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RIG

Transocean

$5.42

-0.26 (-4.58%)

15:05
06/14/19
06/14
15:05
06/14/19
15:05

Transocean call volume above normal and directionally bullish

Bullish option flow detected in Transocean with 33,143 calls trading, 3x expected, and implied vol increasing almost 2 points to 61.18%. 7/12 weekly 6 calls and Aug-19 6 calls are the most active options, with total volume in those strikes near 24,100 contracts. The Put/Call Ratio is 0.17. Earnings are expected on July 29th.

RIG Transocean
$5.42

-0.26 (-4.58%)

06/10/19
BOFA
06/10/19
INITIATION
Target $6.5
BOFA
Neutral
Transocean reinstated with a Neutral at BofA/Merrill
BofA/Merrill analyst Chase Mulvehill reinstated coverage of Transocean with a Neutral rating and $6.50 price target. While Transocean is the largest offshore driller globally, Mulvehill tells investors in a research note that he thinks its backlog's cash flow benefit is offset by its high leverage and near term capital requirements, restricting its ability to generate free cash flow until 2022. Notwithstanding the estimated ~$1B cash burn through year-end 2021, the analyst contends that Transocean looks the best on valuation, balance sheet and contract coverage in his oil space coverage.
06/14/19
SBSH
06/14/19
DOWNGRADE
SBSH
Neutral
Transocean downgraded to Neutral from Buy at Citi
06/14/19
SBSH
06/14/19
DOWNGRADE
Target $6.7
SBSH
Neutral
Transocean downgraded to Neutral from Buy at Citi
Citi analyst Scott Gruber downgraded Transocean to Neutral from Buy and cut his price target for the shares to $6.70 from $11. The analyst says his organic cash burn analysis implies the drillers will burn cash until "at least" 2021. His base case has floater utilization remaining below 70% by 2022, "well below the level needed to see significant pricing power."
06/14/19
06/14/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Transocean (RIG) downgraded to Neutral from Buy at Citi with analyst Scott Gruber saying his organic cash burn analysis implies the drillers will burn cash until "at least" 2021. 2. CommScope (COMM) downgraded to Outperform from Strong Buy at Raymond James with analyst Simon Leopold saying he is concerned that performance of the acquired ARRIS business will be worse than expected. 3. Spirit AeroSystems (SPR), Astronics (ATRO), and Barnes Group (B) were downgraded to Sell from Hold at SunTrust while Woodward (WWD) and Ducommun (DCO) were downgraded to Hold from Buy. 4. Melinta Therapeutics (MLNT) downgraded to Underweight from Neutral at JPMorgan with analyst Eric Joseph saying while a market cap valuation of $20M-25M "begs the questions of whether shares have yet reached bottom," he believes the answer is "no." 5. Ashland (ASH) downgraded to Neutral from Overweight at JPMorgan with analyst Jeffrey Zekauskas citing valuation. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

TODAY'S FREE FLY STORIES

FDX

FedEx

$156.00

-4.88 (-3.03%)

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FDX

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CNX

CNX Resources

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FTI

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MO

Altria Group

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BTI

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PM

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CVS

CVS Health

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Recommendations
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FTI

TechnipFMC

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ORRF

Orrstown Financial

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MU

Micron

$32.71

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AGN

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32.95 (25.41%)

, ABBV

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AGN

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FDX

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FB

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ALDX

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W

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AITB

AIT Therapeutics

$5.33

0.06 (1.14%)

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MU

Micron

$32.71

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AITB

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AVAV

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BBVA

Banco Bilbao

$5.52

-0.05 (-0.90%)

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CRTO

Criteo

$18.00

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KHC

Kraft Heinz

$30.68

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SPOT

Spotify

$144.12

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GBCI

Glacier Bancorp

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NSRGY

Nestle

$0.00

(0.00%)

, NVS

Novartis

$92.37

-0.41 (-0.44%)

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NVS

Novartis

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DRRX

Durect

$0.67

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COWN

Cowen Group

$16.65

0.36 (2.21%)

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INXN

Interxion

$75.06

-0.51 (-0.67%)

16:30
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