Transocean Ltd. (RIG) Receives Hold Rating from Piper Jaffray Companies
Transocean Ltd. (NYSE:RIG)‘s stock had its “hold” rating reaffirmed by equities researchers at Piper Jaffray Companies in a research note issued on Sunday. They presently have a $7.35 price target on the offshore drilling services provider’s stock. Piper Jaffray Companies’ price target suggests a potential downside of 26.13% from the stock’s previous close.
A number of other analysts have also weighed in on the stock. Cowen and Company set a $8.00 price target on shares of Transocean and gave the stock a “hold” rating in a research note on Wednesday. HSBC Holdings plc assumed coverage on shares of Transocean in a research note on Thursday. They issued a “hold” rating and a $12.00 price target for the company. BMO Capital Markets set a $7.00 price target on shares of Transocean and gave the stock a “sell” rating in a research note on Wednesday. Zacks Investment Research lowered shares of Transocean from a “buy” rating to a “hold” rating in a research note on Tuesday, October 17th. Finally, Citigroup Inc. raised shares of Transocean from a “neutral” rating to a “buy” rating and upped their price target for the stock from $13.00 to $14.00 in a research note on Thursday, October 12th. Ten equities research analysts have rated the stock with a sell rating, fourteen have assigned 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 price target of $12.18.
Transocean (RIG) opened at 9.95 on Friday. Transocean has a one year low of $7.20 and a one year high of $16.66. The stock’s market capitalization is $3.89 billion. The firm has a 50-day moving average of $9.83 and a 200-day moving average of $9.50.
In other Transocean news, CAO Howard E. Davis bought 40,000 shares of the firm’s stock in a transaction on Thursday, August 17th. The stock was bought at an average cost of $7.32 per share, with a total value of $292,800.00. Following the completion of the transaction, 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 document filed with the SEC, which is available through this link. Insiders own 0.33% of the company’s stock.
Hedge funds have recently bought and sold shares of the business. Bank of Nova Scotia bought a new stake in Transocean in the first quarter worth approximately $604,000. FNY Partners Fund LP bought a new stake in Transocean in the first quarter worth approximately $108,000. Ameritas Investment Partners Inc. bought a new stake in Transocean in the first quarter worth approximately $116,000. Public Employees Retirement Association of Colorado grew its position 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 in the last quarter. Finally, Eqis Capital Management Inc. bought a new stake in Transocean in the third quarter worth approximately $142,000. 67.79% 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.
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