Transocean Ltd. (NYSE:RIG)‘s stock had its “reduce” rating reissued by research analysts at Instinet in a note issued to investors on Saturday. They presently have a $7.00 price target on the offshore drilling services provider’s stock, down from their prior price target of $8.00. Instinet’s target price would suggest a potential downside of 6.42% from the stock’s current price.

Several other brokerages have also commented on RIG. Jefferies Group LLC set a $9.00 price target on Transocean and gave the company a “hold” rating in a research note on Wednesday. Sanford C. Bernstein lowered Transocean from an “outperform” rating to a “market perform” rating and cut their price target 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 set a $13.00 price target on shares of Transocean in a research note on Monday, May 15th. R. F. Lafferty cut their price target on Transocean from $21.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, May 15th. Finally, B. Riley cut their price target on Transocean from $21.00 to $16.00 and set a “buy” rating on the stock in a research note on Tuesday, May 9th. Eleven research analysts have rated the stock with a sell rating, fifteen have given a hold rating and twelve have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $12.42.

Transocean (NYSE:RIG) opened at 7.48 on Friday. The company has a 50 day moving average of $8.37 and a 200 day moving average of $10.64. The stock’s market capitalization is $2.93 billion. Transocean has a 52 week low of $7.20 and a 52 week high of $16.66. Transocean also was the recipient of some unusual options trading on Wednesday. Investors bought 17,912 call options on the stock. This represents an increase of approximately 175% compared to the typical daily volume of 6,510 call options.

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Hedge funds and other institutional investors have recently made changes to their positions in the stock. Cascade Investment Advisors Inc. increased its position in shares of Transocean by 5.2% in the first quarter. Cascade Investment Advisors Inc. now owns 47,225 shares of the offshore drilling services provider’s stock worth $588,000 after buying an additional 2,325 shares during the last quarter. Advisory Services Network LLC bought a new position in shares of Transocean during the first quarter worth about $164,000. Canada Pension Plan Investment Board increased its position in shares of Transocean by 740.6% in the first quarter. Canada Pension Plan Investment Board now owns 429,594 shares of the offshore drilling services provider’s stock worth $5,348,000 after buying an additional 378,490 shares during the last quarter. Wells Fargo & Company MN increased its position in shares of 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 worth $6,000,000 after buying an additional 85,486 shares during the last quarter. Finally, Exane Derivatives increased its position in shares of Transocean by 15.8% in the first quarter. Exane Derivatives now owns 43,535 shares of the offshore drilling services provider’s stock worth $542,000 after buying an additional 5,945 shares during the last quarter. 69.31% of the stock is owned by 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.

Analyst Recommendations for Transocean (NYSE:RIG)

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