Transocean’s (RIG) Hold Rating Reiterated at Piper Jaffray Companies
Piper Jaffray Companies reiterated their hold rating on shares of Transocean (NYSE:RIG) in a research note issued to investors on Friday. Piper Jaffray Companies currently has a $13.30 target price on the offshore drilling services provider’s stock.
A number of other research firms have also recently weighed in on RIG. Susquehanna Bancshares upgraded Transocean from a neutral rating to a positive rating and raised their price target for the company from $11.00 to $16.00 in a research note on Monday, July 9th. Tudor Pickering upgraded Transocean from a hold rating to a buy rating in a research note on Thursday, July 12th. ValuEngine upgraded Transocean from a buy rating to a strong-buy rating in a research note on Thursday, June 7th. Credit Suisse Group set a $16.00 price target on Transocean and gave the company a buy rating in a research note on Friday, July 13th. Finally, R. F. Lafferty raised their price target on Transocean from $11.00 to $16.00 and gave the company a buy rating in a research note on Tuesday, May 15th. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $12.62.
NYSE:RIG opened at $11.19 on Friday. The firm has a market capitalization of $5.80 billion, a P/E ratio of -186.50 and a beta of 1.49. Transocean has a 12-month low of $7.28 and a 12-month high of $14.34. The company has a quick ratio of 1.35, a current ratio of 1.49 and a debt-to-equity ratio of 0.63.
In other news, Director Vincent J. Intrieri bought 10,000 shares of the business’s stock in a transaction dated Thursday, August 16th. The shares were acquired at an average price of $10.62 per share, for a total transaction of $106,200.00. Following the completion of the transaction, the director now owns 10,000 shares of the company’s stock, valued at $106,200. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. 14.09% of the stock is currently owned by insiders.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Energy Opportunities Capital Management LLC acquired a new stake in shares of Transocean during the second quarter worth about $2,582,000. Odey Asset Management Group Ltd increased its position in shares of Transocean by 2.7% during the second quarter. Odey Asset Management Group Ltd now owns 6,042,430 shares of the offshore drilling services provider’s stock worth $81,210,000 after purchasing an additional 158,931 shares in the last quarter. Bank of Nova Scotia acquired a new position in Transocean in the 2nd quarter valued at about $754,000. Verition Fund Management LLC acquired a new position in Transocean in the 2nd quarter valued at about $167,000. Finally, Castleark Management LLC increased its position in Transocean by 4,101.0% in the 2nd quarter. Castleark Management LLC now owns 487,320 shares of the offshore drilling services provider’s stock valued at $6,550,000 after acquiring an additional 475,720 shares during the period. Institutional investors and hedge funds own 73.92% of the company’s stock.
Transocean Company Profile
Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers deepwater and harsh environment drilling services. As of February 20, 2018, it owned or had partial ownership interests in, and operated 47 mobile offshore drilling units that consist of 27 ultra-deepwater floaters, 12 harsh environment floaters, 2 deepwater floaters, 6 midwater floaters, and 2 high-specification jackups.
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