HSBC Holdings plc assumed coverage on shares of Transocean Ltd. (NYSE:RIG) in a report released on Thursday morning, MarketBeat Ratings reports. The firm issued a hold rating and a $12.00 price objective on the offshore drilling services provider’s stock.
A number of other research analysts have also weighed in on RIG. BidaskClub lowered shares of Transocean from a sell rating to a strong sell rating in a research note on Friday, June 23rd. Jefferies Group LLC set a $12.00 price target on shares of Transocean and gave the company a hold rating in a research note on Saturday, July 1st. Sanford C. Bernstein lowered shares of Transocean from an outperform rating to a market perform rating and decreased their price target for the company from $16.50 to $9.00 in a research note on Thursday, July 6th. Credit Suisse Group reaffirmed a buy rating on shares of Transocean in a research note on Wednesday, July 19th. Finally, Wells Fargo & Company reaffirmed a market perform rating on shares of Transocean in a research note on Saturday, July 22nd. Ten equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and fifteen have issued a buy rating to the company’s stock. Transocean has a consensus rating of Hold and a consensus target price of $12.18.
Shares of Transocean (RIG) traded down 2.16% during trading on Thursday, hitting $9.95. The stock had a trading volume of 9,475,813 shares. The firm has a 50 day moving average price of $9.83 and a 200 day moving average price of $9.50. Transocean has a 12-month low of $7.20 and a 12-month high of $16.66. The firm’s market cap is $3.89 billion.
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In other Transocean news, CAO Howard E. Davis purchased 40,000 shares of the company’s stock in a transaction on Thursday, August 17th. The stock was acquired at an average price of $7.32 per share, for a total transaction of $292,800.00. Following the completion of the purchase, the chief accounting officer now directly owns 21,793 shares in the company, valued at approximately $159,524.76. The purchase was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.33% of the company’s stock.
Several large investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in shares of Transocean by 2.4% in the first quarter. Vanguard Group Inc. now owns 40,938,941 shares of the offshore drilling services provider’s stock worth $509,689,000 after acquiring an additional 967,011 shares in the last quarter. BlackRock Inc. grew its stake in shares of 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 acquiring an additional 2,756,207 shares in the last quarter. State Street Corp grew its stake in shares of Transocean by 7.5% in the second quarter. State Street Corp now owns 22,918,962 shares of the offshore drilling services provider’s stock worth $188,616,000 after acquiring an additional 1,593,179 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Transocean by 1.7% in the second quarter. Dimensional Fund Advisors LP now owns 12,593,894 shares of the offshore drilling services provider’s stock worth $103,650,000 after acquiring an additional 210,390 shares in the last quarter. Finally, Contrarius Investment Management Ltd grew its stake 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 worth $80,160,000 after acquiring an additional 4,790,469 shares in the last quarter. Institutional investors and hedge funds own 67.79% 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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