Scotiabank upgraded shares of Transocean Ltd. (NYSE:RIG) from a sector perform rating to a sector outperform rating in a research note issued to investors on Tuesday. They currently have $14.00 price target on the offshore drilling services provider’s stock, up from their prior price target of $12.00.

A number of other research firms have also weighed in on RIG. Canaccord Genuity raised shares of Transocean from a sell rating to a hold rating in a research report on Thursday, September 15th. Clarkson Capital reissued a neutral rating and set a $12.00 target price on shares of Transocean in a research report on Thursday, August 4th. Goldman Sachs Group Inc. reissued a sell rating on shares of Transocean in a research report on Friday, September 23rd. Vetr reissued a buy rating and set a $10.74 target price on shares of Transocean in a research report on Thursday, August 18th. Finally, Jefferies Group reaffirmed a hold rating and set a $10.00 price objective (down previously from $11.00) on shares of Transocean in a research report on Tuesday, August 16th. Ten investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have given a buy rating to the company. Transocean has a consensus rating of Hold and an average price target of $10.34.

Transocean (NYSE:RIG) opened at 9.52 on Tuesday. The firm has a market capitalization of $3.48 billion, a P/E ratio of 2.78 and a beta of 1.91. Transocean has a 52 week low of $7.67 and a 52 week high of $17.19. The firm has a 50-day moving average price of $9.80 and a 200-day moving average price of $10.33.

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 Zacks’ consensus estimate of ($0.01) by $0.18. The firm earned $943 million during the quarter. Transocean had a net margin of 21.91% and a return on equity of 8.46%. The firm’s revenue was down 49.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.11 EPS. Equities analysts forecast that Transocean will post $0.95 EPS for the current year.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Kentucky Retirement Systems Insurance Trust Fund bought a new position in Transocean during the second quarter worth about $165,000. Kentucky Retirement Systems acquired a new position in Transocean during the second quarter valued at $347,000. Nomura Holdings Inc. increased its position in Transocean by 413.2% in the second quarter. Nomura Holdings Inc. now owns 193,009 shares of the offshore drilling services provider’s stock valued at $2,286,000 after buying an additional 155,397 shares during the last quarter. Mason Street Advisors LLC acquired a new position in Transocean during the second quarter valued at $550,000. Finally, Schwab Charles Investment Management Inc. increased its position in Transocean by 46.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 2,000,125 shares of the offshore drilling services provider’s stock valued at $23,782,000 after buying an additional 637,016 shares during the last quarter. Institutional investors own 71.55% 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 primarily on a day rate basis to drill oil and gas wells. The Company operates through the contract drilling services segment.

5 Day Chart for NYSE:RIG

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