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 positions 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.
Today, Benzinga's options scanner spotted 8 options trades for Transocean.
This isn't normal.
The overall sentiment of these big-money traders is split between 37% bullish and 62%, bearish.
Out of all of the options we uncovered, there was 1 put, for a total amount of $28,000, and 7, calls, for a total amount of $843,420.
Projected Price Targets
Taking into account the Volume and Open Interest on these contracts, it appears that whales have been targeting a price range from $1.0 to $10.0 for Transocean over the last 3 months.
Volume & Open Interest Trends
Looking at the volume and open interest is an insightful way to conduct due diligence on a stock.
This data can help you track the liquidity and interest for Transocean's options for a given strike price.
Below, we can observe the evolution of the volume and open interest of calls and puts, respectively, for all of Transocean's whale activity within a strike price range from $1.0 to $10.0 in the last 30 days.
Transocean Option Volume And Open Interest Over Last 30 Days
Noteworthy Options Activity:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| RIG | CALL | TRADE | BULLISH | 01/17/25 | $10.00 | $340.0K | 25.6K | 20.0K |
| RIG | CALL | SWEEP | BULLISH | 01/17/25 | $10.00 | $172.5K | 25.6K | 5.1K |
| RIG | CALL | TRADE | BULLISH | 01/17/25 | $10.00 | $167.4K | 25.6K | 10.0K |
| RIG | CALL | SWEEP | BEARISH | 04/19/24 | $5.00 | $75.0K | 6.8K | 973 |
| RIG | CALL | SWEEP | BEARISH | 01/16/26 | $4.00 | $36.9K | 10.2K | 131 |
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.
After a thorough review of the options trading surrounding Transocean, we move to examine the company in more detail. This includes an assessment of its current market status and performance.
Current Position of Transocean
- With a volume of 12,036,063, the price of RIG is up 0.17% at $5.98.
- RSI indicators hint that the underlying stock may be overbought.
- Next earnings are expected to be released in 35 days.
Professional Analyst Ratings for Transocean
A total of 2 professional analysts have given their take on this stock in the last 30 days, setting an average price target of $6.5.
- Consistent in their evaluation, an analyst from Piper Sandler keeps a Neutral rating on Transocean with a target price of $6.
- An analyst from Morgan Stanley has decided to maintain their Equal-Weight rating on Transocean, which currently sits at a price target of $7.
Options are a riskier asset compared to just trading the stock, but they have higher profit potential. Serious options traders manage this risk by educating themselves daily, scaling in and out of trades, following more than one indicator, and following the markets closely.
If you want to stay updated on the latest options trades for Transocean, Benzinga Pro gives you real-time options trades alerts.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date of Trade | ticker | Put/Call | Strike Price | DTE | Sentiment |
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