On April 3, 2023 at 11:59:20 ET an unusually large $935.64K block of Call contracts in Transocean (RIG) was bought, with a strike price of $3.00 / share, expiring in 655 days (on January 17, 2025). Fintel tracks all large options trades, and the premium spent on this trade was 9.85 sigmas above the mean, placing it in the 100.00 percentile of all recent large trades made in RIG options.
This trade was first picked up on Fintel’s real time Unusual Option Trades tool, where unusual option trades are highlighted.
Analyst Price Forecast Suggests 9.93% Upside
As of March 30, 2023, the average one-year price target for Transocean is $6.99. The forecasts range from a low of $4.04 to a high of $12.60. The average price target represents an increase of 9.93% from its latest reported closing price of $6.36.
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The projected annual revenue for Transocean is $3,123MM, an increase of 21.28%. The projected annual non-GAAP EPS is -$0.18.
What is the Fund Sentiment?
There are 529 funds or institutions reporting positions in Transocean. This is an increase of 41 owner(s) or 8.40% in the last quarter. Average portfolio weight of all funds dedicated to RIG is 0.18%, a decrease of 1.25%. Total shares owned by institutions increased in the last three months by 16.54% to 536,711K shares. The put/call ratio of RIG is 0.74, indicating a bullish outlook.
What are Large Shareholders Doing?
Primecap Management holds 46,564K shares representing 6.36% ownership of the company. In it’s prior filing, the firm reported owning 46,953K shares, representing a decrease of 0.83%. The firm decreased its portfolio allocation in RIG by 99.83% over the last quarter.
D. E. Shaw & holds 34,903K shares representing 4.77% ownership of the company. In it’s prior filing, the firm reported owning 23,724K shares, representing an increase of 32.03%. The firm increased its portfolio allocation in RIG by 91.59% over the last quarter.
Contrarius Investment Management holds 31,021K shares representing 4.24% ownership of the company. In it’s prior filing, the firm reported owning 27,698K shares, representing an increase of 10.71%. The firm decreased its portfolio allocation in RIG by 99.81% over the last quarter.
Van Eck Associates holds 25,131K shares representing 3.43% ownership of the company. In it’s prior filing, the firm reported owning 25,359K shares, representing a decrease of 0.91%. The firm increased its portfolio allocation in RIG by 58.85% over the last quarter.
OIH – VanEck Vectors Oil Services ETF holds 24,836K shares representing 3.39% ownership of the company. In it’s prior filing, the firm reported owning 25,782K shares, representing a decrease of 3.81%. The firm increased its portfolio allocation in RIG by 34.49% over the last quarter.
Transocean Background Information
(This description is provided by the company.)
Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. Transocean specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services, and operates the highest specification floating offshore drilling fleet in the world. Transocean owns or has partial ownership interests in and operates a fleet of 37 mobile offshore drilling units consisting of 27 ultra-deepwater floaters and 10 harsh environment floaters. In addition, Transocean is constructing two ultra-deepwater drillships.
This article originally appeared on Fintel
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