Transocean Ltd. (NYSE:RIG) shares gapped up prior to trading on Thursday . The stock had previously closed at $10.07, but opened at $10.11. Transocean shares last traded at $10.54, with a volume of 7,736,640 shares trading hands.

RIG has been the subject of several recent research reports. KLR Group reissued a “buy” rating and issued a $19.00 price objective on shares of Transocean in a research note on Wednesday, June 15th. Vetr upgraded Transocean from a “hold” rating to a “buy” rating and set a $10.17 target price for the company in a report on Monday, May 16th. Zacks Investment Research upgraded Transocean from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a report on Wednesday, June 29th. Evercore ISI upgraded Transocean from a “sell” rating to a “hold” rating and upped their target price for the company from $11.00 to $12.00 in a report on Wednesday, June 29th. Finally, Jefferies Group restated a “hold” rating on shares of Transocean in a report on Sunday, July 10th. Thirteen research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $10.00.

The firm’s 50-day moving average is $11.27 and its 200 day moving average is $10.36. The company has a market cap of $3.83 billion and a P/E ratio of 3.06.

Transocean (NYSE:RIG) last released its quarterly earnings results on Wednesday, August 3rd. The offshore drilling services provider reported $0.17 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.18. During the same quarter last year, the business posted $1.11 EPS. The business earned $943 million during the quarter. The business’s quarterly revenue was down 49.9% on a year-over-year basis. Analysts predict that Transocean Ltd. will post $0.96 earnings per share for the current fiscal year.

Several hedge funds and institutional investors have added to or reduced their stakes in the company. Schwab Charles Investment Management Inc. boosted its position in Transocean by 26.5% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 1,361,469 shares of the offshore drilling services provider’s stock valued at $16,855,000 after buying an additional 284,784 shares during the period. Dimensional Fund Advisors LP boosted its position in Transocean by 14.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 4,840,322 shares of the offshore drilling services provider’s stock valued at $59,920,000 after buying an additional 602,670 shares during the period. Marshall Wace LLP boosted its position in Transocean by 38.3% in the fourth quarter. Marshall Wace LLP now owns 382,126 shares of the offshore drilling services provider’s stock valued at $4,731,000 after buying an additional 105,783 shares during the period. Finally, Comerica Bank boosted its position 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 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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