Transocean Ltd. (RIG) Upgraded by Zacks Investment Research to “Buy”
Transocean Ltd. (NYSE:RIG) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The firm presently has a $12.00 target price on the offshore drilling services provider’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 16.17% from the company’s previous close.
According to Zacks, “Despite a difficult operating backdrop, Transocean has managed to beat estimates in each of the last 16 quarters. The offshore rig company's outperformance has been due to sustained cost cuts and impressive revenue efficiency. The recent bullish backdrop surrounding oil has further lifted the sentiment in the stock, which has rallied more than 8% in the past year, handily outperforming the Zacks Oil & Gas-Drilling industry's 15.7% decline. As it is, we are a fan of Transocean's technologically advanced and versatile drilling fleet , strong backlog and considerable pricing power. Finally, with a broad client base that includes most of the exploration and production biggies, we believe Transocean offers substantial upside potential from the current price levels.”
Several other research analysts also recently commented on the stock. Evercore ISI reissued a “buy” rating and set a $18.00 price objective on shares of Transocean in a report on Thursday, August 10th. Credit Suisse Group restated a “buy” rating on shares of Transocean in a research report on Wednesday, July 19th. ValuEngine raised Transocean from a “hold” rating to a “buy” rating in a report on Thursday, August 17th. Pareto Securities raised Transocean from a “hold” rating to a “buy” rating in a report on Friday, August 18th. Finally, R. F. Lafferty set a $15.00 target price on Transocean and gave the stock a “buy” rating in a research report on Saturday, August 26th. Ten analysts have rated the stock with a sell rating, twelve have issued a hold rating and sixteen have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $12.46.
Shares of Transocean (RIG) traded down 0.48% during trading on Tuesday, hitting $10.28. 5,632,589 shares of the stock were exchanged. Transocean has a 52-week low of $7.20 and a 52-week high of $16.66. The firm has a 50 day moving average of $8.76 and a 200-day moving average of $9.65. The stock’s market cap is $4.02 billion. Transocean also saw some unusual options trading activity on Monday. Investors purchased 16,695 call options on the company. This represents an increase of 121% compared to the typical daily volume of 7,543 call options.
In other Transocean news, CAO Howard E. Davis acquired 40,000 shares of Transocean stock in a transaction that occurred on Thursday, August 17th. The stock was bought at an average price of $7.32 per share, with a total value of $292,800.00. Following the completion of the purchase, the chief accounting officer now directly owns 21,793 shares of the company’s stock, valued at approximately $159,524.76. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.33% of the company’s stock.
A number of institutional investors have recently bought and sold shares of RIG. Vanguard Group Inc. boosted its position in Transocean by 2.4% during the 1st quarter. Vanguard Group Inc. now owns 40,938,941 shares of the offshore drilling services provider’s stock valued at $509,689,000 after acquiring an additional 967,011 shares in the last quarter. BlackRock Inc. increased its holdings in shares of Transocean by 12.1% in the 2nd quarter. BlackRock Inc. now owns 25,538,929 shares of the offshore drilling services provider’s stock valued at $210,185,000 after acquiring an additional 2,756,207 shares during the period. State Street Corp raised its position in shares of Transocean by 7.5% in the 2nd quarter. State Street Corp now owns 22,918,962 shares of the offshore drilling services provider’s stock worth $188,616,000 after acquiring an additional 1,593,179 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Transocean by 1.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 12,593,894 shares of the offshore drilling services provider’s stock worth $103,650,000 after acquiring an additional 210,390 shares in the last quarter. Finally, Contrarius Investment Management Ltd raised its position in shares of Transocean by 96.8% in the 2nd quarter. Contrarius Investment Management Ltd now owns 9,740,030 shares of the offshore drilling services provider’s stock worth $80,160,000 after acquiring an additional 4,790,469 shares in the last quarter. Institutional investors own 67.81% of the company’s stock.
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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