Transocean Ltd. (NYSE:RIG) saw a significant increase in short interest in the month of September. As of September 15th, there was short interest totalling 86,025,621 shares, an increase of 7.0% from the August 31st total of 80,421,954 shares. Based on an average daily volume of 15,678,745 shares, the short-interest ratio is presently 5.5 days. Currently, 22.0% of the shares of the stock are sold short.

Shares of Transocean (NYSE RIG) opened at 10.76 on Friday. Transocean has a 1-year low of $7.20 and a 1-year high of $16.66. The stock’s market capitalization is $4.21 billion. The firm’s 50-day moving average price is $8.40 and its 200 day moving average price is $9.81.

A number of analysts have recently issued reports on RIG shares. Evercore ISI reaffirmed a “buy” rating and issued a $18.00 price target on shares of Transocean in a research note on Thursday, August 10th. Zacks Investment Research raised Transocean from a “hold” rating to a “buy” rating and set a $9.50 price target on the stock in a research note on Wednesday, August 2nd. Credit Suisse Group reaffirmed a “buy” rating on shares of Transocean in a research note on Wednesday, July 19th. ValuEngine raised Transocean from a “hold” rating to a “buy” rating in a research note on Thursday, August 17th. Finally, Pareto Securities raised Transocean from a “hold” rating to a “buy” rating in a research note on Friday, August 18th. Ten investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating and sixteen have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $12.37.

In other Transocean news, CAO Howard E. Davis acquired 40,000 shares of the company’s stock in a transaction on Thursday, August 17th. The shares were bought at an average cost of $7.32 per share, with a total value of $292,800.00. Following the completion of the acquisition, the chief accounting officer now owns 21,793 shares in the company, valued at $159,524.76. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.33% of the stock is currently owned by company insiders.

A number of hedge funds have recently modified their holdings of RIG. Contrarius Investment Management Ltd boosted its stake in Transocean by 96.8% in the second quarter. Contrarius Investment Management Ltd now owns 9,740,030 shares of the offshore drilling services provider’s stock valued at $80,160,000 after acquiring an additional 4,790,469 shares during the period. Teachers Advisors LLC boosted its stake in Transocean by 796.2% in the first quarter. Teachers Advisors LLC now owns 4,355,168 shares of the offshore drilling services provider’s stock valued at $54,222,000 after acquiring an additional 3,869,219 shares during the period. Thompson Siegel & Walmsley LLC boosted its stake in Transocean by 129.6% in the second quarter. Thompson Siegel & Walmsley LLC now owns 6,299,461 shares of the offshore drilling services provider’s stock valued at $51,844,000 after acquiring an additional 3,556,281 shares during the period. BlackRock Inc. boosted its stake in Transocean by 12.1% in the second quarter. BlackRock Inc. now owns 25,538,929 shares of the offshore drilling services provider’s stock valued at $210,185,000 after acquiring an additional 2,756,207 shares during the period. Finally, Marshall Wace LLP boosted its stake in Transocean by 215.5% in the second quarter. Marshall Wace LLP now owns 2,365,570 shares of the offshore drilling services provider’s stock valued at $18,925,000 after acquiring an additional 1,615,825 shares during the period. Institutional investors own 67.81% of the company’s stock.

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About Transocean

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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