IRG stock: Second quarter earning loss | 10% loss | My lessons

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 Thigpen concluded: “As we enter the back half of this year, we remain encouraged by the upcycle that is currently unfolding. Assuming oil prices remain supportive, we see utilization and dayrates for our ultra-deepwater assets materially improving as we move into 2022.”

The earnings are not great but they are good. Operating cash flows have significantly improved due to increase in operating efficiencies, which is good going forward. Once institutions start buying in couple of days, RIG should go over 4 dollars soon.

There were 15 insider buys by 3 insiders in June for 25.8 million shares at prices ranging from $3.97 to $4.40.

Jeremy Thigpen. “These better than anticipated results were driven largely by our continued focus on operational excellence, as evidenced by our strong uptime performance, which resulted in revenue efficiency of 98 percent.”

RIG is heavily manipulated by Short Term Traders or MM. I listened to the earnings call, there was nothing in the earnings for RIG to be down 10%. Longs just wait, RIG will be green soon. There are too many quick profit seekers out there. They eventually loose money.

RIG has $1B EBITDA and $ 2B Market Cap. RIG shares are way underpriced. This is Wall Street folks.

RIG has $1B EBITDA and $ 2B Market Cap. RIG shares are way underpriced. This is Wall Street folks.

Director https://www.nasdaq.com/market-activity/insiders/mohn-frederik-wilhelm-104430

bought about 100million bucks worth of stock in OPEN market at average 4.20 in June 2021.

He now owns about 15% of RIG

Keep it simple. Going forward RIG will trade with the whole energy sector. Last 3 weeks the whole sector got killed. Once delta is under control next 3 weeks the whole sector will fly. In my opinion earnings will not make much of a difference going forward. Look at XOM, MTDR and CVX. They had solid quarters yet they went down. What matters is where oil is heading next 6 months. I say $80

15 hours ago

During the quarter, we took meaningful steps to improve our liquidity by agreeing to delay delivery and payment of our two newbuild drillships, the Deepwater Atlas and the Deepwater Titan, ultimately deferring over $450 million of near-term capex. Additionally, we further improved our liquidity through the initiation of our ATM program that provides us with additional optionality. We will remain pragmatic yet disciplined in using this tool now and in the future.”

Thigpen concluded: “As we enter the back half of this year, we remain encouraged by the upcycle that is currently unfolding. Assuming oil prices remain supportive, we see utilization and dayrates for our ultra-deepwater assets materially improving as we move into 2022.”

1 hour ago

With all the trillions of dollars being pumped all over the world, and with lending down,
Money will go to hard assets: real estate, commodities etc… as gold moves up the value of barrels per oz of gold goes down meaning that oil become cheaper in gold terms. So eventually money will flow to oil just because it is better to own a hard asset like oil barrels, either the untapped reserves or extracted and in storage than hold plain dollars being eaten by inflation