Transocean Target of Unusually High Options Trading (RIG)
Transocean Ltd. (NYSE:RIG) saw some unusual options trading activity on Wednesday. Stock investors bought 6,257 call options on the stock. This represents an increase of approximately 613% compared to the typical volume of 878 call options.
Transocean (NYSE:RIG) traded down 6.9345% on Wednesday, reaching $8.5248. 10,453,870 shares of the company’s stock traded hands. The stock has a market cap of $3.33 billion, a price-to-earnings ratio of 5.1262 and a beta of 1.70. Transocean has a 52-week low of $8.38 and a 52-week high of $16.66. The company’s 50 day moving average is $10.16 and its 200-day moving average is $12.74.
Transocean (NYSE:RIG) last released its quarterly earnings results on Wednesday, May 3rd. The offshore drilling services provider reported $0.01 earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.09. The business had revenue of $785 million for the quarter, compared to analysts’ expectations of $737.51 million. Transocean had a net margin of 17.28% and a return on equity of 2.57%. Equities analysts expect that Transocean will post ($0.45) EPS for the current year.
In other Transocean news, SVP David A. Tonnel sold 9,450 shares of the company’s stock in a transaction on Thursday, April 27th. The shares were sold at an average price of $11.28, for a total transaction of $106,596.00. Following the completion of the sale, the senior vice president now owns 54,845 shares in the company, valued at approximately $618,651.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.33% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RIG. Federated Investors Inc. PA bought a new position in Transocean during the fourth quarter worth $101,000. FNY Partners Fund LP bought a new position in Transocean during the first quarter worth $108,000. WFG Advisors LP boosted its position in Transocean by 40.7% in the first quarter. WFG Advisors LP now owns 8,856 shares of the offshore drilling services provider’s stock worth $110,000 after buying an additional 2,562 shares during the last quarter. Ameritas Investment Partners Inc. bought a new position in Transocean during the first quarter worth $116,000. Finally, Ronald Blue & Co. LLC bought a new position in Transocean during the first quarter worth $125,000. Hedge funds and other institutional investors own 68.20% of the company’s stock.
A number of analysts recently commented on RIG shares. Vetr cut shares of Transocean from a “strong-buy” rating to a “buy” rating and set a $14.51 price objective for the company. in a research report on Wednesday, March 15th. BMO Capital Markets restated a “sell” rating and issued a $10.00 price objective on shares of Transocean in a research report on Tuesday, April 18th. Credit Suisse Group set a $18.00 price objective on shares of Transocean and gave the company a “buy” rating in a research report on Thursday, April 20th. R. F. Lafferty lowered their price objective on shares of Transocean from $21.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, May 15th. Finally, Piper Jaffray Companies upped their price objective on shares of Transocean from $13.70 to $14.10 and gave the company a “neutral” rating in a research report on Friday, February 24th. Fifteen analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. Transocean presently has a consensus rating of “Hold” and an average price target of $13.31.
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Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company’s primary business is to contract its drilling rigs, related equipment and work crews on a dayrate basis to drill oil and gas wells. As of February 9, 2017, it owned or had partial ownership interests in and operated 56 mobile offshore drilling units.
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