Today's Research Reports on Stocks to Watch: Transocean and Whiting Petroleum
NEW YORK, NY / ACCESSWIRE / September 21, 2017 / Shares of Transocean closed in the green on Wednesday after announcing that a Chevron subsidiary has terminated a drilling contract for the ultra-deepwater drillship Discoverer Clear Leader. Shares of Whiting Petroleum also closed higher despite any significant news. The company announced earlier in the month that it intends to undertake a reverse stock split of its common stock.
RDI Initiates Coverage on:
Transocean Ltd.
https://rdinvesting.com/news/?ticker=RIG
Whiting Petroleum Corporation
https://rdinvesting.com/news/?ticker=WLL
Transocean Ltd.'s shares closed up 4.49% on Wednesday with nearly 25 million shares traded. The company which provides offshore contract drilling services internationally for oil and gas wells, announced yesterday that a subsidiary of Chevron elected to exercise its contractual option to terminate the drilling contract for the ultra-deepwater drillship Discoverer Clear Leader earlier. The termination is effective November 2017, and prior to the termination would have expired in October 2018. Transocean will be paid through a lump sum payment $148 million in contract termination fees that is expected in the fourth quarter. Earlier in the month the company also announced that it has agreed to acquire the entire share capital of Songa Offshore. The transaction for it is estimated to be around $3.4 billion. CEO Jeremy Thigpen remarked, "The acquisition will strengthen Transocean's position as the leading offshore driller with exposure to deep- and harsh-water markets. Upon closing, Transocean will add four high-specification harsh environment floaters, in addition to three legacy mid-water harsh environment rigs…"
Access RDI's Transocean Ltd. Research Report at:
https://rdinvesting.com/news/?ticker=RIG
Whiting Petroleum Corporation's shares closed up 5.70% on nearly 22 million shares traded. It was more gains for Whiting which was the best performing stock in the energy sector from September 8th to September 15th. There was no significant news from the company yesterday, but it did announce earlier this month that it intends to undertake a reverse stock split of its common stock. The reverse stock split will range from a 1-for-2 to 1-for-6 ratio, as determined by the company's board of directors. The company's press release stated that there would be a special meeting for approval of the proposed financing that is expected to be held in fourth-quarter. The company expects the move to reduce the number of its shares of common stock outstanding and increase the per share trading price of its stock. As per its press release, the company will not change the proportionate equity interests or voting rights of holders of stock, subject to the treatment of fractional shares.
Access RDI's Whiting Petroleum Corporation Research Report at:
https://rdinvesting.com/news/?ticker=WLL
Our Actionable Research on Transocean Ltd. (NYSE: RIG) and Whiting Petroleum Corporation (NYSE: WLL) can be downloaded free of charge at Research Driven Investing.
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SOURCE: RDInvesting.com
