Deep-pocketed investors have adopted a bearish approach towards Transocean RIG, and it's something market players shouldn't ignore. Our tracking of public options records at Benzinga unveiled this significant move today. The identity of these investors remains unknown, but such a substantial move in RIG usually suggests something big is about to happen.
We gleaned this information from our observations today when Benzinga's options scanner highlighted 10 extraordinary options activities for Transocean. This level of activity is out of the ordinary.
The general mood among these heavyweight investors is divided, with 20% leaning bullish and 80% bearish. Among these notable options, 4 are puts, totaling $329,064, and 6 are calls, amounting to $321,877.
What's The Price Target?
After evaluating the trading volumes and Open Interest, it's evident that the major market movers are focusing on a price band between $5.5 and $12.0 for Transocean, spanning the last three months.
Insights into Volume & Open Interest
In terms of liquidity and interest, the mean open interest for Transocean options trades today is 7911.0 with a total volume of 23,142.00.
In the following chart, we are able to follow the development of volume and open interest of call and put options for Transocean's big money trades within a strike price range of $5.5 to $12.0 over the last 30 days.
Transocean 30-Day Option Volume & Interest Snapshot
Biggest Options Spotted:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Ask | Bid | Price | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|---|---|---|
| RIG | PUT | SWEEP | BEARISH | 07/19/24 | $1.0 | $0.73 | $0.98 | $7.00 | $155.7K | 12.1K | 2.0K |
| RIG | CALL | SWEEP | BEARISH | 06/21/24 | $0.18 | $0.16 | $0.18 | $8.00 | $109.8K | 3.5K | 6.4K |
| RIG | PUT | SWEEP | BEARISH | 07/19/24 | $0.89 | $0.85 | $0.89 | $7.00 | $75.2K | 12.1K | 2.0K |
| RIG | PUT | SWEEP | BEARISH | 07/19/24 | $0.89 | $0.87 | $0.89 | $7.00 | $71.9K | 12.1K | 4.0K |
| RIG | CALL | TRADE | BULLISH | 04/26/24 | $1.17 | $1.07 | $1.16 | $5.50 | $68.4K | 875 | 590 |
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.
Following our analysis of the options activities associated with Transocean, we pivot to a closer look at the company's own performance.
Current Position of Transocean
- Trading volume stands at 22,501,285, with RIG's price up by 3.14%, positioned at $6.57.
- RSI indicators show the stock to be may be overbought.
- Earnings announcement expected in 27 days.
What Analysts Are Saying About Transocean
1 market experts have recently issued ratings for this stock, with a consensus target price of $6.0.
- An analyst from Piper Sandler persists with their Neutral rating on Transocean, maintaining a target price of $6.
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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