Transocean LTD (NYSE:RIG) Short Interest Update

Transocean LTD (NYSE:RIG) was the recipient of a large decrease in short interest during the month of November. As of November 29th, there was short interest totalling 64,890,000 shares, a decrease of 7.0% from the November 14th total of 69,750,000 shares. Based on an average trading volume of 18,520,000 shares, the days-to-cover ratio is presently 3.5 days. Currently, 11.4% of the company’s stock are sold short.

Shares of NYSE:RIG traded up $0.15 on Friday, reaching $6.09. 23,241,596 shares of the company’s stock were exchanged, compared to its average volume of 13,873,610. The firm has a market capitalization of $3.46 billion, a price-to-earnings ratio of -7.71 and a beta of 1.91. Transocean has a fifty-two week low of $3.76 and a fifty-two week high of $9.79. The business’s 50-day moving average is $5.09 and its two-hundred day moving average is $5.29. The company has a quick ratio of 2.21, a current ratio of 2.53 and a debt-to-equity ratio of 0.76.

Transocean (NYSE:RIG) last issued its earnings results on Monday, October 28th. The offshore drilling services provider reported ($0.38) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.40) by $0.02. The company had revenue of $784.00 million for the quarter, compared to analysts’ expectations of $773.64 million. Transocean had a negative net margin of 47.50% and a negative return on equity of 6.26%. The firm’s revenue was down 3.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.06 earnings per share. Analysts predict that Transocean will post -1.27 earnings per share for the current fiscal year.

A number of research analysts have commented on the stock. ValuEngine downgraded shares of Transocean from a “buy” rating to a “hold” rating in a research note on Friday, November 1st. Morgan Stanley reduced their price objective on shares of Transocean from $10.00 to $8.00 and set an “overweight” rating on the stock in a research note on Monday, October 7th. UBS Group set a $10.00 price objective on shares of Transocean and gave the company a “buy” rating in a research note on Monday, August 26th. Fearnley Fonds downgraded shares of Transocean from a “buy” rating to a “hold” rating and set a $6.00 price objective on the stock. in a research note on Monday, October 21st. Finally, Deutsche Bank assumed coverage on shares of Transocean in a research note on Wednesday, November 27th. They set a “sell” rating and a $3.00 price objective on the stock. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $8.13.

Several hedge funds have recently added to or reduced their stakes in RIG. Lindbrook Capital LLC increased its holdings in shares of Transocean by 234.4% in the 3rd quarter. Lindbrook Capital LLC now owns 7,125 shares of the offshore drilling services provider’s stock worth $32,000 after acquiring an additional 4,994 shares during the period. Steward Partners Investment Advisory LLC acquired a new stake in shares of Transocean in the 2nd quarter worth about $35,000. NuWave Investment Management LLC increased its holdings in shares of Transocean by 600.5% in the 3rd quarter. NuWave Investment Management LLC now owns 8,203 shares of the offshore drilling services provider’s stock worth $36,000 after acquiring an additional 7,032 shares during the period. Rational Advisors LLC increased its holdings in shares of Transocean by 676.4% in the 3rd quarter. Rational Advisors LLC now owns 9,092 shares of the offshore drilling services provider’s stock worth $41,000 after acquiring an additional 7,921 shares during the period. Finally, Ambassador Advisors LLC acquired a new stake in shares of Transocean in the 3rd quarter worth about $46,000. 70.80% of the stock is currently owned by institutional investors and hedge funds.

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.

Featured Story: What is intrinsic value?

Receive News & Ratings for Transocean Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Transocean and related companies with MarketBeat.com's FREE daily email newsletter.



Comments


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit