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Mackenzie Roderick James, the Executive Vice President and Chief Commercial Officer of Transocean Ltd . (NYSE:RIG), has sold 22,000 shares of the company. The transaction, completed on February 11, 2025, was executed at a price of $3.85 per share, amounting to a total sale value of $84,700. The sale comes as the stock trades near its 52-week low of $3.40, having declined about 28% over the past year. According to InvestingPro analysis, the stock currently appears fairly valued based on its proprietary Fair Value model.
Following this sale, James retains ownership of 313,072 shares in the company. The sale was conducted under a Rule 10b5-1 trading plan, which was adopted by James on November 11, 2024. Rule 10b5-1 plans allow company insiders to set up a predetermined trading plan for selling stocks, providing a defense against potential accusations of insider trading. With a beta of 2.71 and significant price volatility, InvestingPro subscribers can access 8 additional key insights and a comprehensive Pro Research Report to better understand the company's insider trading patterns and financial health.
In other recent news, Transocean has seen significant developments. Barclays (LON:BARC) upgraded Transocean's stock from Equalweight to Overweight, setting a price target of $4.50. The firm's analysis indicates that despite the offshore drilling sector's underperformance, Transocean has secured contracts for its entire fleet of deepwater rigs through 2026. The company also expects to generate $700 million in free cash flow next year, aiding in reducing its debt.
In another development, Transocean has strategically relocated certain subsidiaries to Bermuda. This move involves de-registering these subsidiaries from their former jurisdictions and re-registering them in Bermuda as exempted companies. The transition does not affect the companies' ownership structures or their existing contractual relationships.
These are recent developments that highlight the ongoing activities within Transocean. Barclays' upgrade reflects an anticipated rebound in offshore drilling contracting activity by late 2025, aligning with Transocean's current contracted fleet status. Meanwhile, the relocation of subsidiaries is part of Transocean's broader operational strategy, even though the immediate financial implications remain undisclosed.
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