Director CHANG VANESSA C L acquired 12,300 shares of Transocean Ltd. [RIG]

The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Transocean Ltd. shares valued at $39,483 were purchased by CHANG VANESSA C L on Jun 23. At $3.21 per share, CHANG VANESSA C L acquired 12,300 shares. The insider’s holdings grew to 49,200 shares worth approximately $0.13 million following the completion of this transaction.

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Also, Mohn Frederik Wilhelm purchased 2,000,000 shares, netting a total of over 7,500,000 in proceeds. Following the buying of shares at $3.75 each, the insider now holds 82,636,646 shares.

Before that, Perestroika had added 2,000,000 shares to its account. In a trade valued at $7,500,000, the Director bought Transocean Ltd. shares for $3.75 each. Upon closing the transaction, the insider’s holdings increased to 2,000,000 shares, worth approximately $221.47 million.

As published in a research note from BTIG Research on September 06, 2022, Transocean Ltd. [RIG] has been rated up from a Neutral to a Buy and the price target has been revised to $8. This represents a 66.5% premium over Wednesday’s closing price. Analysts at CapitalOne upgraded the stock from ‘”an Equal weight”‘ to ‘”an Overweight”‘ outlook in a report released in early August. As of March 24, 2022, Pareto has increased its “Sell” rating to a “Hold” for RIG.

Analyzing RIG’s Price Performance

On Wednesday, Transocean Ltd. [NYSE: RIG] plunged -1.83% to $2.68. The stock’s lowest price that day was $2.67, but it reached a high of $2.86 in the same session. During the last five days, there has been a drop of approximately -21.41%. Over the course of the year, Transocean Ltd. shares have dropped approximately -2.90%. Shares of the company reached a 52-week high of $5.56 on 03/08/22 and a 52-week low of $2.32 on 07/15/22. A 50-day SMA is recorded $3.31, while a 200-day SMA reached $3.65. Nevertheless, trading volume fell to 27.95 million shares from 43.67 million shares the previous day.

Support And Resistance Levels for Transocean Ltd. (RIG)

According to the 24-hour chart, there is a support level at 2.61, which, if violated, would cause prices to drop to 2.55. In the upper region, resistance lies at 2.80. The next price resistance is at 2.93. RSI (Relative Strength Index) is 29.77 on the 14-day chart, showing oversold technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.57, which suggests the price will decrease in the coming days. Percent R is at 99.19%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.

Is Transocean Ltd. subject to short interest?

Stocks of Transocean Ltd. saw a sharp rise in short interest on Jul 14, 2022 jumping by 6.51 million shares to 66.92 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 60.41 million shares. A jump of 9.73% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 3.12 of the overall float, the days-to-cover ratio (short ratio) jumped to 3.12.

Which companies own the most shares of Transocean Ltd. (RIG)?

According to The Vanguard Group, Inc. filings, the company currently owns 54,485,944 shares, which is about 7.72% of the total RIG shares outstanding. The investor’s shares have appreciated by 2,428,551 from its previous 13-F filing of 52057393.0 shares. With the completion of the sale transaction, PRIMECAP Management Co.’s stake is now worth $170,372,788. Van Eck Associates Corp. reduced a -5.00% interest valued at $119.99 million while D. E. Shaw & Co. LP sold a -4,383,686 stake. A total of 1,440,973 shares of Transocean Ltd. were sold by Contrarius Investment Management during the quarter, and 4,200,901 were bought by Dimensional Fund Advisors LP. In its current portfolio, BlackRock Fund Advisors holds 13,298,061 shares valued at $48.14 million.

In terms of Transocean Ltd. share price expectations, FactSet research, analysts set an average price target of $4.86 in the next 12 months, up nearly 64.84% from the previous closing price of $2.73. Analysts anticipate Transocean Ltd. stock to reach $8.00 by 2022, with the lowest price target being $3.25. In spite of this, 12 analysts ranked Transocean Ltd. stock as a Hold at the end of 2022.


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