5 Penny Stocks with Insider Buying in 2024

2. Transocean LTD (NYSE:RIG)

Number of Hedge Fund Investors: 45

Transocean LTD (NYSE:RIG) is one of the penny stocks with heavy insider buying so far in 2024.  On February 27, 2024, Frederik Wilhelm Mohn, a director at Transocean LTD (NYSE:RIG), bought one million shares of Transocean LTD (NYSE:RIG) at $4.89 per share. Since then the stock has gained about 20% in value.

As of the end of the fourth quarter of 2023, 45 hedge funds had stakes in Transocean LTD (NYSE:RIG).

Carillon Scout Mid Cap Fund stated the following regarding Transocean Ltd. (NYSE:RIG) in its fourth quarter 2023 investor letter:

Transocean Ltd. (NYSE:RIG), a leader in deepwater offshore drilling rigs, was next among the losers in a generally weak energy group. Oil fell from recent highs, partially driven by Mideast tensions, and this hurt sentiment in the energy sector despite little change in offshore rig day-rate pricing or long-term fundamentals.”