Transocean Ltd. (NYSE:RIG) shares traded down 5.6% during trading on Wednesday . The company traded as low as $10.37 and last traded at $10.39, with a volume of 9,553,866 shares changing hands. The stock had previously closed at $11.01.

A number of research analysts recently commented on the company. Zacks Investment Research upgraded Transocean from a “hold” rating to a “buy” rating and set a $14.00 price objective on the stock in a report on Tuesday, July 5th. Wells Fargo & Co. upgraded Transocean from an “underperform” rating to a “market perform” rating and upped their price objective for the company from $12.15 to $12.22 in a report on Monday, July 18th. Credit Suisse Group AG reiterated a “sell” rating on shares of Transocean in a report on Saturday, July 9th. Seaport Global Securities cut Transocean from a “neutral” rating to a “sell” rating and set a $10.00 price objective on the stock. in a report on Monday, July 11th. Finally, Canaccord Genuity cut Transocean from a “hold” rating to a “sell” rating and set a $8.50 price objective on the stock. in a report on Friday, July 8th. Fourteen analysts have rated the stock with a sell rating, thirteen have issued a hold rating and two have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $9.85.

The stock’s 50-day moving average price is $11.52 and its 200 day moving average price is $10.34. The company has a market capitalization of $3.75 billion and a P/E ratio of 2.99.

Transocean (NYSE:RIG) last released its earnings results on Wednesday, August 3rd. The offshore drilling services provider reported $0.17 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.18. During the same period in the prior year, the firm earned $1.11 earnings per share. The company earned $943 million during the quarter. The business’s revenue was down 49.9% on a year-over-year basis. Equities analysts anticipate that Transocean Ltd. will post $0.86 EPS for the current year.

Several large investors recently added to or reduced their stakes in RIG. Comerica Bank increased its stake in Transocean by 3.4% in the fourth quarter. Comerica Bank now owns 109,793 shares of the offshore drilling services provider’s stock valued at $1,180,000 after buying an additional 3,617 shares during the last quarter. Nationwide Fund Advisors raised its position in Transocean by 2.0% in the fourth quarter. Nationwide Fund Advisors now owns 101,906 shares of the offshore drilling services provider’s stock valued at $1,262,000 after buying an additional 1,982 shares during the period. Liberty Mutual Group Asset Management Inc. raised its position in Transocean by 10.4% in the fourth quarter. Liberty Mutual Group Asset Management Inc. now owns 105,334 shares of the offshore drilling services provider’s stock valued at $1,312,000 after buying an additional 9,947 shares during the period. BNP Paribas Arbitrage SA raised its position in Transocean by 65.4% in the fourth quarter. BNP Paribas Arbitrage SA now owns 120,978 shares of the offshore drilling services provider’s stock valued at $1,498,000 after buying an additional 47,822 shares during the period. Finally, Russell Frank Co raised its position in Transocean by 1,629.1% in the fourth quarter. Russell Frank Co now owns 124,878 shares of the offshore drilling services provider’s stock valued at $1,534,000 after buying an additional 117,656 shares during the period.

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 primarily on a day rate basis to drill oil and gas wells. The Company operates through the contract drilling services segment.

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