Share of Transocean LTD (NYSE:RIG) are down big again this afternoon as the entire energy sector suffers following new data which has indicated that gasoline inventories are incredibly high. While Transocean LTD (NYSE:RIG) shares are suffering more than the majority of energy equities this afternoon, the real pain comes to those who have held shares for more than a month or so.
Transocean LTD’s (NYSE:RIG) stock is down over 30% since early November, and has been struggling considerably since the new year. Today’s volume is well above average, and traders seem to almost be in panic mode as the majority of analysts expect oil prices to continue to fall over the coming weeks. It appears as if those energy-related companies who are losing money are the ones suffering the most as of late, as the oil and gasoline glut may drag on for months to come. The stock is down 6.17% or $0.75 following the news, hitting $11.4 per share. About 14.18 million shares traded hands or 56.34% up from the average. RIG has declined 36.98% since June 2, 2015 and is downtrending. It has underperformed the S&P500 by 32.29%.
From a total of 12 analysts covering Transocean Ltd (NYSE:RIG) stock, 1 rate it a “Buy”, 7 a “Sell”, and 4 a “Hold”. This means that 8% of the ratings are positive. The highest target price is $14 while the lowest target price is $10. The mean of all analyst targets is $12.36 which is 8.42% above today’s ($11.4) stock price. Transocean Ltd was the topic of 20 analyst reports since August 7, 2015 according to the firm StockzIntelligence Inc. Guggenheim upgraded shares on November 30 to a “Buy” rating. Vetr upgraded shares to a”Hold” rating and a $13.21 target share price in their report from a September 3. KeyBanc Capital Markets initiated RIG stock in a recent report from October 9 with a “Sector Weight” rating. Zacks upgraded the rating on August 25. Zacks has a “Hold” rating and a $14 price target on shares. Finally, Credit Suisse maintained the stock with a “Underperform” rating in a report they issued on a September 5.
The institutional sentiment increased to 0.91 in Q2 2015. It’s up 0.05, from 0.86 in 2015Q2. The ratio increased, as 70 funds sold all their Transocean LTD shares they owned while 130 reduced their positions. 51 funds bought stakes while 130 increased their total positions. Institutions now own 212.36 million shares which is 3.67% less than the previous share count of 220.45 million in 2015Q2.
Long Oar Global Investors Llc holds 23.88% of its total portfolio in Transocean LTD, equating to 400,200 shares. Arosa Capital Management Lp owns 3.18 million shares representing 5.93% of their total US portfolio. Moreover, Athena Global Investors Llc has 2.42% of their total portfolio invested in the company, equating to 184,178 shares. The Illinois-based Fairpointe Capital Llc has a total of 2.35% of their portfolio invested in the stock. Steadfast Advisors Lp, a New York-based fund reported 369,006 shares owned.
Transocean Ltd. is an international well-known provider of offshore contract drilling services for gas and oil wells. The company has a market cap of $4.40 billion. The Company’s primary business is to contract its drilling rigs, related equipment and work crews primarily on a day rate basis to drill gas and oil wells. It currently has negative earnings. The Firm specializes in technically demanding regions of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services.