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Transocean Inc(RIG-N)

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Chart of the Day: Transocean - Drill Baby Drill

Barchart - Mon Feb 6, 2023

The Chart of the Day belongs to the offshore drilling contractor Transocean (RIG). I found the stock by using Barchart's powerful screening functions to find stocks with the highest technical buy signals, highest Weighted Alpha, superior current momentum and having a Trend Seeker buy signal then used the Flipchart feature to review the charts for consistent price appreciation. Since the Trend Seeker signaled a buy on  12/ 14 the stock gained 59.50%.

RIG Price vs Daily Moving Averages

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts its mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. As of February 14, 2022, the company had partial ownership interests in and operated a fleet of 37 mobile offshore drilling units, including 27 ultra-deep water and 10 harsh environment floaters. It serves integrated energy companies, government-owned or government-controlled oil companies, and other independent energy companies. The company was founded in 1926 and is based in Steinhausen, Switzerland.

Barchart's Opinion Trading systems are listed below. Please note that the Barchart Opinion indicators are updated live during the session every 20 minutes and can therefore change during the day as the market fluctuates. The indicator numbers shown below therefore may not match what you see live on the website when you read this report.

Barchart Technical Indicators:

  • 100% technical buy signals
  • 91.50+Weighted Alpha
  • 101.66% gain in the last year
  • Trend Seeker buy signal
  • Above its 20, 50 and 100 day moving averages
  • 16 new highs and up 61.11% in the last month
  • Relative Strength Index  73.85%
  • Recently traded at $7.20 with 50 day moving average of $4.97

Fundamental Factors:

  • Market Cap $ 5.02 billion
  • Revenue expected to grow by 2.90% this year and another 19.70% next year
  • Earnings estimated to increase 21.60% this year,  an additional 84.50% next year and continue to increase at an annual rate of 216.00% for the next 5 years

Analysts and Investor Sentiment -- I don't buy stocks because everyone else is buying but I do realize that if major firms and investors are dumping a stock it's hard to make money swimming against the tide:

  • Wall Street analysts have 2 strong buy, 12 buy, 14 hold, 7 under perform and 1 sell opinions in place on this stock
  • Analysts have price targets from $3.50 to $10.00 with an average of $5.75
  • The individual investors following the stock on Motley Foll voted 5,553 to 145 for the stock to beat the market with the mosre experienced investors voting 718 to 29 for the same result
  • Value Line gives it a  1 Performance rating (its highest) 
  • CFRA's MarketScope gives it a  Hold rating
  • 85,480 investors monitor the stock on Seeking Alpha

Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in  the next 72 hours.

Additional disclosure: The Barchart Chart of the Day highlights stocks that are experiencing exceptional current price appreciation. They are not intended to be buy recommendations as these stocks are extremely volatile and speculative. Should you decide to add one of these stocks to your investment portfolio it is highly suggested you follow a predetermined diversification and moving stop loss discipline that is consistent with your personal investment risk tolerance and reevaluate your stop losses at least on a weekly basis.

On the date of publication, Jim Van Meerten did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.

Provided Content: Content provided by Barchart. The Globe and Mail was not involved, and material was not reviewed prior to publication.

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