Short Interest in Transocean LTD (RIG) Increases By 3.5%
Transocean LTD (NYSE:RIG) saw a significant increase in short interest in December. As of December 15th, there was short interest totalling 87,912,291 shares, an increase of 3.5% from the November 30th total of 84,906,247 shares. Based on an average daily volume of 10,698,961 shares, the days-to-cover ratio is presently 8.2 days. Currently, 22.5% of the shares of the company are sold short.
Several equities analysts have recently weighed in on the company. Jefferies Group upgraded Transocean from a “hold” rating to a “buy” rating and set a $13.00 price target for the company in a research report on Thursday. ValuEngine cut Transocean from a “hold” rating to a “sell” rating in a research report on Sunday, December 31st. Royal Bank of Canada set a $11.00 price target on Transocean and gave the company a “hold” rating in a research report on Thursday, December 21st. TheStreet cut Transocean from a “c-” rating to a “d” rating in a research report on Friday, November 3rd. Finally, Piper Jaffray Companies reiterated a “hold” rating and issued a $7.35 price target on shares of Transocean in a research report on Sunday, October 22nd. Eleven equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and fifteen have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $12.09.
Shares of Transocean (RIG) opened at $11.61 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.13 and a current ratio of 2.36. Transocean has a 52 week low of $7.20 and a 52 week high of $16.16. The stock has a market capitalization of $4,540.00, a PE ratio of -1.63 and a beta of 1.79.
Transocean (NYSE:RIG) last issued its quarterly earnings results on Wednesday, November 1st. The offshore drilling services provider reported $0.16 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.04) by $0.20. Transocean had a positive return on equity of 2.10% and a negative net margin of 84.09%. The firm had revenue of $808.00 million during the quarter, compared to analyst estimates of $703.13 million. During the same quarter in the previous year, the company posted $0.25 earnings per share. The company’s revenue was down 10.8% compared to the same quarter last year. sell-side analysts forecast that Transocean will post -0.34 EPS for the current year.
Hedge funds have recently modified their holdings of the business. Prudential Financial Inc. lifted its stake in Transocean by 53.1% during the second quarter. Prudential Financial Inc. now owns 2,290,673 shares of the offshore drilling services provider’s stock worth $18,853,000 after purchasing an additional 794,927 shares during the last quarter. Comerica Bank lifted its stake in Transocean by 148.9% during the third quarter. Comerica Bank now owns 336,684 shares of the offshore drilling services provider’s stock worth $3,498,000 after purchasing an additional 201,399 shares during the last quarter. Engineers Gate Manager LP lifted its stake in Transocean by 821.9% during the second quarter. Engineers Gate Manager LP now owns 386,853 shares of the offshore drilling services provider’s stock worth $3,184,000 after purchasing an additional 344,889 shares during the last quarter. FMR LLC lifted its stake in Transocean by 11.2% during the second quarter. FMR LLC now owns 242,096 shares of the offshore drilling services provider’s stock worth $1,992,000 after purchasing an additional 24,420 shares during the last quarter. Finally, Zurich Insurance Group Ltd FI bought a new stake in Transocean during the second quarter worth about $2,349,000. 72.88% of the stock is owned by hedge funds and other institutional investors.
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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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