Transocean (NYSE:RIG) has been assigned a $11.00 price objective by equities researchers at Royal Bank of Canada in a research report issued to clients and investors on Thursday. The brokerage presently has a “hold” rating on the offshore drilling services provider’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 7.95% from the stock’s previous close.
Several other equities research analysts also recently issued reports on the company. ValuEngine upgraded Transocean from a “hold” rating to a “buy” rating in a report on Thursday, November 2nd. BMO Capital Markets set a $7.00 price target on Transocean and gave the stock a “sell” rating in a report on Wednesday, October 18th. Zacks Investment Research upgraded Transocean from a “hold” rating to a “buy” rating and set a $12.00 price target for the company in a report on Tuesday, October 3rd. Citigroup upgraded 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 report on Thursday, October 12th. Finally, TheStreet downgraded Transocean from a “c-” rating to a “d” rating in a report on Friday, November 3rd. Eleven analysts have rated the stock with a sell rating, twelve have issued a hold rating and fifteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $12.25.
Transocean (RIG) traded up $0.49 during midday trading on Thursday, hitting $10.19. The stock had a trading volume of 16,081,900 shares, compared to its average volume of 13,672,273. The company has a market capitalization of $3,795.00, a P/E ratio of 12.13 and a beta of 1.80. Transocean has a 52-week low of $7.20 and a 52-week high of $16.16. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.13 and a current ratio of 2.36.
Hedge funds have recently bought and sold shares of the business. Public Employees Retirement Association of Colorado boosted 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 purchasing an additional 1,394 shares during the last quarter. Dumont & Blake Investment Advisors LLC purchased a new position in shares of Transocean during the 3rd quarter valued at $108,000. Capstone Investment Advisors Netherlands B.V. purchased a new position in shares of Transocean during the 2nd quarter valued at $111,000. Dupont Capital Management Corp purchased a new position in shares of Transocean during the 2nd quarter valued at $113,000. Finally, Saratoga Research & Investment Management purchased a new position in shares of Transocean during the 3rd quarter valued at $115,000. 72.88% of the stock is currently owned by institutional investors and hedge funds.
About Transocean
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.
