Transocean LTD (NYSE:RIG) was the target of a large increase in short interest in the month of September. As of September 28th, there was short interest totalling 104,763,859 shares, an increase of 14.4% from the September 14th total of 91,585,258 shares. Approximately 24.5% of the company’s shares are short sold. Based on an average daily trading volume, of 19,529,523 shares, the short-interest ratio is currently 5.4 days.

Several brokerages have recently commented on RIG. Susquehanna Bancshares set a $17.00 price objective on shares of Transocean and gave the stock a “buy” rating in a report on Wednesday. ValuEngine upgraded shares of Transocean from a “buy” rating to a “strong-buy” rating in a report on Tuesday, October 2nd. Piper Jaffray Companies set a $14.00 price objective on shares of Transocean and gave the stock a “hold” rating in a report on Monday, October 1st. Royal Bank of Canada upgraded shares of Transocean from a “sector perform” rating to an “outperform” rating in a report on Thursday, September 20th. Finally, Wells Fargo & Co upgraded shares of Transocean from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $13.00 to $16.00 in a report on Wednesday, September 19th. Three analysts have rated the stock with a sell rating, six have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $13.44.

In related news, Director Vincent J. Intrieri acquired 10,000 shares of the firm’s stock in a transaction dated Thursday, August 16th. The shares were purchased at an average cost of $10.62 per share, for a total transaction of $106,200.00. Following the acquisition, the director now owns 10,000 shares in the company, valued at approximately $106,200. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 14.09% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the business. Wells Fargo & Company MN raised its holdings in shares of Transocean by 3.8% in the 1st quarter. Wells Fargo & Company MN now owns 861,727 shares of the offshore drilling services provider’s stock valued at $8,532,000 after purchasing an additional 31,673 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Transocean by 9.4% in the 1st quarter. Northern Trust Corp now owns 3,571,069 shares of the offshore drilling services provider’s stock valued at $35,353,000 after purchasing an additional 305,572 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Transocean by 12.2% in the 1st quarter. PNC Financial Services Group Inc. now owns 39,025 shares of the offshore drilling services provider’s stock valued at $387,000 after purchasing an additional 4,243 shares in the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Transocean by 116.7% in the 1st quarter. Russell Investments Group Ltd. now owns 1,247,050 shares of the offshore drilling services provider’s stock valued at $12,311,000 after purchasing an additional 671,588 shares in the last quarter. Finally, Stifel Financial Corp raised its holdings in shares of Transocean by 53.9% in the 1st quarter. Stifel Financial Corp now owns 130,067 shares of the offshore drilling services provider’s stock valued at $1,295,000 after purchasing an additional 45,567 shares in the last quarter. Institutional investors own 70.74% of the company’s stock.

Transocean stock opened at $13.19 on Friday. The company has a market cap of $6.44 billion, a price-to-earnings ratio of -219.83 and a beta of 1.47. Transocean has a 52-week low of $8.70 and a 52-week high of $14.47. The company has a current ratio of 1.49, a quick ratio of 1.35 and a debt-to-equity ratio of 0.63.

Transocean (NYSE:RIG) last released its earnings results on Monday, July 30th. The offshore drilling services provider reported ($0.04) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.17) by $0.13. The company had revenue of $790.00 million for the quarter, compared to analyst estimates of $768.68 million. Transocean had a negative net margin of 99.38% and a negative return on equity of 2.00%. The firm’s revenue for the quarter was up 5.2% on a year-over-year basis. Equities analysts expect that Transocean will post -0.85 earnings per share for the current fiscal year.

About Transocean

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers deepwater and harsh environment drilling services. As of February 20, 2018, it owned or had partial ownership interests in, and operated 47 mobile offshore drilling units that consist of 27 ultra-deepwater floaters, 12 harsh environment floaters, 2 deepwater floaters, 6 midwater floaters, and 2 high-specification jackups.

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