Transocean Ltd. [NYSE: RIG] traded at a low on 09/30/22, posting a -0.40 loss after which it closed the day’ session at $2.47. The company report on September 22, 2022 that Transocean Ltd. Announces Contract for Harsh Environment Semi-Submersible Transocean Norge.
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Transocean Ltd. (NYSE: RIG) announced today that the harsh environment semi-submersible, Transocean Norge, received a contract award from Wintershall Dea Norge and OMV Norge granting the exclusive right to drill all of the wells for their respective drilling campaigns starting in 2023 through 2027, subject to rig availability and other conditions.
The contract provides that the Transocean Norge will drill eleven wells for Wintershall Dea Norge and six wells for OMV Norge. A portion of this work is subject to operator and government approvals. Assuming that all approvals are received, the full contract period is 1,071 days at an average dayrate of $408,000 which would contribute $437 million in backlog, excluding bonuses and additional services. In addition, the contract contains additional fixed price option wells.
The results of the trading session contributed to over 22298858 shares changing hands. Over the past one week, the price volatility of Transocean Ltd. stands at 7.43% while the volatility over the past one month is 6.19%.
The market cap for RIG stock reached $1.75 billion, with 692.00 million shares outstanding and 653.59 million shares in the current float. Compared to the average trading volume of 20.40M shares, RIG reached a trading volume of 22298858 in the most recent trading day, which is why market watchdogs consider the stock to be active.
What do top market gurus say about Transocean Ltd. [RIG]?
BTIG Research have made an estimate for Transocean Ltd. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on September 06, 2022. The new note on the price target was released on August 02, 2022, representing the official price target for Transocean Ltd. stock. Previously, the target price had yet another raise to $5, while Pareto analysts kept a Hold rating on RIG stock.
The Average True Range (ATR) for Transocean Ltd. is set at 0.20, with the Price to Sales ratio for RIG stock in the period of the last 12 months amounting to 0.69. The Price to Book ratio for the last quarter was 0.15, with the Price to Cash per share for the same quarter was set at 1.03. Price to Free Cash Flow for RIG in the course of the last twelve months was 47.30 with Quick ratio for the last quarter at 1.20.
How has RIG stock performed recently?
Transocean Ltd. [RIG] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 4.66. With this latest performance, RIG shares dropped by -31.77% in over the last four-week period, additionally sinking by -45.95% over the last 6 months – not to mention a drop of -34.83% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for RIG stock in for the last two-week period is set at 34.20, with the RSI for the last a single of trading hit 32.56, and the three-weeks RSI is set at 36.85 for Transocean Ltd. [RIG]. The present Moving Average for the last 50 days of trading for this stock 3.29, while it was recorded at 2.51 for the last single week of trading, and 3.64 for the last 200 days.
Transocean Ltd. [RIG]: Deeper insight into the fundamentals
Operating Margin for any stock indicates how profitable investing would be, and Transocean Ltd. [RIG] shares currently have an operating margin of -1.96 and a Gross Margin at +4.58. Transocean Ltd.’s Net Margin is presently recorded at -23.16.
Return on Equity for this stock declined to -5.23, with Return on Assets sitting at -2.79.
Transocean Ltd.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.20 and a Current Ratio set at 1.50.
Insider trade positions for Transocean Ltd. [RIG]
There are presently around $956 million, or 56.10% of RIG stock, in the hands of institutional investors. The top three institutional holders of RIG stocks are: VANGUARD GROUP INC with ownership of 55,150,263, which is approximately 4.638% of the company’s market cap and around 11.70% of the total institutional ownership; PRIMECAP MANAGEMENT CO/CA/, holding 47,064,306 shares of the stock with an approximate value of $116.25 million in RIG stocks shares; and VAN ECK ASSOCIATES CORP, currently with $81.87 million in RIG stock with ownership of nearly -4.997% of the company’s market capitalization.
129 institutional holders increased their position in Transocean Ltd. [NYSE:RIG] by around 35,085,213 shares. Additionally, 157 investors decreased positions by around 33,279,084 shares, while 97 investors held positions by with 318,842,708 shares. The mentioned changes placed institutional holdings at 387,207,005 shares, according to the latest SEC report filing. RIG stock had 49 new institutional investments in for a total of 14,519,834 shares, while 51 institutional investors sold positions of 8,151,058 shares during the same period.