Transocean Ltd. (RIG) Short Interest Up 6.4% in November

Transocean Ltd. (NYSE:RIG) saw a significant increase in short interest in the month of November. As of November 30th, there was short interest totalling 84,906,247 shares, an increase of 6.4% from the November 15th total of 79,805,102 shares. Based on an average trading volume of 8,181,013 shares, the days-to-cover ratio is currently 10.4 days. Currently, 21.7% of the shares of the stock are sold short.

Shares of Transocean (NYSE:RIG) opened at $9.45 on Friday. The company has a quick ratio of 2.13, a current ratio of 2.36 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $3,720.44, a PE ratio of 11.89 and a beta of 1.80. Transocean has a 12-month low of $7.20 and a 12-month high of $16.16.

Transocean (NYSE:RIG) last announced its quarterly earnings data on Wednesday, November 1st. The offshore drilling services provider reported $0.16 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.04) by $0.20. The firm had revenue of $808.00 million during the quarter, compared to analyst estimates of $703.13 million. Transocean had a positive return on equity of 2.10% and a negative net margin of 84.09%. The company’s revenue was down 10.8% on a year-over-year basis. During the same period last year, the company earned $0.25 earnings per share. analysts anticipate that Transocean will post -0.34 EPS for the current year.

A number of research analysts have issued reports on the company. ValuEngine cut Transocean from a “hold” rating to a “sell” rating in a report on Friday, December 1st. Royal Bank of Canada lifted their price objective on Transocean from $11.00 to $13.00 and gave the company a “sector perform” rating in a report on Tuesday, November 14th. TheStreet cut Transocean from a “c-” rating to a “d” rating in a report on Friday, November 3rd. Jefferies Group raised their target price on Transocean from $10.50 to $11.00 and gave the company a “hold” rating in a research note on Friday, November 3rd. Finally, Piper Jaffray Companies restated a “hold” rating and issued a $7.35 target price on shares of Transocean in a research note on Sunday, October 22nd. Eleven research analysts have rated the stock with a sell rating, twelve have given a hold rating and fifteen have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $12.31.

A number of hedge funds have recently made changes to their positions in RIG. Public Employees Retirement Association of Colorado increased its position in Transocean by 12.7% in the second quarter. Public Employees Retirement Association of Colorado now owns 12,340 shares of the offshore drilling services provider’s stock worth $102,000 after purchasing an additional 1,394 shares during the period. Dumont & Blake Investment Advisors LLC acquired a new stake in Transocean in the third quarter worth about $108,000. Capstone Investment Advisors Netherlands B.V. acquired a new stake in Transocean in the second quarter worth about $111,000. Dupont Capital Management Corp bought a new position in Transocean during the second quarter worth about $113,000. Finally, Saratoga Research & Investment Management bought a new position in Transocean during the third quarter worth about $115,000. Hedge funds and other institutional investors own 73.09% 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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