Transocean Sees Unusually Large Options Volume (RIG)
Transocean Ltd. (NYSE:RIG) was the target of unusually large options trading on Wednesday. Investors acquired 16,469 put options on the stock. This is an increase of 240% compared to the typical volume of 4,840 put options.
Several analysts recently commented on RIG shares. R. F. Lafferty dropped their price target on Transocean from $21.00 to $16.00 and set a “buy” rating for the company in a research report on Monday, May 8th. Royal Bank of Canada reiterated a “sell” rating and set a $13.00 price target on shares of Transocean in a research report on Monday, May 15th. Tudor Pickering started coverage on Transocean in a research report on Thursday, March 23rd. They set a “hold” rating for the company. B. Riley dropped their price target on Transocean from $21.00 to $16.00 and set a “buy” rating for the company in a research report on Tuesday, May 9th. Finally, Jefferies Group LLC set a $12.00 price target on Transocean and gave the stock a “hold” rating in a research report on Wednesday, May 24th. Sixteen research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and ten have issued a buy rating to the company. Transocean currently has an average rating of “Hold” and an average target price of $13.06.
In other news, SVP David A. Tonnel sold 9,450 shares of the company’s stock in a transaction that occurred on Thursday, April 27th. The stock was sold at an average price of $11.28, for a total transaction of $106,596.00. Following the completion of the transaction, the senior vice president now directly owns 54,845 shares of the company’s stock, valued at approximately $618,651.60. The sale was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 0.33% of the company’s stock.
A number of institutional investors have recently modified their holdings of RIG. Federated Investors Inc. PA acquired a new position in shares of Transocean during the fourth quarter worth about $101,000. FNY Partners Fund LP acquired a new position in shares of Transocean during the first quarter worth about $108,000. WFG Advisors LP raised its position in shares of 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 period. Ameritas Investment Partners Inc. acquired a new position in shares of Transocean during the first quarter worth about $116,000. Finally, Ronald Blue & Co. LLC acquired a new position in shares of Transocean during the first quarter worth about $125,000. 68.20% of the stock is owned by institutional investors and hedge funds.
Transocean (NYSE RIG) opened at 8.62 on Friday. The stock has a market capitalization of $3.37 billion, a P/E ratio of 5.18 and a beta of 1.70. Transocean has a 52 week low of $8.38 and a 52 week high of $16.66. The firm has a 50 day moving average price of $9.93 and a 200 day moving average price of $12.66.
Transocean (NYSE:RIG) last issued its quarterly earnings data on Wednesday, May 3rd. The offshore drilling services provider reported $0.01 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.09. Transocean had a return on equity of 2.57% and a net margin of 17.28%. The business had revenue of $785 million during the quarter, compared to analyst estimates of $737.51 million. Equities research analysts predict that Transocean will post ($0.45) earnings per share for the current year.
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Transocean Company Profile
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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