Someone with a lot of money to spend has taken a bearish stance on Transocean RIG.
And retail traders should know.
We noticed this today when the big position showed up on publicly available options history that we track here at Benzinga.
Whether this is an institution or just a wealthy individual, 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 this whale just did?
Today, Benzinga's options scanner spotted 13 uncommon options trades for Transocean.
This isn't normal.
The overall sentiment of these big-money traders is split between 38% bullish and 61%, bearish.
Out of all of the special options we uncovered, 9 are puts, for a total amount of $320,060, and 4 are calls, for a total amount of $624,582.
Projected Price Targets
Analyzing the Volume and Open Interest in these contracts, it seems that the big players have been eyeing a price window from $2.5 to $8.0 for Transocean during the past quarter.
Analyzing Volume & Open Interest
In terms of liquidity and interest, the mean open interest for Transocean options trades today is 8878.75 with a total volume of 7,821.00.
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 $2.5 to $8.0 over the last 30 days.
Transocean Option Volume And Open Interest Over Last 30 Days
Significant Options Trades Detected:
| Symbol | PUT/CALL | Trade Type | Sentiment | Exp. Date | Strike Price | Total Trade Price | Open Interest | Volume |
|---|---|---|---|---|---|---|---|---|
| RIG | CALL | SWEEP | BULLISH | 01/17/25 | $5.00 | $502.0K | 23.4K | 2.0K |
| RIG | CALL | SWEEP | NEUTRAL | 01/16/26 | $5.00 | $68.4K | 549 | 238 |
| RIG | PUT | SWEEP | BULLISH | 05/17/24 | $8.00 | $54.9K | 705 | 507 |
| RIG | PUT | SWEEP | BULLISH | 05/17/24 | $8.00 | $37.2K | 705 | 207 |
| RIG | PUT | TRADE | BEARISH | 01/17/25 | $7.00 | $34.4K | 25.7K | 400 |
Present Market Standing of Transocean
- With a volume of 13,459,671, the price of RIG is down -1.05% at $6.58.
- RSI indicators hint that the underlying stock may be oversold.
- Next earnings are expected to be released in 105 days.
Professional Analyst Ratings for Transocean:
- Morgan Stanley persists with their Equal-Weight rating on Transocean, maintaining a target price of $9.
- Consistent in their evaluation, Susquehanna keeps a Neutral rating on Transocean with a target price of $7.
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.
Date of Trade | ticker | Put/Call | Strike Price | DTE | Sentiment |
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