Transocean Ltd. (NYSE:RIG) shares, rose in value on Wednesday, 08/03/22, with the stock price down by -4.28% to the previous day’s close as strong demand from buyers drove the stock to $3.58.
Actively observing the price movement in the last trading, the stock closed the session at $3.74, falling within a range of $3.48 and $3.81. The value of beta (5-year monthly) was 2.94. Referring to stock’s 52-week performance, its high was $5.56, and the low was $2.32. On the whole, RIG has fluctuated by 13.29% over the past month.
With the market capitalization of Transocean Ltd. currently standing at about $2.19 billion, investors are eagerly awaiting this quarter’s results, scheduled for May 02, 2022 – May 06, 2022.
Analysts have estimated the company’s revenue for the quarter at $692.32 million, with a low estimate of $662 million and a high estimate of $707 million. According to the average forecast, sales growth in current quarter could jump up 5.50%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2023, the company’s y-o-y revenues would reach $2.67 billion, representing an increase of 4.50% from the revenues reported in the last year’s results.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that RIG’s technical picture suggests that short-term indicators denote the stock is a 50% Sell on average. However, medium term indicators have put the stock in the category of 50% Sell while long term indicators on average have been pointing out that it is a 50% Sell.
12 analyst(s) have assigned their ratings of the stock’s forecast evaluation on a scale of 1.00-5.00 to indicate a strong buy to a strong sell recommendation. The stock is rated as a Hold by 7 analyst(s), 1 recommend it as a Buy and 1 called the RIG stock Overweight. In the meantime, 1 analyst(s) believe the stock as Underweight and 2 think it is a Sell. Thus, investors eager to increase their holdings of the company’s stock will have an opportunity to do so as the average rating for the stock is Hold.
The stock’s technical analysis shows that the PEG ratio is about 0, with the price of RIG currently trading nearly 22.54% and 1.71% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 58.32, while the 7-day volatility ratio is showing 9.08% which for the 30-day chart, stands at 7.61%. Furthermore, Transocean Ltd. (RIG)’s beta value is 2.80, and its average true range (ATR) is 0.28. The company’s stock has been forecasted to trade at an average price of $4.22 over the course of the next 52 weeks, with a low of $2.75 and a high of $6.00. Based on these price targets, the low is 23.18% off current price, whereas the price has to move -67.6% to reach the yearly target high. Additionally, analysts’ median price of $4.25 is likely to be welcomed by investors because it represents a decrease of -18.72% from the current levels.
A comparison of Transocean Ltd. (RIG) with its peers suggests the former has fared considerably weaker in the market. RIG showed an intraday change of -4.28% in last session, and over the past year, it grew by 2.29%%. In comparison, Nabors Industries Ltd. (NBR) has moved lower at -4.46% on the day and was up 52.16% over the past 12 months. On the other hand, the price of Patterson-UTI Energy Inc. (PTEN) has fallen -4.72% on the day. The stock, however, is off 91.97% from where it was a year ago. Additionally, there is a loss of -3.94% for Helmerich & Payne Inc. (HP) in last trading while the stock has seen an overall depriciation of 51.21%% over the past year. Other than that, the overall performance of the S&P 500 during the last trading session shows that it gained 1.56%. Meanwhile, the Dow Jones Industrial Improved by 1.29%.
Data on historical trading for Transocean Ltd. (NYSE:RIG) indicates that the trading volumes over the past 10 days have averaged 18.78 million and over the past 3 months, they’ve averaged 20.08 million. According to company’s latest data on outstanding shares, there are 664.00 million shares outstanding.
Nearly 12.80% of Transocean Ltd.’s shares belong to company insiders and institutional investors own 58.10% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 66.92 million shares as on Jul 14, 2022, resulting in a short ratio of 3.12. According to the data, the short interest in Transocean Ltd. (RIG) stood at 9.83% of shares outstanding as of Jul 14, 2022; the number of short shares registered in Jun 14, 2022 reached 60.41 million. The stock has risen by 29.71% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the RIG stock heading into the next quarter.