Barclays PLC Analysts Give Transocean Ltd. (RIG) a $9.00 Price Target
Barclays PLC set a $9.00 price target on Transocean Ltd. (NYSE:RIG) in a research report sent to investors on Sunday. The brokerage currently has a sell rating on the offshore drilling services provider’s stock.
RIG has been the subject of a number of other research reports. BMO Capital Markets reissued a sell rating and set a $10.00 target price on shares of Transocean in a report on Tuesday, April 18th. Credit Suisse Group set a $18.00 target price on Transocean and gave the company a buy rating in a report on Thursday, April 20th. R. F. Lafferty reduced their target price on Transocean from $21.00 to $16.00 and set a buy rating for the company in a report on Monday, May 15th. Zacks Investment Research raised Transocean from a hold rating to a buy rating and set a $9.50 target price for the company in a report on Wednesday, August 2nd. Finally, BidaskClub cut Transocean from a sell rating to a strong sell rating in a report on Friday, June 23rd. Fourteen analysts have rated the stock with a sell rating, thirteen have issued a hold rating and ten have given a buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $13.06.
Shares of Transocean (NYSE:RIG) opened at 8.57 on Friday. Transocean has a 52 week low of $7.67 and a 52 week high of $16.66. The company’s 50-day moving average price is $8.40 and its 200 day moving average price is $11.14. The company’s market cap is $3.35 billion.
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Several hedge funds have recently made changes to their positions in the stock. Hartford Investment Management Co. boosted its stake in shares of Transocean by 0.6% in the first quarter. Hartford Investment Management Co. now owns 103,575 shares of the offshore drilling services provider’s stock valued at $1,290,000 after buying an additional 654 shares during the last quarter. Granite Investment Advisors LLC bought a new stake in shares of Transocean during the first quarter valued at about $3,385,000. Perkins Capital Management Inc. bought a new stake in shares of Transocean during the first quarter valued at about $743,000. Verde Servicos Internacionais S.A. bought a new stake in shares of Transocean during the first quarter valued at about $1,010,000. Finally, Capstone Asset Management Co. boosted its stake in shares of Transocean by 12.7% in the first quarter. Capstone Asset Management Co. now owns 73,330 shares of the offshore drilling services provider’s stock valued at $913,000 after buying an additional 8,270 shares during the last quarter. Institutional investors and hedge funds own 67.32% of the company’s stock.
Transocean Company Profile
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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