Transocean Ltd., (RIG), is a globally renowned offshore drilling contractor that specializes in delivering drilling solutions to the worldwide oil and gas industry. The company was founded in 1953, the current CEO of the company is Jeremy D. Thigpen. Transocean is headquartered in Steinhausen and currently has 5.34K employees.
The company recorded a rise of 282.9% in operating free cash flow for Q2 2023 resulting in $157.00 Million. The valuation of the company has also risen by 143.8%, while the price to sales ratio has is up by 118.5%.
The beta of the RIG share is 2.698 which makes it more volatile than the market as a whole, the stock has an average volume of 15.23 Million resulting in a market cap of $6.408 Billion. The share has a debt/equity ratio of 71.58% which is a bullish signal. Moreover, the current ratio of the company is 1.96 which indicates that the company can comfortably repay its debt.
Transocean Ltd. Performance Analysis
The net income for the transocean is negative for 2022 (-$621.00 Million) and the revenue for the company is constant to the previous year following a EBITDA of 6%.
RIG Technical Analysis
a by writer11_gsm on TradingView.com
RIG is advancing to the higher levels, breaking above the previous swing highs, indicating an uptrend on charts and is currently taking support at the breakout levels. The price is expected to advance further if it sustains the breakout.
The consistent advance in price of the RIG share has led to the golden cross in 50-day and the 200-day EMAs on the charts which indicates an uptrend and presence of buyers in the market.
The RSI of the share is trading above the 50-level and has also broken out above the overbought zones, indicating a strong uptrend in the stock.
Technical Overview of RIG Stock
The technicals are neutral for the RIG share as it has been consolidating for last few days but considering the fundamental data, the experts are bullish on the stock.
Conclusion
The Transocean share price is following an uptrend leading to higher levels. The RSI and EMA are also bullish for the stock. The stock has good fundamentals and is trading on good ratios. Analysts are also bullish on the stock. Therefore, if the RIG share breaks above the price of $9.00, then it could lead to further continuation of the uptrend..
Technical Levels
- Support Levels: $2.30 and $5.50
- Resistance Levels: $9.70 and $14.50
Disclaimer
The information provided in this article, including the views and opinions expressed by the author or any individuals mentioned, is intended for informational purposes only. It is important to note that the article does not provide financial or investment advice. Investing or trading in cryptocurrency assets carries inherent risks and can result in financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/09/21/will-transocean-hit-an-all-time-high-in-the-coming-sessions/