Transocean (RIG) Stock Retreating Amid Lower Oil Prices

NEW YORK (TheStreet) -- Shares of Transocean (RIG) were retreating, lower by 4.39% to $15.90 in afternoon trading Thursday, amid concerns over the Greek debt talks and weaker U.S. refined fuels markets, according to Reuters.

U.S. crude for August delivery settled lower by 0.95% to $59.70 a barrel, while Brent for August delivery closed down at $63 a barrel, Reuters reports. 

At last check, Brent crude for August delivery was falling by 0.33% to $63.28 a barrel as of 2:44 p.m. ET today, while WTI crude for August delivery was down 0.93% to $59.71 a barrel.

Yesterday,the Energy Information Administration said gasoline stockpiles rose by 680,000 barrels last week, compared to a fall of 304,000 barrels expected by analysts polled by Thomson Reuters.

Switzerland-based Transocean is an international provider of offshore contract drilling services for oil and gas wells, operating under the contract drilling services and drilling management services segments.

Separately, TheStreet Ratings team rates TRANSOCEAN LTD as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:

"We rate TRANSOCEAN LTD (RIG) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, generally disappointing historical performance in the stock itself and feeble growth in its earnings per share."

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