Transocean Ltd. (NYSE: RIG) stock jumped 3.35% on Wednesday to $6.47 against a previous-day closing price of $6.26. With 11.69 million shares changed hands, the volume of the stock remained lighter than its average volume of 18.44 million shares. During the session, the Oil & Gas Drilling company that operates in wider Energy sector, reached to the highest price of $6.47 whereas the lowest price it dropped to was $6.21. The 52-week range on RIG shows that it touched its highest point at $7.74 and its lowest point at $2.32 during that stretch. It currently has a 1-year price target of $7.35. Beta for the stock currently stands at 2.91.
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Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of RIG was up-trending over the past week, with a rise of 9.85%, but this was up by 10.22% over a month. Three-month performance dropped to -0.77% while six-month performance rose 61.75%. The stock gained 57.80% in the past year, while it has gained 41.89% so far this year. A look at the trailing 12-month EPS for RIG yields -1.26 with Next year EPS estimates of 0.48. For the next quarter, that number is -0.14. This implies an EPS growth rate of 4.40% for this year and 185.70% for next year.
Float and Shares Shorts:
At present, 728.00 million RIG shares are outstanding with a float of 669.76 million shares on hand for trading. On Apr 27, 2023, short shares totaled 137.48 million, which was 17.94% higher than short shares on Mar 30, 2023. In addition to Mr. Jeremy D. Thigpen as the firm’s CEO & Exec. Director, Mr. Keelan I. Adamson serves as its Pres & COO.
Institutional Ownership:
Through their ownership of 65.71% of RIG’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 43.49% of RIG, in contrast to 29.59% held by mutual funds. Shares owned by individuals account for 12.59%. As the largest shareholder in RIG with 8.98% of the stake, The Vanguard Group, Inc. holds 65,191,412 shares worth 65,191,412. A second-largest stockholder of RIG, PRIMECAP Management Co., holds 46,321,989 shares, controlling over 6.38% of the firm’s shares. Contrarius Investment Management is the third largest shareholder in RIG, holding 28,482,361 shares or 3.92% stake. With a 2.95% stake in RIG, the Vanguard Total Stock Market ETF is the largest stakeholder. A total of 21,389,670 shares are owned by the mutual fund manager. The Vanguard Small Cap Index Fund, which owns about 2.49% of RIG stock, is the second-largest Mutual Fund holder. It holds 18,050,925 shares valued at 106.5 million. VanEck Oil Services ETF holds 2.18% of the stake in RIG, owning 15,801,896 shares worth 93.23 million.
An Overview of Recent Financials:
Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Mar 30, 2023, RIG reported revenue of $692.00M and operating income of $32.00M. The EBITDA in the recently reported quarter was $39.00M and diluted EPS was -$0.10.
Analysts Ratings:
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for RIG since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With RIG analysts setting a high price target of $12.00 and a low target of $5.00, the average target price over the next 12 months is $7.36. Based on these targets, RIG could surge 85.47% to reach the target high and fall by -22.72% to reach the target low. Reaching the average price target will result in a growth of 13.76% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.
Summary of Insider Activity:
Insiders traded RIG stock several times over the past three months with 19 Buys and 8 Sells. In these transactions, 2,726,007 shares were bought while 1,182,777 shares were sold. The number of buy transactions has increased to 28 while that of sell transactions has risen to 22 over the past year. The total number of shares bought during that period was 21,152,754 while 2,766,713 shares were sold.
