Transocean Ltd. (NYSE:RIG) was upgraded by investment analysts at Pareto Securities from a “hold” rating to a “buy” rating in a report issued on Friday.

A number of other research firms have also recently commented on RIG. Jefferies Group LLC set a $9.00 target price on Transocean and gave the company a “hold” rating in a research note on Wednesday. Sanford C. Bernstein cut Transocean from an “outperform” rating to a “market perform” rating and lowered their target price for the company from $16.50 to $9.00 in a research note on Thursday, July 6th. Royal Bank Of Canada restated a “sell” rating and issued a $13.00 target price on shares of Transocean in a research note on Monday, May 15th. R. F. Lafferty lowered their target price on Transocean from $21.00 to $16.00 and set a “buy” rating for the company in a research note on Monday, May 15th. Finally, B. Riley lowered their target price on Transocean from $21.00 to $16.00 and set a “buy” rating for the company in a research note on Tuesday, May 9th. Eleven research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $12.46.

Shares of Transocean (RIG) opened at 7.28 on Friday. The company’s market cap is $2.85 billion. The stock’s 50 day moving average price is $8.39 and its 200 day moving average price is $10.69. Transocean has a 12-month low of $7.27 and a 12-month high of $16.66. Transocean also saw some unusual options trading on Wednesday. Stock traders bought 17,912 call options on the company. This represents an increase of approximately 175% compared to the typical volume of 6,510 call options.

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Hedge funds have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. raised its stake in Transocean by 6.5% in the first quarter. Principal Financial Group Inc. now owns 626,397 shares of the offshore drilling services provider’s stock valued at $7,798,000 after buying an additional 38,355 shares in the last quarter. Wells Fargo & Company MN raised its stake in Transocean by 21.6% in the first quarter. Wells Fargo & Company MN now owns 481,855 shares of the offshore drilling services provider’s stock valued at $6,000,000 after buying an additional 85,486 shares in the last quarter. WFG Advisors LP raised its stake in Transocean by 40.7% in the first quarter. WFG Advisors LP now owns 8,856 shares of the offshore drilling services provider’s stock valued at $110,000 after buying an additional 2,562 shares in the last quarter. Hartford Investment Management Co. raised its stake in Transocean by 0.6% in the first quarter. Hartford Investment Management Co. now owns 103,575 shares of the offshore drilling services provider’s stock valued at $1,290,000 after buying an additional 654 shares in the last quarter. Finally, Cibc World Markets Corp raised its stake in Transocean by 51.9% in the first quarter. Cibc World Markets Corp now owns 40,648 shares of the offshore drilling services provider’s stock valued at $506,000 after buying an additional 13,893 shares in the last quarter. 69.31% of the stock is owned by institutional investors and hedge funds.

About Transocean

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.

Analyst Recommendations for Transocean (NYSE:RIG)

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