Traders Purchase High Volume of Transocean Call Options (NYSE:RIG)
Transocean Ltd. (NYSE:RIG) saw unusually large options trading on Tuesday. Investors purchased 47,393 call options on the stock. This is an increase of approximately 683% compared to the average volume of 6,049 call options.
Several research analysts recently issued reports on the company. BMO Capital Markets reissued a “sell” rating and issued a $10.00 price objective on shares of Transocean in a research note on Tuesday, April 18th. Deutsche Bank AG dropped their price objective on Transocean from $8.00 to $7.00 and set a “hold” rating on the stock in a research note on Tuesday, April 18th. Barclays PLC increased their price objective on Transocean from $8.00 to $10.00 and gave the stock an “underweight” rating in a research note on Monday, May 1st. Credit Suisse Group set a $18.00 price objective on Transocean and gave the stock a “buy” rating in a research note on Thursday, April 20th. Finally, R. F. Lafferty dropped their target price on Transocean from $21.00 to $16.00 and set a “buy” rating on the stock in a research report on Monday, May 8th. Fifteen equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and nine have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $12.86.
A number of hedge funds have recently made changes to their positions in the company. Teachers Advisors LLC raised its stake in shares of Transocean by 796.2% in the first quarter. Teachers Advisors LLC now owns 4,355,168 shares of the offshore drilling services provider’s stock worth $54,222,000 after buying an additional 3,869,219 shares during the period. Cornerstone Capital Management Holdings LLC. raised its stake in shares of Transocean by 606.1% in the first quarter. Cornerstone Capital Management Holdings LLC. now owns 2,028,718 shares of the offshore drilling services provider’s stock worth $25,256,000 after buying an additional 1,741,410 shares during the period. State Street Corp raised its stake in shares of Transocean by 8.2% in the first quarter. State Street Corp now owns 21,325,783 shares of the offshore drilling services provider’s stock worth $265,374,000 after buying an additional 1,615,383 shares during the period. Pioneer Investment Management Inc. purchased a new stake in shares of Transocean during the first quarter worth about $19,157,000. Finally, TIAA CREF Investment Management LLC raised its stake in shares of Transocean by 132.0% in the first quarter. TIAA CREF Investment Management LLC now owns 2,533,383 shares of the offshore drilling services provider’s stock worth $31,541,000 after buying an additional 1,441,566 shares during the period. Hedge funds and other institutional investors own 67.53% of the company’s stock.
Shares of Transocean (RIG) opened at 8.67 on Friday. The stock’s 50 day moving average is $8.39 and its 200 day moving average is $11.39. Transocean has a 52-week low of $7.67 and a 52-week high of $16.66. The stock has a market cap of $3.39 billion, a price-to-earnings ratio of 5.21 and a beta of 1.67.
Transocean (NYSE:RIG) last announced its earnings results on Wednesday, May 3rd. The offshore drilling services provider reported $0.01 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.08) by $0.09. Transocean had a net margin of 17.28% and a return on equity of 2.57%. The firm had revenue of $785 million for the quarter, compared to analyst estimates of $737.51 million. On average, equities analysts expect that Transocean will post ($0.41) earnings per share for the current fiscal year.
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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