Transocean Ltd (NYSE:RIG) shares, rose in value, with the stock price down by -2.10% to the previous day’s close as strong demand from buyers drove the stock to $6.54.
Actively observing the price movement in the last trading, the stock closed the session at $6.68. The value of beta (5-year monthly) was 2.75. Referring to stock’s 52-week performance, its high was $8.88, and the low was $4.45. On the whole, RIG has fluctuated by 27.73% over the past month.
With the market capitalization of Transocean Ltd currently standing at about $5.29 billion, investors are eagerly awaiting this quarter’s results, scheduled for May 01, 2024 – May 03, 2024. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$0.15, which is expected to increase to $0.07 for fiscal year -$0.04 and then to about $0.5 by fiscal year 2025. Data indicates that the EPS growth is expected to be 95.80% in 2025, while the next year’s EPS growth is forecast to be 1,350.00%.
Analysts have estimated the company’s revenue for the quarter at $795.89 million, with a low estimate of $745 million and a high estimate of $898.9 million. According to the average forecast, sales growth in current quarter could jump up 22.60%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2025, the company’s y-o-y revenues would reach $3.64 billion, representing an increase of 28.40% 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% Buy 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 Hold.
The stock’s technical analysis shows that the PEG ratio is about 0, with the price of RIG currently trading nearly 10.93% and 20.00% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 71.13, while the 7-day volatility ratio is showing 3.74% which for the 30-day chart, stands at 4.04%. Furthermore, Transocean Ltd (RIG)’s beta value is 2.80, and its average true range (ATR) is 0.24.
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 -2.10% in last session, and over the past year, it shrunk by -7.10%%.
Data on historical trading for Transocean Ltd (NYSE:RIG) indicates that the trading volumes over the past 10 days have averaged 17.88 million and over the past 3 months, they’ve averaged 17.91 million. According to company’s latest data on outstanding shares, there are 809.03 million shares outstanding.
Nearly 11.81% of Transocean Ltd’s shares belong to company insiders and institutional investors own 68.58% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 129.65 million shares as on Mar 15, 2024, resulting in a short ratio of 6.53. According to the data, the short interest in Transocean Ltd (RIG) stood at 15.82% of shares outstanding as of Mar 15, 2024; the number of short shares registered in Feb 15, 2024 reached 127.54 million. The stock has risen by 2.99% 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.
