Transocean Sees Unusually Large Options Volume (NYSE:RIG)

Transocean Ltd. (NYSE:RIGGet Rating) was the recipient of unusually large options trading on Tuesday. Stock traders bought 55,366 call options on the company. This is an increase of approximately 21% compared to the typical volume of 45,882 call options.

Analysts Set New Price Targets

A number of analysts have recently commented on RIG shares. Susquehanna cut their price objective on Transocean from $4.20 to $3.30 and set a “neutral” rating for the company in a research report on Monday, October 17th. Susquehanna Bancshares cut their price objective on Transocean from $4.20 to $3.30 and set a “neutral” rating for the company in a research report on Monday, October 17th. Benchmark started coverage on Transocean in a research report on Thursday, January 19th. They issued a “buy” rating and a $7.50 price objective for the company. TheStreet upgraded Transocean from a “d+” rating to a “c-” rating in a research report on Monday, November 14th. Finally, Barclays boosted their price target on Transocean from $5.00 to $6.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 8th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Transocean presently has a consensus rating of “Moderate Buy” and a consensus price target of $4.94.

Insider Buying and Selling

In related news, CAO David A. Tonnel sold 14,541 shares of Transocean stock in a transaction dated Wednesday, January 18th. The stock was sold at an average price of $6.15, for a total transaction of $89,427.15. Following the completion of the sale, the chief accounting officer now owns 277,067 shares of the company’s stock, valued at $1,703,962.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO David A. Tonnel sold 34,267 shares of Transocean stock in a transaction that occurred on Tuesday, January 10th. The stock was sold at an average price of $5.45, for a total transaction of $186,755.15. Following the completion of the transaction, the chief accounting officer now directly owns 291,608 shares in the company, valued at $1,589,263.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO David A. Tonnel sold 14,541 shares of Transocean stock in a transaction that occurred on Wednesday, January 18th. The shares were sold at an average price of $6.15, for a total value of $89,427.15. Following the transaction, the chief accounting officer now owns 277,067 shares of the company’s stock, valued at $1,703,962.05. The disclosure for this sale can be found here. Insiders sold 61,877 shares of company stock valued at $340,874 over the last quarter. 13.26% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Transocean

Several large investors have recently modified their holdings of the business. Personal Capital Advisors Corp lifted its stake in shares of Transocean by 17.3% in the 3rd quarter. Personal Capital Advisors Corp now owns 20,347 shares of the offshore drilling services provider’s stock valued at $50,000 after purchasing an additional 3,000 shares during the last quarter. Sigma Planning Corp lifted its stake in shares of Transocean by 23.6% in the 3rd quarter. Sigma Planning Corp now owns 17,289 shares of the offshore drilling services provider’s stock valued at $43,000 after purchasing an additional 3,305 shares during the last quarter. Ingalls & Snyder LLC lifted its stake in shares of Transocean by 13.0% in the 3rd quarter. Ingalls & Snyder LLC now owns 30,500 shares of the offshore drilling services provider’s stock valued at $75,000 after purchasing an additional 3,500 shares during the last quarter. Sei Investments Co. lifted its stake in shares of Transocean by 1.2% in the 1st quarter. Sei Investments Co. now owns 304,535 shares of the offshore drilling services provider’s stock valued at $1,392,000 after purchasing an additional 3,569 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC lifted its stake in shares of Transocean by 11.8% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 36,543 shares of the offshore drilling services provider’s stock valued at $122,000 after purchasing an additional 3,844 shares during the last quarter. Institutional investors and hedge funds own 55.16% of the company’s stock.

Transocean Stock Performance

NYSE RIG opened at $6.24 on Wednesday. The stock’s fifty day moving average is $4.60 and its two-hundred day moving average is $3.77. The firm has a market capitalization of $4.50 billion, a P/E ratio of -7.80 and a beta of 2.79. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.38 and a current ratio of 1.64. Transocean has a fifty-two week low of $2.32 and a fifty-two week high of $7.54.

Transocean (NYSE:RIGGet Rating) last released its quarterly earnings data on Wednesday, November 2nd. The offshore drilling services provider reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.09. The company had revenue of $691.00 million for the quarter, compared to analyst estimates of $665.24 million. Transocean had a negative return on equity of 3.74% and a negative net margin of 20.50%. The firm’s revenue for the quarter was up 10.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.19) earnings per share. On average, research analysts anticipate that Transocean will post -0.55 earnings per share for the current year.

About Transocean

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Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts its mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. As of February 14, 2022, the company had partial ownership interests in and operated a fleet of 37 mobile offshore drilling units, including 27 ultra-deep water and 10 harsh environment floaters.

Further Reading

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