Transocean Ltd (NYSE:RIG) Stock Sees Bearish Move: But Why?
In the past week, the Transocean Ltd (NYSE:RIG) stock has suffered from a steady selloff and gone down by as much as 8% during the period as a consequence.
Market Stats
On Thursday, RIG stock ended flat at $3.45 with more than 10.56 million shares, compared to its average volume of 16.74 million shares. The stock has moved within a range of $3.4300 – 3.5300 after opening the trade at $3.47.
Recent News
There has been no news about the company over the course of the past week and hence, the decline may appear random or even speculative at this point. That last time any news emerged about the company was back on October 25 when Transocean provided a Fleet Status Report for the quarter. The report in question provides the details of in relation to the ongoing status as well as the contract information of the offshore drilling rigs that are operated by Transocean.
Investors could consider taking a look at some of the highlights from the report. The Deepwater Atlas rig managed to bag a four well, two phase contract for rigging in the United States Gulf of Mexico. On the other hand, Deepwater Asgard managed to bag a contract for a solitary well in the same area. Three other rigs managed to win new contracts in the quarter and although the developments were significant, it does not seem that investors are particularly thrilled regarding the report.
Traders Corner
RIG stock is trading below the 20-Day and 50-Day Moving averages of $3.69 and $3.71 respectively. Moreover, the stock is trading below the 200-Day moving average of $3.72. The stock is down 2% in the past 3-month.
