Transocean Ltd. (RIG) Price Target Raised to $13.00
Transocean Ltd. (NYSE:RIG) had its target price increased by investment analysts at Royal Bank Of Canada from $11.00 to $13.00 in a note issued to investors on Tuesday. The brokerage presently has a “sector perform” rating on the offshore drilling services provider’s stock. Royal Bank Of Canada’s price target indicates a potential upside of 15.66% from the stock’s previous close.
RIG has been the topic of several other research reports. Jefferies Group LLC set a $9.00 price objective on Transocean and gave the stock a “hold” rating in a research report on Wednesday, August 16th. R. F. Lafferty set a $15.00 price objective on Transocean and gave the stock a “buy” rating in a research report on Saturday, August 26th. Capital One Financial Corporation upgraded Transocean from an “equal weight” rating to an “overweight” rating and set a $12.00 price objective on the stock in a research report on Thursday, August 31st. Zacks Investment Research cut Transocean from a “buy” rating to a “hold” rating in a research report on Tuesday, October 17th. Finally, Wells Fargo & Company reiterated a “market perform” rating on shares of Transocean in a research report on Saturday, July 22nd. Ten investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and sixteen have given a buy rating to the company’s stock. Transocean currently has a consensus rating of “Hold” and an average target price of $12.31.
Shares of Transocean (NYSE:RIG) opened at $11.24 on Tuesday. The company has a market capitalization of $4,530.25, a P/E ratio of 14.48 and a beta of 1.81. The company has a quick ratio of 2.13, a current ratio of 2.36 and a debt-to-equity ratio of 0.51. Transocean has a twelve month low of $7.20 and a twelve month high of $16.66.
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In other Transocean news, CAO Howard E. Davis bought 40,000 shares of the stock in a transaction on Thursday, August 17th. The stock was acquired at an average cost 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.33% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cowen Inc. bought a new stake in shares of Transocean during the third quarter valued at approximately $2,602,000. Allianz Asset Management GmbH increased its holdings in shares of Transocean by 258.1% during the third quarter. Allianz Asset Management GmbH now owns 669,140 shares of the offshore drilling services provider’s stock valued at $7,200,000 after acquiring an additional 482,259 shares in the last quarter. Convergence Investment Partners LLC increased its holdings in shares of Transocean by 178.0% during the third quarter. Convergence Investment Partners LLC now owns 103,255 shares of the offshore drilling services provider’s stock valued at $1,111,000 after acquiring an additional 66,118 shares in the last quarter. Private Advisor Group LLC increased its holdings in shares of Transocean by 22.6% during the third quarter. Private Advisor Group LLC now owns 29,899 shares of the offshore drilling services provider’s stock valued at $314,000 after acquiring an additional 5,513 shares in the last quarter. Finally, Financial Counselors Inc. bought a new stake in shares of Transocean during the third quarter valued at approximately $133,000. Hedge funds and other institutional investors own 70.31% of the company’s stock.
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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