Transocean, Inc. (RIG) has been in the news lately, as shares are historically cheap. Let's look at some of the arguments:
Zacks has recommended the stock twice in under a week (here and here). The Fool did an interesting stock screen and RIG showed up on the list with a PEG ratio of .38. For what it's worth, Cramer likes the stock too.
Forward PE comes in at just under 6. According to this article, the company's backlog stands at $40 billion and has a ROE of nearly 40%.
This stock is screaming CHEAP by many accounts, and with the price near its 52 week low, could prove to be a great entry point into the stock.