Wells Fargo & Company Reiterates “Market Perform” Rating for Transocean Ltd. (NYSE:RIG)

Transocean Ltd. (NYSE:RIG)‘s stock had its “market perform” rating reaffirmed by equities research analysts at Wells Fargo & Company in a research note issued to investors on Saturday, July 22nd.

A number of other research analysts also recently commented on RIG. Jefferies Group LLC reiterated a “hold” rating and set a $14.00 price objective (up from $13.00) on shares of Transocean in a research note on Tuesday, April 11th. Deutsche Bank AG reduced their price objective on shares of Transocean from $8.00 to $7.00 and set a “hold” rating on the stock in a research note on Tuesday, April 18th. BMO Capital Markets reiterated a “sell” rating and set a $10.00 price objective on shares of Transocean in a research note on Tuesday, April 18th. Credit Suisse Group set a $18.00 target price on shares of Transocean and gave the stock a “buy” rating in a report on Thursday, April 20th. Finally, Royal Bank Of Canada reissued an “underperform” rating and set a $15.00 target price on shares of Transocean in a report on Tuesday, April 25th. Eleven equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and twelve have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $12.42.

Shares of Transocean (NYSE RIG) traded up 2.75% during mid-day trading on Friday, hitting $7.48. The company had a trading volume of 22,122,966 shares. The firm’s market capitalization is $2.93 billion. Transocean has a 52-week low of $7.20 and a 52-week high of $16.66. The firm has a 50-day moving average price of $8.37 and a 200 day moving average price of $10.64. Transocean also was the recipient of some unusual options trading activity on Wednesday. Traders bought 17,912 call options on the company. This represents an increase of 175% compared to the typical daily volume of 6,510 call options.

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A number of institutional investors have recently modified their holdings of the stock. Contrarius Investment Management Ltd raised its position in shares of Transocean by 96.8% in the second quarter. Contrarius Investment Management Ltd now owns 9,740,030 shares of the offshore drilling services provider’s stock valued at $80,160,000 after buying an additional 4,790,469 shares during the last quarter. Teachers Advisors LLC raised its position in Transocean by 796.2% in the first quarter. Teachers Advisors LLC now owns 4,355,168 shares of the offshore drilling services provider’s stock worth $54,222,000 after buying an additional 3,869,219 shares in the last quarter. Thompson Siegel & Walmsley LLC raised its position in Transocean by 129.6% in the second quarter. Thompson Siegel & Walmsley LLC now owns 6,299,461 shares of the offshore drilling services provider’s stock worth $51,844,000 after buying an additional 3,556,281 shares in the last quarter. BlackRock Inc. raised its position in Transocean by 12.1% in the second quarter. BlackRock Inc. now owns 25,538,929 shares of the offshore drilling services provider’s stock worth $210,185,000 after buying an additional 2,756,207 shares in the last quarter. Finally, Cornerstone Capital Management Holdings LLC. raised its position in Transocean by 606.1% in the first quarter. Cornerstone Capital Management Holdings LLC. now owns 2,028,718 shares of the offshore drilling services provider’s stock worth $25,256,000 after buying an additional 1,741,410 shares in the last quarter. 69.31% of the stock is currently owned by hedge funds and other institutional investors.

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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