Transocean LTD (RIG) Short Interest Update
Transocean LTD (NYSE:RIG) saw a large drop in short interest in the month of December. As of December 14th, there was short interest totalling 67,418,809 shares, a drop of 33.9% from the November 30th total of 101,982,814 shares. Based on an average daily volume of 22,562,232 shares, the days-to-cover ratio is currently 3.0 days. Currently, 15.8% of the shares of the stock are sold short.
In other news, CAO Howard E. Davis sold 10,298 shares of Transocean stock in a transaction on Wednesday, December 19th. The stock was sold at an average price of $7.28, for a total transaction of $74,969.44. Following the transaction, the chief accounting officer now directly owns 55,212 shares in the company, valued at approximately $401,943.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Vanessa C. L. Chang acquired 6,000 shares of Transocean stock in a transaction dated Monday, December 10th. The shares were bought at an average cost of $8.00 per share, with a total value of $48,000.00. Following the completion of the purchase, the director now owns 9,700 shares in the company, valued at $77,600. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 122,072 shares of company stock worth $878,420. 14.09% of the stock is owned by insiders.
Institutional investors have recently modified their holdings of the company. Wedge Capital Management L L P NC boosted its position in shares of Transocean by 4.4% in the third quarter. Wedge Capital Management L L P NC now owns 1,492,905 shares of the offshore drilling services provider’s stock worth $20,826,000 after buying an additional 62,528 shares during the period. Prospera Financial Services Inc boosted its position in Transocean by 35.2% during the third quarter. Prospera Financial Services Inc now owns 32,549 shares of the offshore drilling services provider’s stock valued at $445,000 after purchasing an additional 8,475 shares during the last quarter. Prudential Financial Inc. boosted its position in Transocean by 47.4% during the third quarter. Prudential Financial Inc. now owns 385,990 shares of the offshore drilling services provider’s stock valued at $5,385,000 after purchasing an additional 124,110 shares during the last quarter. First Trust Advisors LP acquired a new stake in Transocean during the third quarter valued at $473,000. Finally, Cornerstone Wealth Management LLC boosted its position in Transocean by 74.5% during the third quarter. Cornerstone Wealth Management LLC now owns 98,195 shares of the offshore drilling services provider’s stock valued at $9,342,000 after purchasing an additional 41,919 shares during the last quarter. 81.07% of the stock is owned by institutional investors and hedge funds.
Shares of Transocean stock opened at $7.14 on Thursday. The firm has a market capitalization of $3.21 billion, a PE ratio of -119.00 and a beta of 1.68. The company has a quick ratio of 2.77, a current ratio of 3.07 and a debt-to-equity ratio of 0.75. Transocean has a 12 month low of $6.19 and a 12 month high of $14.47.
Transocean (NYSE:RIG) last issued its earnings results on Monday, October 29th. The offshore drilling services provider reported $0.06 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.10) by $0.16. The business had revenue of $816.00 million during the quarter, compared to analysts’ expectations of $779.19 million. Transocean had a negative return on equity of 2.31% and a negative net margin of 64.33%. Transocean’s revenue was up 1.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.16 earnings per share. As a group, analysts predict that Transocean will post -0.74 earnings per share for the current fiscal year.
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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