Transocean Ltd (NYSE: RIG): Hidden Gems In A Time Of Volatility

The trading price of Transocean Ltd (NYSE:RIG) floating higher at last check on Tuesday, April 02, closing at $6.61, 3.69% higher than its previous close.

In examining the 52-week price action we see that the stock hit a 52-week high of $8.88 and a 52-week low of $4.45. Over the past month, the stock has gained 29.76% in value.

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Transocean Ltd, whose market valuation is $5.34 billion at the time of this writing, is expected to release its quarterly earnings report May 01, 2024 – May 03, 2024. Investors’ optimism about the company’s current quarter earnings report is understandable. Analysts have predicted the quarterly earnings per share to grow by -$0.15 per share this quarter, however they have predicted annual earnings per share of -$0.04 for 2024 and $0.5 for 2025. It means analysts are expecting annual earnings per share growth of 95.80% this year and 1,350.00% next year.

Analysts have forecast the company to bring in revenue of $795.89 million for the current quarter, with the likely lows of $745 million and highs of $898.9 million. The average estimate suggests sales will likely up by 22.60% this quarter compared to what was recorded in the comparable quarter last year. From the analysts’ viewpoint, the consensus estimate for the company’s annual revenue in 2024 is $3.64 billion. The company’s revenue is forecast to grow by 28.40% over what it did in 2024.

A company’s earnings reviews provide a brief indication of a stock’s direction in the short term, where in the case of Transocean Ltd No upward and no downward comments were posted in the last 7 days. On the technical side, indicators suggest RIG has a 50% Buy on average for the short term. According to the data of the stock’s medium term indicators, the stock is currently averaging as a 50% Sell, while an average of long term indicators suggests that the stock is currently Hold.

A quick review shows that RIG’s price is currently 15.00% off the SMA20 and 22.32% off the SMA50. The RSI metric on the 14-day chart is currently showing 76.74, and weekly volatility stands at 3.84%. When measured over the past 30 days, the indicator reaches 4.10%. Transocean Ltd (NYSE:RIG)’s beta value is currently sitting at 2.81, while the Average True Range indicator is currently displaying 0.24.

To see how Transocean Ltd stock has been performing today in comparison to its peers in the industry, here are the numbers: RIG stock’s performance was 3.69% at last check in today’s session, and 2.40% in the past year.

An evaluation of the daily trading volume of Transocean Ltd (NYSE:RIG) indicates that the 3-month average is 17.35 million. However, this figure has increased over the past 10 days to an average of 15.82 million.

Currently, records show that 809.03 million of the company’s shares remain outstanding. The insiders hold 11.81% of outstanding shares, whereas institutions hold 68.59%. The stats also highlight that short interest as of Mar 15, 2024, stood at 129.65 million shares, resulting in a short ratio of 6.53 at that time. From this, we can conclude that short interest is 16.03% of the company’s total outstanding shares. It is noteworthy that short shares in March were up slightly from the previous month’s figure, which was 127.54 million. However, since the stock’s price has seen 4.02% year-to-date, investors’ interest is likely to be reignited due to its potential to move even higher.