Susquehanna Bancshares set a $10.00 price objective on Transocean (NYSE:RIG) in a report published on Friday, February 16th. The firm currently has a hold rating on the offshore drilling services provider’s stock.
Other analysts also recently issued research reports about the stock. Piper Jaffray Companies set a $11.00 target price on shares of Transocean and gave the company a hold rating in a report on Wednesday, January 10th. Cowen set a $11.00 price target on shares of Transocean and gave the stock a hold rating in a research note on Thursday, January 11th. Royal Bank of Canada boosted their price target on shares of Transocean from $11.00 to $13.00 and gave the stock a sector perform rating in a research note on Tuesday, November 14th. Jefferies Group upgraded shares of Transocean from a hold rating to a buy rating and set a $13.00 price target for the company in a research note on Thursday, January 4th. Finally, ValuEngine downgraded shares of Transocean from a hold rating to a sell rating in a research note on Sunday, December 31st. Nine research analysts have rated the stock with a sell rating, eleven have issued a hold rating and fourteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $12.12.
Shares of Transocean (NYSE:RIG) traded down $0.02 during midday trading on Friday, hitting $9.78. 10,220,000 shares of the stock were exchanged, compared to its average volume of 15,160,000. Transocean has a fifty-two week low of $7.20 and a fifty-two week high of $13.18. The company has a debt-to-equity ratio of 0.56, a current ratio of 3.36 and a quick ratio of 3.06. The firm has a market cap of $4,490.00, a P/E ratio of -1.25 and a beta of 1.62.
In related news, Director Frederik Wilhelm Mohn purchased 2,000,000 shares of Transocean stock in a transaction that occurred on Friday, March 2nd. The stock was purchased at an average cost of $9.29 per share, with a total value of $18,580,000.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP David A. Tonnel sold 9,000 shares of the business’s stock in a transaction on Tuesday, February 13th. The shares were sold at an average price of $9.39, for a total transaction of $84,510.00. Following the completion of the sale, the senior vice president now directly owns 75,349 shares of the company’s stock, valued at $707,527.11. The disclosure for this sale can be found here. 0.31% of the stock is currently owned by insiders.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Comerica Bank lifted its position in Transocean by 148.9% in the third quarter. Comerica Bank now owns 336,684 shares of the offshore drilling services provider’s stock valued at $3,498,000 after acquiring an additional 201,399 shares during the last quarter. FMR LLC lifted its position in Transocean by 11.2% in the second quarter. FMR LLC now owns 242,096 shares of the offshore drilling services provider’s stock valued at $1,992,000 after acquiring an additional 24,420 shares during the last quarter. Van ECK Associates Corp lifted its position in Transocean by 6.4% in the third quarter. Van ECK Associates Corp now owns 5,953,402 shares of the offshore drilling services provider’s stock valued at $64,059,000 after acquiring an additional 356,048 shares during the last quarter. James Investment Research Inc. increased its stake in Transocean by 28.9% in the fourth quarter. James Investment Research Inc. now owns 521,353 shares of the offshore drilling services provider’s stock valued at $5,569,000 after purchasing an additional 116,875 shares during the period. Finally, Ameritas Investment Partners Inc. increased its stake in Transocean by 1,158.9% in the third quarter. Ameritas Investment Partners Inc. now owns 116,800 shares of the offshore drilling services provider’s stock valued at $953,000 after purchasing an additional 107,522 shares during the period. 63.89% of the stock is owned by hedge funds and other institutional investors.
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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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