Stock Update (NYSE:RIG): Transocean LTD Shareholders Approve Dividend Of $0.60 Per Share And All Other Proposals At 2015 Annual General Meeting

Transocean LTD (NYSE:RIG) announced that the company’s shareholders approved at the 2015 Annual General Meeting a U.S. dollar-denominated dividend of $0.60 per share, or approximately $218 million in the aggregate (based upon the number of currently outstanding shares), out of additional paid-in capital. The Board expects that the dividend will be payable in four quarterly installments set for June 2015, September 2015, December 2015, and March 2016.

In addition, shareholders elected all director and compensation committee nominees, and elected Merrill A. “Pete” Miller, Jr. as Chairman of the Board of Directors.

Shareholders also approved a number of other items at the meeting, including:

  • The advisory say-on-pay vote on the compensation of the company’s Named Executive Officers for fiscal year 2014, pursuant to U.S. securities laws;
  • The binding say-on-pay vote on the maximum aggregate amount of compensation of (i) the Board for the period between the 2015 AGM and the 2016 AGM, and (ii) the company’s executive management team for fiscal year 2016, pursuant to Swiss law and the company’s articles of association; and
  • The discharge of the members of the Board and executive management team from liability for activities during fiscal year 2014. (Original Source)

Shares of Transocean LTD closed today at $20.79, down $0.02 or 0.1%. RIG has a 1-year high of $46.12 and a 1-year low of $13.28. The stock’s 50-day moving average is $17.41 and its 200-day moving average is $18.55.

On the ratings front, Transocean has been the subject of a number of recent research reports. In a report issued on May 13, Canaccord Genuity analyst Alex Brooks reiterated a Sell rating on RIG, with a price target of $10, which implies a downside of 52% from current levels. Separately, on May 8, Susquehanna’s Charles Minervino also maintained a Sell rating on the stock and has a price target of $14.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Alex Brooks and Charles Minervino have a total average return of -14.5% and -11.8% respectively. Brooks has a success rate of 33.3% and is ranked #3303 out of 3602 analysts, while Minervino has a success rate of 29.2% and is ranked #3539.

The street is mostly Bearish on RIG stock. Out of 11 analysts who cover the stock, 9 suggest a Sell rating , one suggest a Buy and one recommend to Hold the stock. The 12-month average price target assigned to the stock is $13.17, which reflects a potential downside of -36.7% from last closing price.

Transocean Ltd is an international provider of offshore contract drilling services for oil and gas wells. The Company has two operating segments; contract drilling services and drilling management services.

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