Transocean Ltd. (RIG)

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Transocean LTD (NYSE:RIG) Short Interest Update

https://www.marketbeat.com/instant-alerts/nyse-rig-options-data-report-2020-09/

Saturday, September 19, 2020 | MarketBeat


Transocean LTD (NYSE:RIG) was the recipient of a significant increase in short interest in August. As of August 31st, there was short interest totalling 102,940,000 shares, an increase of 15.2% from the August 15th total of 89,390,000 shares. Approximately 17.8% of the company's shares are sold short. Based on an average daily trading volume, of 25,960,000 shares, the short-interest ratio is presently 4.0 days.

RIG stock opened at $1.06 on Friday. The company has a debt-to-equity ratio of 0.77, a current ratio of 2.07 and a quick ratio of 1.78. Transocean has a 1-year low of $0.76 and a 1-year high of $7.28. The firm has a fifty day moving average price of $1.61 and a two-hundred day moving average price of $1.66. The firm has a market cap of $651.53 million, a price-to-earnings ratio of -0.37 and a beta of 2.34.

RIG has been the topic of a number of recent research reports. Morgan Stanley cut shares of Transocean from an "overweight" rating to an "equal weight" rating in a research report on Wednesday, July 8th.

UBS Group cut shares of Transocean from a "positive" rating to a "neutral" rating and reduced their price target for the company from $2.50 to $1.15 in a research report on Wednesday.

Clarkson Capital cut shares of Transocean from a "buy" rating to a "neutral" rating and set a $2.40 price target on the stock in a research report on Monday, June 15th.

Susquehanna Bancshares lowered shares of Transocean from a "positive" rating to a "neutral" rating and dropped their price objective for the company from $2.50 to $1.15 in a research note on Wednesday.

Finally, Evercore ISI started coverage on shares of Transocean in a research note on Thursday, August 6th. They set a "hold" rating and a $4.00 price objective on the stock.

Seven investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of "Hold" and an average target price of $2.38.

A number of hedge funds have recently added to or reduced their stakes in the business.

Vanguard Group Inc. increased its stake in Transocean by 5.9% during the second quarter. Vanguard Group Inc. now owns 59,262,553 shares of the offshore drilling services provider's stock valued at $108,450,000 after purchasing an additional 3,318,036 shares during the last quarter.

State Street Corp increased its stake in Transocean by 7.9% during the first quarter. State Street Corp now owns 15,932,229 shares of the offshore drilling services provider's stock valued at $18,481,000 after purchasing an additional 1,161,943 shares during the last quarter.

Morgan Stanley increased its stake in Transocean by 369.6% during the first quarter. Morgan Stanley now owns 14,575,492 shares of the offshore drilling services provider's stock valued at $16,908,000 after purchasing an additional 11,471,457 shares during the last quarter.

Luminus Management LLC increased its stake in Transocean by 25.1% during the first quarter. Luminus Management LLC now owns 13,961,593 shares of the offshore drilling services provider's stock valued at $16,195,000 after purchasing an additional 2,805,283 shares during the last quarter.

Finally, Van ECK Associates Corp increased its stake in Transocean by 26.9% during the first quarter. Van ECK Associates Corp now owns 10,071,246 shares of the offshore drilling services provider's stock valued at $11,683,000 after purchasing an additional 2,135,587 shares during the last quarter.

Hedge funds and other institutional investors own 56.71% of the company's stock.

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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