Royal Bank Of Canada Analysts Give Transocean Ltd. (RIG) a $11.00 Price Target
Transocean Ltd. (NYSE:RIG) has been assigned a $11.00 price objective by research analysts at Royal Bank Of Canada in a research note issued on Thursday. The brokerage presently has a “hold” rating on the offshore drilling services provider’s stock. Royal Bank Of Canada’s price objective would indicate a potential upside of 4.36% from the company’s previous close.
RIG has been the subject of several other reports. Zacks Investment Research upgraded shares of Transocean from a “hold” rating to a “buy” rating and set a $9.50 target price for the company in a research report on Wednesday, August 2nd. BidaskClub cut shares of Transocean from a “sell” rating to a “strong sell” rating in a research report on Friday, June 23rd. Credit Suisse Group restated a “buy” rating on shares of Transocean in a research report on Wednesday, July 19th. R. F. Lafferty set a $15.00 target price on shares of Transocean and gave the company a “buy” rating in a research report on Saturday, August 26th. Finally, Bank of America Corporation upgraded shares of Transocean from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $7.00 to $9.00 in a research report on Tuesday, August 15th. Ten equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and fifteen have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $12.41.
Transocean (RIG) traded up 2.43% during mid-day trading on Thursday, hitting $10.54. 13,428,721 shares of the stock traded hands. The firm’s 50-day moving average price is $8.97 and its 200-day moving average price is $9.64. The firm’s market cap is $4.12 billion. Transocean has a 52 week low of $7.20 and a 52 week high of $16.66. Transocean also saw some unusual options trading activity on Monday. Stock investors bought 16,695 call options on the stock. This represents an increase of 121% compared to the average daily volume of 7,543 call options.
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In other Transocean news, CAO Howard E. Davis acquired 40,000 shares of the stock in a transaction on Thursday, August 17th. The shares were purchased at an average price of $7.32 per share, for a total transaction of $292,800.00. Following the completion of the acquisition, the chief accounting officer now owns 21,793 shares in the company, valued at approximately $159,524.76. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.33% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Public Employees Retirement Association of Colorado raised its holdings 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 valued at $102,000 after purchasing an additional 1,394 shares during the last quarter. FNY Partners Fund LP purchased a new stake in shares of Transocean in the first quarter valued at about $108,000. Capstone Investment Advisors Netherlands B.V. purchased a new stake in shares of Transocean in the second quarter valued at about $111,000. Advisor Partners LLC purchased a new stake in shares of Transocean in the second quarter valued at about $112,000. Finally, Dupont Capital Management Corp purchased a new stake in shares of Transocean in the second quarter valued at about $113,000. Institutional investors own 67.81% of the company’s stock.
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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