In the past month, Transocean Ltd (NYSE:RIG) has come on to the radars of investors and that can be gauged from the price action in the company’s stock. During that period, the stock has rallied steadily and gone up by as much as 8%.
Trading Data
On Thursday, RIG stock fell 2.40% to $3.27 with more than 12.99 million shares, compared to its average volume of 15.26 million shares. The stock has moved within a range of $3.2300 – 3.5100 after opening trade at $3.42.
Major Trigger
There was no fresh news about the company yesterday but back on January 18 the company made a key announcement and that is something that investors could look into. At the time the company announced later on in the year its Transocean Enabler will be engaged in the drilling of a solidary carbon injection well and will also be involved in drilling for a side track for a second carbon injection well that had been drilled back in 2020.
The work that is going to be done by the company is part of the drilling contract that Transocean currently has in place with Equinor. The announcement that was made back on January 18 was a significant one from the company and one that is likely to be watched closely by investors over the coming months. At this point in time, it may be a good idea for investors to possibly add the Transocean stock to their watch lists.
Technical Data
RIG stock is trading below the 20-Day and 200-Day Moving averages of $3.28 and $3.59 respectively. However, the stock is trading above the 50-Day moving average of $3.13.
