a research note on Sunday, August 10th. Three analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $4.26.

About Transocean

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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