Royal Bank Of Canada reaffirmed their hold rating on shares of Transocean Ltd. (NYSE:RIG) in a research report report published on Friday. Royal Bank Of Canada currently has a $11.00 price objective on the offshore drilling services provider’s stock.

RIG has been the subject of several other research reports. R. F. Lafferty cut their price objective on shares of Transocean from $21.00 to $16.00 and set a buy rating for the company in a research 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 research note on Wednesday, August 2nd. BidaskClub downgraded Transocean from a sell rating to a strong sell rating in a research note on Friday, June 23rd. Credit Suisse Group reissued a buy rating on shares of Transocean in a research note on Wednesday, July 19th. Finally, Bank of America Corporation raised Transocean from an underperform rating to a neutral rating and boosted their target price for the stock from $7.00 to $9.00 in a research note on Tuesday, August 15th. Ten analysts have rated the stock with a sell rating, fourteen have given a hold rating and fourteen have issued a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $12.35.

Shares of Transocean (NYSE:RIG) traded up 4.90% during midday trading on Friday, hitting $8.56. 13,480,882 shares of the company were exchanged. Transocean has a one year low of $7.20 and a one year high of $16.66. The company has a 50-day moving average of $8.29 and a 200 day moving average of $10.24. The company’s market capitalization is $3.35 billion.

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In related news, CAO Howard E. Davis purchased 40,000 shares of the stock in a transaction that occurred on Thursday, August 17th. The stock was acquired at an average cost of $7.32 per share, with a total value of $292,800.00. Following the transaction, the chief accounting officer now owns 21,793 shares of the company’s stock, valued at approximately $159,524.76. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.33% of the company’s stock.

Large investors have recently added to or reduced their stakes in the stock. Contrarius Investment Management Ltd raised its stake in 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 raised its stake in 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 raised its stake in 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. raised its stake in 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. raised its stake in 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. 67.84% of the stock is 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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