Transocean Ltd. (RIG) Coverage Initiated at HSBC Holdings plc
Equities research analysts at HSBC Holdings plc initiated coverage on shares of Transocean Ltd. (NYSE:RIG) in a note issued to investors on Thursday, Marketbeat Ratings reports. The firm set a “hold” rating and a $12.00 price target on the offshore drilling services provider’s stock. HSBC Holdings plc’s price objective suggests a potential upside of 20.60% from the company’s previous close.
RIG has been the topic of several other reports. Pareto Securities raised shares of Transocean from a “hold” rating to a “buy” rating in a report on Friday, August 18th. Zacks Investment Research raised shares of Transocean from a “hold” rating to a “buy” rating and set a $9.50 price objective on the stock in a report on Wednesday, August 2nd. BMO Capital Markets set a $7.00 price objective on shares of Transocean and gave the company a “sell” rating in a report on Wednesday. Goldman Sachs Group, Inc. (The) raised shares of Transocean from a “sell” rating to a “neutral” rating and upped their price objective for the company from $8.57 to $9.75 in a report on Wednesday, August 9th. Finally, Seaport Global Securities reaffirmed a “sell” rating on shares of Transocean in a report on Wednesday, July 26th. Ten investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and fifteen have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $12.18.
Transocean (RIG) traded down 2.16% during trading on Thursday, reaching $9.95. 9,475,813 shares of the company were exchanged. The stock’s market capitalization is $3.89 billion. The firm’s 50 day moving average price is $9.83 and its 200-day moving average price is $9.50. Transocean has a one year low of $7.20 and a one year high of $16.66.
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In other Transocean news, CAO Howard E. Davis purchased 40,000 shares of the company’s stock in a transaction that occurred on Thursday, August 17th. The stock was bought at an average price of $7.32 per share, with a total value of $292,800.00. Following the completion of the purchase, the chief accounting officer now directly owns 21,793 shares of the company’s stock, valued at approximately $159,524.76. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.33% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Bank of Nova Scotia purchased a new stake in Transocean in the first quarter worth $604,000. FNY Partners Fund LP purchased a new stake in Transocean in the first quarter worth $108,000. Ameritas Investment Partners Inc. purchased a new stake in Transocean in the first quarter worth $116,000. Dynamic Technology Lab Private Ltd purchased a new stake in Transocean in the first quarter worth $132,000. Finally, Public Employees Retirement Association of Colorado lifted its stake in 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 acquiring an additional 1,394 shares during the period. 67.79% of the stock is owned by institutional investors.
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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