Transocean LTD (NYSE:RIG) saw a large growth in short interest during the month of January. As of January 31st, there was short interest totalling 87,203,557 shares, a growth of 6.5% from the January 12th total of 81,852,163 shares. Based on an average trading volume of 13,190,319 shares, the short-interest ratio is presently 6.6 days. Approximately 24.3% of the shares of the stock are short sold.
A number of analysts have recently issued reports on the stock. Cowen set a $11.00 price objective on shares of Transocean and gave the stock a “hold” rating in a report on Thursday, January 11th. Susquehanna Bancshares set a $11.00 price objective on shares of Transocean and gave the stock a “hold” rating in a report on Friday, January 12th. Piper Jaffray Companies set a $11.00 price objective on shares of Transocean and gave the stock a “hold” rating in a report on Wednesday, January 10th. Royal Bank of Canada set a $11.00 price objective on shares of Transocean and gave the stock a “hold” rating in a report on Sunday, November 12th. Finally, TheStreet downgraded shares of Transocean from a “c-” rating to a “d” rating in a report on Friday, November 3rd. Eleven analysts have rated the stock with a sell rating, eleven have issued a hold rating and fourteen have issued a buy rating to the stock. Transocean currently has an average rating of “Hold” and a consensus target price of $12.11.
Transocean (NYSE:RIG) traded up $0.08 during mid-day trading on Wednesday, hitting $9.30. 14,836,024 shares of the company’s stock were exchanged, compared to its average volume of 15,095,343. Transocean has a 12-month low of $7.20 and a 12-month high of $14.33. The stock has a market capitalization of $3,650.00, a PE ratio of -1.31 and a beta of 1.55. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.36 and a quick ratio of 2.13.
Several hedge funds have recently added to or reduced their stakes in RIG. Advisors Preferred LLC increased its position in shares of Transocean by 1,198.9% in the fourth quarter. Advisors Preferred LLC now owns 9,508 shares of the offshore drilling services provider’s stock valued at $102,000 after acquiring an additional 8,776 shares during the period. Princeton Capital Management LLC purchased a new position in shares of Transocean in the fourth quarter valued at about $107,000. Dumont & Blake Investment Advisors LLC purchased a new position in shares of Transocean in the third quarter valued at about $108,000. Bluestein R H & Co. purchased a new position in shares of Transocean during the fourth quarter valued at about $108,000. Finally, Suntrust Banks Inc. purchased a new position in shares of Transocean during the fourth quarter valued at about $112,000. Hedge funds and other institutional investors own 74.78% of the company’s stock.
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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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