Transocean LTD (RIG) Sees Large Decrease in Short Interest

Transocean LTD (NYSE:RIG) was the target of a large decrease in short interest in the month of January. As of January 12th, there was short interest totalling 81,852,163 shares, a decrease of 1.9% from the December 29th total of 83,446,729 shares. Based on an average daily trading volume, of 13,986,498 shares, the days-to-cover ratio is currently 5.9 days. Approximately 21.0% of the shares of the stock are short sold.

Large investors have recently modified their holdings of the business. Dumont & Blake Investment Advisors LLC purchased a new position in shares of Transocean during the 3rd quarter worth $108,000. Saratoga Research & Investment Management purchased a new position in shares of Transocean during the 3rd quarter worth $115,000. WFG Advisors LP grew its holdings in shares of Transocean by 60.3% during the 2nd quarter. WFG Advisors LP now owns 14,194 shares of the offshore drilling services provider’s stock worth $117,000 after purchasing an additional 5,338 shares during the period. IndexIQ Advisors LLC purchased a new position in shares of Transocean during the 3rd quarter worth $117,000. Finally, XR Securities LLC purchased a new position in shares of Transocean during the 4th quarter worth $120,000. Institutional investors own 73.11% of the company’s stock.

Shares of Transocean (RIG) opened at $10.99 on Wednesday. The company has a quick ratio of 2.13, a current ratio of 2.36 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $4,300.00, a price-to-earnings ratio of -1.54 and a beta of 1.79. Transocean has a twelve month low of $7.20 and a twelve month high of $14.88.

Transocean (NYSE:RIG) last issued its earnings results on Wednesday, November 1st. The offshore drilling services provider reported $0.16 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.04) by $0.20. The company had revenue of $808.00 million during the quarter, compared to analysts’ expectations of $703.13 million. Transocean had a positive return on equity of 2.10% and a negative net margin of 84.09%. The firm’s quarterly revenue was down 10.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.25 EPS. equities research analysts anticipate that Transocean will post -0.35 earnings per share for the current year.

Several brokerages have recently weighed in on RIG. BMO Capital Markets set a $7.00 target price on Transocean and gave the stock a “sell” rating in a research note on Wednesday, October 18th. Piper Jaffray Companies set a $11.00 target price on Transocean and gave the stock a “hold” rating in a research note on Wednesday, January 10th. Cowen set a $8.00 target price on Transocean and gave the stock a “hold” rating in a research note on Wednesday, October 18th. ValuEngine downgraded Transocean from a “buy” rating to a “hold” rating in a research note on Tuesday, October 10th. Finally, Royal Bank of Canada set a $11.00 target price on Transocean and gave the stock a “hold” rating in a research note on Thursday, October 5th. Eleven analysts have rated the stock with a sell rating, eleven have given a hold rating and fourteen have issued a buy rating to the stock. Transocean has a consensus rating of “Hold” and a consensus target price of $12.11.

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About Transocean

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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