Transocean LTD Short Interest Up 8.3% in July (RIG)
Transocean LTD (NYSE:RIG) was the recipient of a significant growth in short interest in July. As of July 31st, there was short interest totalling 62,157,922 shares, a growth of 8.3% from the July 15th total of 57,390,930 shares, AmericanBankingNews.com reports. Approximately 17.2% of the shares of the company are sold short. Based on an average daily volume of 4,913,468 shares, the short-interest ratio is currently 12.7 days.
A number of research firms have recently commented on RIG. Analysts at RBC Capital cut their price target on shares of Transocean LTD from $45.00 to $42.00 in a research note on Friday, August 8th. Separately, analysts at Jefferies Group cut their price target on shares of Transocean LTD from $41.00 to $40.00 in a research note on Friday, August 8th. Finally, analysts at Deutsche Bank downgraded shares of Transocean LTD from a “hold” rating to a “sell” rating in a research note on Monday, August 4th. They now have a $27.00 price target on the stock, down previously from $45.00. Six research analysts have rated the stock with a sell rating, ten have issued a hold rating and six have given a buy rating to the company. Transocean LTD currently has a consensus rating of “Hold” and a consensus price target of $43.99.
Shares of Transocean LTD (NYSE:RIG) opened at 38.81 on Friday. Transocean LTD has a 1-year low of $38.01 and a 1-year high of $55.74. The stock’s 50-day moving average is $42.02 and its 200-day moving average is $42.20. The company has a market cap of $14.057 billion and a P/E ratio of 7.71.
Transocean LTD (NYSE:RIG) last announced its earnings results on Wednesday, August 6th. The company reported $1.61 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.12 by $0.49. The company had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.27 billion. During the same quarter in the prior year, the company posted $1.08 earnings per share. The company’s quarterly revenue was down 1.5% on a year-over-year basis. Analysts expect that Transocean LTD will post $4.53 EPS for the current fiscal year.
The company also recently announced a dividend, which is scheduled for Wednesday, September 17th. Investors of record on Friday, August 22nd will be paid a dividend of $0.75 per share. The ex-dividend date is Wednesday, August 20th.
Transocean Ltd. (NYSE:RIG) is an international provider of offshore contract drilling services for oil and gas wells.
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