Transocean Ltd. (RIG) Rating Reiterated by Jefferies Group LLC

Transocean Ltd. (NYSE:RIG)‘s stock had its “hold” rating reiterated by analysts at Jefferies Group LLC in a report issued on Friday. They presently have a $9.00 price target on the offshore drilling services provider’s stock. Jefferies Group LLC’s price target indicates a potential downside of 3.43% from the company’s current price.

A number of other research analysts have also recently commented on RIG. Goldman Sachs Group, Inc. (The) raised Transocean from a “sell” rating to a “neutral” rating and increased their target price for the company from $8.57 to $9.75 in a research note on Wednesday, August 9th. Evercore ISI reissued a “buy” rating and issued a $18.00 target price on shares of Transocean in a research note on Thursday, August 10th. Instinet reissued a “reduce” rating and issued a $7.00 target price (down previously from $8.00) on shares of Transocean in a research note on Saturday, August 19th. Bank of America Corporation raised Transocean from an “underperform” rating to a “neutral” rating and increased their target price for the company from $7.00 to $9.00 in a research note on Tuesday, August 15th. Finally, ValuEngine raised Transocean from a “hold” rating to a “buy” rating in a research note on Thursday, August 17th. Ten investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $12.21.

Shares of Transocean (RIG) opened at 9.32 on Friday. The company’s 50-day moving average price is $8.40 and its 200-day moving average price is $9.81. The company’s market cap is $3.65 billion. Transocean has a 12 month low of $7.20 and a 12 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 dated Thursday, August 17th. The stock was purchased 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 of the company’s stock, valued at $159,524.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.33% of the stock is currently owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the company. Bank of Nova Scotia purchased a new position in shares of Transocean during the first quarter valued at approximately $604,000. FNY Partners Fund LP purchased a new position in shares of Transocean during the first quarter valued at approximately $108,000. Ameritas Investment Partners Inc. purchased a new position in shares of Transocean during the first quarter valued at approximately $116,000. Dynamic Technology Lab Private Ltd purchased a new position in shares of Transocean during the first quarter valued at approximately $132,000. Finally, Public Employees Retirement Association of Colorado lifted its holdings in shares of Transocean by 12.7% during the second quarter. Public Employees Retirement Association of Colorado now owns 12,340 shares of the offshore drilling services provider’s stock valued at $102,000 after purchasing an additional 1,394 shares during the last quarter. Hedge funds and other institutional investors own 67.81% of the company’s stock.

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.

Analyst Recommendations for Transocean (NYSE:RIG)

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