Investors with a lot of money to spend have taken a bearish stance on Transocean RIG.
And retail traders should know.
We noticed this today when the trades showed up on publicly available options history that we track here at Benzinga.
Whether these are institutions or just wealthy individuals, we don't know. But when something this big happens with RIG, it often means somebody knows something is about to happen.
So how do we know what these investors just did?
Today, Benzinga's options scanner spotted 8 uncommon options trades for Transocean.
This isn't normal.
The overall sentiment of these big-money traders is split between 25% bullish and 75%, bearish.
Out of all of the special options we uncovered, 5 are puts, for a total amount of $183,050, and 3 are calls, for a total amount of $208,299.
What's The Price Target?
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $4.5 to $8.0 for Transocean during the past quarter.
Analyzing Volume & Open Interest
In today's trading context, the average open interest for options of Transocean stands at 8042.83, with a total volume reaching 12,918.00. The accompanying chart delineates the progression of both call and put option volume and open interest for high-value trades in Transocean, situated within the strike price corridor from $4.5 to $8.0, throughout the last 30 days.
Transocean Call and Put Volume: 30-Day Overview
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| RIG | CALL | SWEEP | BULLISH | 01/17/25 | $0.88 | $0.83 | $0.88 | $5.50 | $131.7K | 23.9K | 1.7K |
| RIG | PUT | SWEEP | BEARISH | 01/17/25 | $0.98 | $0.95 | $0.98 | $5.50 | $47.8K | 4.8K | 581 |
| RIG | PUT | SWEEP | BULLISH | 01/17/25 | $0.5 | $0.47 | $0.47 | $4.50 | $46.4K | 3.5K | 1.0K |
| RIG | CALL | SWEEP | BEARISH | 07/19/24 | $0.66 | $0.59 | $0.59 | $5.00 | $42.2K | 5.5K | 442 |
| RIG | CALL | SWEEP | BEARISH | 08/16/24 | $0.09 | $0.07 | $0.07 | $8.00 | $34.2K | 8.7K | 5.3K |
About Transocean
Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. Its segment involves contracting mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells.
In light of the recent options history for Transocean, it's now appropriate to focus on the company itself. We aim to explore its current performance.
Current Position of Transocean
- Trading volume stands at 26,278,782, with RIG's price up by 0.77%, positioned at $5.26.
- RSI indicators show the stock to be may be oversold.
- Earnings announcement expected in 89 days.
What Analysts Are Saying About Transocean
4 market experts have recently issued ratings for this stock, with a consensus target price of $7.5.
- Consistent in their evaluation, an analyst from B of A Securities keeps a Underperform rating on Transocean with a target price of $6.
- An analyst from Benchmark has revised its rating downward to Buy, adjusting the price target to $8.
- Maintaining their stance, an analyst from Evercore ISI Group continues to hold a Outperform rating for Transocean, targeting a price of $7.
- An analyst from Susquehanna upgraded its action to Positive with a price target of $9.
Trading options involves greater risks but also offers the potential for higher profits. Savvy traders mitigate these risks through ongoing education, strategic trade adjustments, utilizing various indicators, and staying attuned to market dynamics. Keep up with the latest options trades for Transocean with Benzinga Pro for real-time alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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