Transocean Ltd. (NYSE:RIG) had its price target trimmed by Nomura from $8.00 to $7.00 in a report issued on Thursday. The brokerage currently has a reduce rating on the offshore drilling services provider’s stock.

Several other brokerages have also recently commented on RIG. Credit Suisse Group set a $18.00 price objective on shares of Transocean and gave the company a buy rating in a research note on Thursday, April 20th. Royal Bank Of Canada reaffirmed an underperform rating and set a $15.00 price objective on shares of Transocean in a research note on Tuesday, April 25th. R. F. Lafferty reduced their price objective on shares of Transocean from $21.00 to $16.00 and set a buy rating for the company in a research note on Monday, May 8th. UBS AG reaffirmed a neutral rating and set a $12.00 price objective (down previously from $15.00) on shares of Transocean in a research note on Friday, May 5th. Finally, B. Riley reduced their price objective on shares of Transocean from $21.00 to $16.00 and set a buy rating for the company in a research note on Tuesday, May 9th. Eleven analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and twelve have issued a buy rating to the stock. The stock has an average rating of Hold and an average target price of $12.42.

Shares of Transocean (NYSE RIG) opened at 7.48 on Thursday. The stock’s 50 day moving average is $8.37 and its 200-day moving average is $10.64. Transocean has a one year low of $7.20 and a one year high of $16.66. The company’s market cap is $2.93 billion.

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Hedge funds and other institutional investors have recently modified their holdings of the stock. Contrarius Investment Management Ltd increased its position in shares of Transocean by 96.8% in the second quarter. Contrarius Investment Management Ltd now owns 9,740,030 shares of the offshore drilling services provider’s stock worth $80,160,000 after buying an additional 4,790,469 shares during the last quarter. Teachers Advisors LLC increased its position in shares of Transocean by 796.2% in the first quarter. Teachers Advisors LLC now owns 4,355,168 shares of the offshore drilling services provider’s stock worth $54,222,000 after buying an additional 3,869,219 shares during the last quarter. Thompson Siegel & Walmsley LLC increased its position in shares of Transocean by 129.6% in the second quarter. Thompson Siegel & Walmsley LLC now owns 6,299,461 shares of the offshore drilling services provider’s stock worth $51,844,000 after buying an additional 3,556,281 shares during the last quarter. BlackRock Inc. increased its position in shares of Transocean by 12.1% in the second quarter. BlackRock Inc. now owns 25,538,929 shares of the offshore drilling services provider’s stock worth $210,185,000 after buying an additional 2,756,207 shares during the last quarter. Finally, Cornerstone Capital Management Holdings LLC. increased its position in shares of Transocean by 606.1% in the first quarter. Cornerstone Capital Management Holdings LLC. now owns 2,028,718 shares of the offshore drilling services provider’s stock worth $25,256,000 after buying an additional 1,741,410 shares during the last quarter. 69.31% of the stock is currently owned by institutional investors and hedge funds.

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.

Analyst Recommendations for Transocean (NYSE:RIG)

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