Stock Traders Buy High Volume of Transocean Call Options (RIG)

Transocean Ltd. (NYSE:RIG) was the recipient of unusually large options trading on Wednesday. Traders acquired 6,257 call options on the stock. This represents an increase of approximately 613% compared to the average volume of 878 call options.

In other Transocean news, SVP David A. Tonnel sold 9,450 shares of the stock in a transaction 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 transaction, the senior vice president now owns 54,845 shares in the company, valued at approximately $618,651.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.33% of the stock is owned by company insiders.

Large investors have recently modified their holdings of the stock. Norges Bank bought a new stake in shares of Transocean during the fourth quarter valued at $92,740,000. Teachers Advisors LLC boosted 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 valued at $54,222,000 after buying an additional 3,869,219 shares in the last quarter. Cornerstone Capital Management Holdings LLC. boosted 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 valued at $25,256,000 after buying an additional 1,741,410 shares in the last quarter. State Street Corp boosted 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 valued at $265,374,000 after buying an additional 1,615,383 shares in the last quarter. Finally, Pioneer Investment Management Inc. bought a new stake in shares of Transocean during the first quarter valued at $19,157,000. Institutional investors own 68.20% of the company’s stock.

Several research analysts have weighed in on the company. BMO Capital Markets reiterated a “sell” rating on shares of Transocean in a research report on Sunday, February 26th. Morgan Stanley lowered their price objective on Transocean from $13.00 to $12.00 and set an “underweight” rating on the stock in a research report on Friday. Raymond James Financial, Inc. reiterated an “underperform” rating on shares of Transocean in a research report on Monday, February 27th. BidaskClub upgraded Transocean from a “strong sell” rating to a “sell” rating in a research report on Wednesday. Finally, Vetr cut Transocean from a “strong-buy” rating to a “buy” rating and set a $14.91 price objective on the stock. in a research report on Monday, February 27th. Sixteen research analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $13.06.

Transocean (RIG) opened at 8.62 on Friday. Transocean has a 12 month low of $8.38 and a 12 month high of $16.66. The stock’s 50 day moving average price is $9.93 and its 200-day moving average price is $12.66. The company has a market capitalization of $3.37 billion, a P/E ratio of 5.18 and a beta of 1.70.

Transocean (NYSE:RIG) last issued its earnings results on Wednesday, May 3rd. The offshore drilling services provider reported $0.01 earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.09. The company had revenue of $785 million during the quarter, compared to analysts’ expectations of $737.51 million. Transocean had a return on equity of 2.57% and a net margin of 17.28%. On average, equities research analysts predict that Transocean will post ($0.45) EPS for the current fiscal year.

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About Transocean

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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