NEW YORK (TheStreet) -- For the past eight months, anyone investing in offshore drilling giant Transocean (RIG) has drowned in losses. The stock has fallen more than 30% since shares hit a high of $55.74 in November.
Shares, at around $39, are down more than 21% on the year to date, trailing the energy sector's 14% gain. Transocean reports second-quarter earnings Wednesday.
But don't worry. Given Transocean's status as the world's largest offshore driller and its dominant position in the ultra-deepwater float industry, now is the time to buy. The market has gotten this story wrong.
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