Transocean LTD (RIG) Sees Large Decrease in Short Interest

Transocean LTD (NYSE:RIG) saw a significant decline in short interest in the month of February. As of February 28th, there was short interest totalling 51,595,684 shares, a decline of 7.3% from the February 15th total of 55,669,896 shares. Currently, 9.1% of the shares of the company are sold short. Based on an average trading volume of 14,535,790 shares, the days-to-cover ratio is presently 3.5 days.

Shares of Transocean stock opened at $9.01 on Friday. The company has a current ratio of 2.71, a quick ratio of 2.38 and a debt-to-equity ratio of 0.73. Transocean has a 52 week low of $6.19 and a 52 week high of $14.47. The stock has a market capitalization of $5.50 billion, a price-to-earnings ratio of -11.41 and a beta of 1.82.

Transocean (NYSE:RIG) last issued its quarterly earnings results on Monday, February 18th. The offshore drilling services provider reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.10). Transocean had a negative return on equity of 2.90% and a negative net margin of 66.14%. The business had revenue of $748.00 million during the quarter, compared to the consensus estimate of $741.18 million. During the same quarter last year, the firm posted ($0.24) earnings per share. Transocean’s revenue was up 18.9% compared to the same quarter last year. As a group, analysts predict that Transocean will post -0.76 earnings per share for the current year.

A number of equities research analysts recently weighed in on RIG shares. Goldman Sachs Group started coverage on shares of Transocean in a research note on Sunday, March 10th. They set a “buy” rating and a $11.00 price objective on the stock. DNB Markets upgraded shares of Transocean from a “hold” rating to a “buy” rating in a research note on Wednesday, January 9th. UBS Group set a $12.00 price objective on shares of Transocean and gave the company a “buy” rating in a research note on Thursday, December 20th. Credit Suisse Group started coverage on shares of Transocean in a research note on Thursday, December 13th. They set an “outperform” rating and a $14.00 price objective on the stock. Finally, Barclays upgraded shares of Transocean from an “underweight” rating to an “overweight” rating and set a $10.00 price objective on the stock in a research note on Wednesday, February 20th. Four investment analysts have rated the stock with a sell rating, six have given a hold rating and thirteen have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $13.66.

In other news, CAO Howard E. Davis sold 10,298 shares of the business’s stock in a transaction on Wednesday, December 19th. The shares were sold at an average price of $7.28, for a total transaction of $74,969.44. Following the completion of the transaction, the chief accounting officer now owns 55,212 shares of the company’s stock, valued at $401,943.36. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last three months, insiders have sold 120,722 shares of company stock valued at $858,980. Corporate insiders own 14.09% of the company’s stock.

Institutional investors have recently modified their holdings of the business. We Are One Seven LLC bought a new stake in Transocean in the fourth quarter worth about $31,000. Stratos Wealth Partners LTD. bought a new stake in Transocean in the third quarter worth about $105,000. NuWave Investment Management LLC raised its position in Transocean by 2,193.1% in the fourth quarter. NuWave Investment Management LLC now owns 8,324 shares of the offshore drilling services provider’s stock worth $57,000 after acquiring an additional 7,961 shares in the last quarter. National Asset Management Inc. bought a new stake in Transocean in the fourth quarter worth about $71,000. Finally, Magnus Financial Group LLC bought a new stake in Transocean in the fourth quarter worth about $71,000. Hedge funds and other institutional investors own 97.70% of the company’s stock.

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Transocean Company Profile

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers drilling rigs, related equipment, and work crews; and ultra-deepwater and harsh environment drilling services. As of February 18, 2019, it owned or had partial ownership interests in, and operated 48 mobile offshore drilling units that consist of 31 ultra-deepwater floaters, 13 harsh environment floaters, and 4 midwater floaters.

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