Transocean Ltd. (RIG) Raised to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Transocean Ltd. (NYSE:RIG) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning. The brokerage currently has $12.00 target price on the offshore drilling services provider’s stock.
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.”
Other research analysts also recently issued reports about the company. Jefferies Group LLC set a $12.00 price target on Transocean and gave the company a hold rating in a report on Saturday, July 1st. Nomura cut their price target on Transocean from $8.00 to $7.00 and set a reduce rating on the stock in a report on Thursday, August 17th. ValuEngine upgraded Transocean from a hold rating to a buy rating in a report on Thursday, August 17th. Pareto Securities upgraded Transocean from a hold rating to a buy rating in a report on Friday, August 18th. Finally, Royal Bank Of Canada reiterated a hold rating and issued a $11.00 price target on shares of Transocean in a report on Friday, September 1st. Ten investment analysts have rated the stock with a sell rating, twelve have given a hold rating and fifteen have given a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $12.41.
Shares of Transocean (RIG) opened at 10.31 on Tuesday. The stock has a 50 day moving average price of $9.06 and a 200-day moving average price of $9.63. The stock’s market capitalization is $4.03 billion. Transocean has a 1-year low of $7.20 and a 1-year high of $16.66.
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In related news, CAO Howard E. Davis acquired 40,000 shares of the firm’s stock in a transaction dated Thursday, August 17th. The stock was acquired 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 in the company, valued at approximately $159,524.76. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.33% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Public Employees Retirement Association of Colorado raised its holdings in Transocean by 12.7% in the 2nd quarter. Public Employees Retirement Association of Colorado now owns 12,340 shares of the offshore drilling services provider’s stock worth $102,000 after purchasing an additional 1,394 shares during the period. FNY Partners Fund LP acquired a new position in Transocean in the 1st quarter worth about $108,000. Capstone Investment Advisors Netherlands B.V. acquired a new position in Transocean in the 2nd quarter worth about $111,000. Advisor Partners LLC acquired a new position in Transocean in the 2nd quarter worth about $112,000. Finally, Dupont Capital Management Corp acquired a new position in Transocean in the 2nd quarter worth about $113,000. 67.81% of the stock is owned by institutional investors.
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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