Deutsche Bank AG initiated coverage on shares of Transocean Ltd. (NYSE:RIG) in a report issued on Tuesday. The brokerage issued a buy rating and a $13.00 price target on the offshore drilling services provider’s stock.
Several other analysts also recently commented on the stock. BidaskClub upgraded shares of Transocean from a strong sell rating to a sell rating in a research report on Wednesday, June 14th. Morgan Stanley dropped their price objective on shares of Transocean from $13.00 to $12.00 and set an underweight rating for the company in a research note on Friday, June 16th. Jefferies Group LLC set a $12.00 price objective on shares of Transocean and gave the stock a hold rating in a research note on Saturday, July 1st. Sanford C. Bernstein cut shares of Transocean from an outperform rating to a market perform rating and dropped their price objective for the stock from $16.50 to $9.00 in a research note on Thursday, July 6th. Finally, Credit Suisse Group reissued a buy rating on shares of Transocean in a research note on Wednesday, July 19th. Ten analysts have rated the stock with a sell rating, twelve have given a hold rating and fifteen have given a buy rating to the company. The stock has a consensus rating of Hold and a consensus price target of $12.62.
Shares of Transocean (NYSE:RIG) traded down 1.378% during midday trading on Tuesday, reaching $10.375. 1,949,874 shares of the company’s stock were exchanged. Transocean has a one year low of $7.20 and a one year high of $16.66. The firm has a 50 day moving average of $9.24 and a 200-day moving average of $9.57. The stock’s market cap is $4.06 billion.
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In other Transocean news, CAO Howard E. Davis purchased 40,000 shares of Transocean stock in a transaction dated Thursday, August 17th. The stock was acquired at an average price of $7.32 per share, for a total transaction of $292,800.00. Following the acquisition, the chief accounting officer now owns 21,793 shares in the company, valued at approximately $159,524.76. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.33% of the company’s stock.
Several large investors have recently bought and sold shares of RIG. Public Employees Retirement Association of Colorado raised its holdings in shares of Transocean by 12.7% in the 2nd quarter. Public Employees Retirement Association of Colorado now owns 12,340 shares of the offshore drilling services provider’s stock valued at $102,000 after purchasing an additional 1,394 shares in the last quarter. FNY Partners Fund LP bought a new stake in shares of Transocean in the 1st quarter valued at about $108,000. Capstone Investment Advisors Netherlands B.V. bought a new stake in shares of Transocean in the 2nd quarter valued at about $111,000. Advisor Partners LLC bought a new stake in shares of Transocean in the 2nd quarter valued at about $112,000. Finally, Dupont Capital Management Corp bought a new stake in shares of Transocean in the 2nd quarter valued at about $113,000. Institutional investors and hedge funds own 67.81% of the company’s stock.
Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company’s primary business is to contract its drilling rigs, related equipment and work crews on a dayrate basis to drill oil and gas wells. As of February 9, 2017, it owned or had partial ownership interests in and operated 56 mobile offshore drilling units.
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