Transocean Ltd. (NYSE:RIG) shares gapped up prior to trading on Thursday . The stock had previously closed at $7.92, but opened at $8.10. Transocean shares last traded at $8.16, with a volume of 10,646,385 shares trading hands.

A number of research firms have commented on RIG. R. F. Lafferty dropped their price objective on shares of Transocean from $21.00 to $16.00 and set a “buy” rating on the stock in a research note on Monday, May 8th. Royal Bank Of Canada reiterated a “sell” rating and set a $13.00 price target on shares of Transocean in a research note on Friday, May 5th. UBS AG reiterated a “neutral” rating and set a $12.00 price target (down from $15.00) on shares of Transocean in a research note on Friday, May 5th. B. Riley dropped their price target on shares of Transocean from $21.00 to $16.00 and set a “buy” rating on the stock in a research note on Tuesday, May 9th. Finally, Odeon Capital Group LLC started coverage on shares of Transocean in a research note on Wednesday, May 17th. They set a “sell” rating and a $8.00 price target on the stock. Ten investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and fourteen have assigned a buy rating to the stock. Transocean presently has an average rating of “Hold” and a consensus price target of $12.35.

The firm’s market cap is $3.35 billion. The stock has a 50-day moving average price of $8.29 and a 200-day moving average price of $10.24.

In other Transocean news, CAO Howard E. Davis purchased 40,000 shares of the stock in a transaction on Thursday, August 17th. The shares were purchased at an average price of $7.32 per share, with a total value of $292,800.00. Following the acquisition, the chief accounting officer now directly owns 21,793 shares of the company’s stock, valued at approximately $159,524.76. The transaction was disclosed in a document filed with the SEC, which is available at this link. Insiders own 0.33% of the company’s stock.

A number of large investors have recently made changes to their positions in the stock. Nationwide Fund Advisors raised its stake in shares of Transocean by 16.4% in the first quarter. Nationwide Fund Advisors now owns 327,207 shares of the offshore drilling services provider’s stock valued at $4,074,000 after buying an additional 46,097 shares during the period. Russell Investments Group Ltd. raised its stake in shares of Transocean by 230.6% in the first quarter. Russell Investments Group Ltd. now owns 196,778 shares of the offshore drilling services provider’s stock valued at $2,452,000 after buying an additional 137,248 shares during the period. IFP Advisors Inc raised its stake in shares of Transocean by 3.8% in the first quarter. IFP Advisors Inc now owns 22,455 shares of the offshore drilling services provider’s stock valued at $280,000 after buying an additional 826 shares during the period. Wells Fargo & Company MN raised its stake in shares of Transocean by 21.6% in the first quarter. Wells Fargo & Company MN now owns 481,855 shares of the offshore drilling services provider’s stock valued at $6,000,000 after buying an additional 85,486 shares during the period. Finally, Canada Pension Plan Investment Board raised its stake in shares of Transocean by 740.6% in the first quarter. Canada Pension Plan Investment Board now owns 429,594 shares of the offshore drilling services provider’s stock valued at $5,348,000 after buying an additional 378,490 shares during the period. 67.84% of the stock is currently owned by hedge funds and other institutional investors.

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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.