Short Interest in Transocean LTD (RIG) Grows  By 7.2%

Short Interest in Transocean LTD (RIG) Grows  By 7.2%

Transocean LTD (NYSE:RIG) was the target of a significant increase in short interest in the month of March. As of March 15th, there was short interest totalling 75,570,814 shares, an increase of 7.2% from the February 28th total of 70,523,155 shares. Based on an average daily volume of 16,296,705 shares, the days-to-cover ratio is presently 4.6 days. Currently, 19.4% of the company’s stock are short sold.

Hedge funds have recently added to or reduced their stakes in the company. Public Employees Retirement Association of Colorado increased its stake in Transocean LTD by 0.4% in the third quarter. Public Employees Retirement Association of Colorado now owns 11,126 shares of the offshore drilling services provider’s stock valued at $119,000 after buying an additional 45 shares in the last quarter. Municipal Employees Retirement System of Michigan increased its stake in Transocean LTD by 0.3% in the third quarter. Municipal Employees Retirement System of Michigan now owns 20,630 shares of the offshore drilling services provider’s stock valued at $220,000 after buying an additional 70 shares in the last quarter. Norinchukin Bank The increased its stake in Transocean LTD by 2.1% in the third quarter. Norinchukin Bank The now owns 18,389 shares of the offshore drilling services provider’s stock valued at $196,000 after buying an additional 383 shares in the last quarter. Capital Investment Counsel Inc increased its stake in Transocean LTD by 2.1% in the third quarter. Capital Investment Counsel Inc now owns 19,350 shares of the offshore drilling services provider’s stock valued at $206,000 after buying an additional 400 shares in the last quarter. Finally, Arizona State Retirement System increased its stake in Transocean LTD by 0.5% in the third quarter. Arizona State Retirement System now owns 84,600 shares of the offshore drilling services provider’s stock valued at $902,000 after buying an additional 400 shares in the last quarter. 63.84% of the stock is currently owned by institutional investors.

A number of brokerages have weighed in on RIG. Sanford C. Bernstein began coverage on shares of Transocean LTD in a report on Thursday, December 1st. They issued an “outperform” rating and a $15.50 price objective on the stock. Vetr cut shares of Transocean LTD from a “strong-buy” rating to a “buy” rating and set a $14.89 price objective on the stock. in a report on Thursday, December 1st. Canaccord Genuity restated a “buy” rating and issued a $17.00 price objective on shares of Transocean LTD in a report on Friday, January 6th. KeyCorp restated a “hold” rating on shares of Transocean LTD in a report on Wednesday, November 30th. Finally, BMO Capital Markets restated a “sell” rating on shares of Transocean LTD in a report on Sunday, February 26th. Fourteen analysts have rated the stock with a sell rating, thirteen have given a hold rating and ten have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $13.50.

Shares of Transocean LTD (NYSE:RIG) opened at 12.23 on Wednesday. Transocean LTD has a 12 month low of $8.34 and a 12 month high of $16.66. The stock’s 50 day moving average is $13.01 and its 200 day moving average is $12.44. The company has a market capitalization of $4.76 billion, a P/E ratio of 5.88 and a beta of 1.87.

Transocean LTD (NYSE:RIG) last issued its quarterly earnings data on Thursday, February 23rd. The offshore drilling services provider reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.08 by $0.55. Transocean LTD had a net margin of 23.14% and a return on equity of 6.80%. On average, equities analysts predict that Transocean LTD will post ($0.56) EPS for the current fiscal year.

Transocean LTD 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 primarily on a day rate basis to drill oil and gas wells. The Company operates through the contract drilling services segment.

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