Goldman Sachs Group, Inc. (The) upgraded shares of Transocean Ltd. (NYSE:RIG) from a sell rating to a neutral rating in a research note published on Wednesday, August 9th, Marketbeat.com reports. They currently have $9.75 target price on the offshore drilling services provider’s stock, up from their prior target price of $8.57.
Other equities analysts have also issued reports about the stock. R. F. Lafferty reduced their price target on shares of Transocean from $21.00 to $16.00 and set a buy rating for the company in a research report on Monday, May 15th. B. Riley cut their target price on shares of Transocean from $21.00 to $16.00 and set a buy rating for the company in a report on Tuesday, May 9th. Credit Suisse Group set a $18.00 target price on shares of Transocean and gave the company a buy rating in a report on Thursday, April 20th. Zacks Investment Research raised shares of Transocean from a hold rating to a buy rating and set a $9.50 price target for the company in a report on Wednesday, August 2nd. Finally, Deutsche Bank AG cut their price target on shares of Transocean from $8.00 to $7.00 and set a hold rating for the company in a report on Tuesday, April 18th. Eleven research analysts have rated the stock with a sell rating, fifteen have given a hold rating and twelve have issued a buy rating to the stock. The company has an average rating of Hold and an average target price of $12.42.
Transocean (NYSE RIG) opened at 7.48 on Wednesday. Transocean has a 12-month low of $7.20 and a 12-month high of $16.66. The stock’s 50 day moving average is $8.37 and its 200 day moving average is $10.64. The stock’s market capitalization is $2.93 billion. Transocean also saw unusually large options trading activity on Wednesday. Traders purchased 17,912 call options on the company. This is an increase of 175% compared to the average daily volume of 6,510 call options.
A number of institutional investors have recently made changes to their positions in the stock. Public Employees Retirement Association of Colorado increased its position in shares of Transocean by 12.7% in the second quarter. Public Employees Retirement Association of Colorado now owns 12,340 shares of the offshore drilling services provider’s stock worth $102,000 after buying an additional 1,394 shares during the period. FNY Partners Fund LP acquired a new position in shares of Transocean during the first quarter worth about $108,000. WFG Advisors LP increased its position in shares of Transocean by 40.7% in the first quarter. WFG Advisors LP now owns 8,856 shares of the offshore drilling services provider’s stock worth $110,000 after buying an additional 2,562 shares during the period. Capstone Investment Advisors Netherlands B.V. acquired a new position in shares of Transocean during the second quarter worth about $111,000. Finally, Advisor Partners LLC acquired a new position in shares of Transocean during the second quarter worth about $112,000. 69.31% of the stock is owned by hedge funds and other institutional investors.
Transocean Company Profile
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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