Transocean Ltd. (RIG) Short Interest Update
Transocean Ltd. (NYSE:RIG) was the target of a large increase in short interest during the month of August. As of August 31st, there was short interest totalling 80,421,954 shares, an increase of 18.1% from the August 15th total of 68,112,016 shares. Based on an average trading volume of 14,629,523 shares, the short-interest ratio is currently 5.5 days. Approximately 20.6% of the company’s shares are short sold.
In other news, CAO Howard E. Davis purchased 40,000 shares of the business’s stock in a transaction on Thursday, August 17th. The shares were acquired at an average price of $7.32 per share, with a total value of $292,800.00. Following the acquisition, the chief accounting officer now directly owns 21,793 shares in the company, valued at $159,524.76. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.33% of the stock is owned by company insiders.
Institutional investors have recently made changes to their positions in the stock. Public Employees Retirement Association of Colorado raised its position in shares of Transocean by 12.7% in the 2nd quarter. Public Employees Retirement Association of Colorado now owns 12,340 shares of the offshore drilling services provider’s stock valued at $102,000 after purchasing an additional 1,394 shares during the last quarter. FNY Partners Fund LP purchased a new position in shares of Transocean in the 1st quarter valued at approximately $108,000. WFG Advisors LP raised its position in shares of Transocean by 40.7% in the 1st quarter. WFG Advisors LP now owns 8,856 shares of the offshore drilling services provider’s stock valued at $110,000 after purchasing an additional 2,562 shares during the last quarter. Capstone Investment Advisors Netherlands B.V. purchased a new position in shares of Transocean in the 2nd quarter valued at approximately $111,000. Finally, Advisor Partners LLC purchased a new position in shares of Transocean in the 2nd quarter valued at approximately $112,000. 67.84% of the stock is owned by hedge funds and other institutional investors.
Shares of Transocean (NYSE:RIG) opened at 9.24 on Friday. The stock has a 50 day moving average of $8.36 and a 200-day moving average of $9.93. The company’s market capitalization is $3.61 billion. Transocean has a 52 week low of $7.20 and a 52 week high of $16.66.
A number of brokerages have issued reports on RIG. Jefferies Group LLC set a $12.00 price target on shares of Transocean and gave the stock a “hold” rating in a report on Wednesday, May 24th. BidaskClub raised shares of Transocean from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 14th. Barclays PLC set a $9.00 price target on shares of Transocean and gave the stock a “sell” rating in a report on Sunday, August 6th. Credit Suisse Group reissued a “buy” rating on shares of Transocean in a report on Wednesday, July 19th. Finally, Seaport Global Securities reissued a “sell” rating on shares of Transocean in a report on Wednesday, July 26th. Ten equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and fourteen have given a buy rating to the company’s stock. Transocean has a consensus rating of “Hold” and an average price target of $12.21.
Transocean Company Profile
Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company’s primary business is to contract its drilling rigs, related equipment and work crews on a dayrate basis to drill oil and gas wells. As of February 9, 2017, it owned or had partial ownership interests in and operated 56 mobile offshore drilling units.
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