Royal Bank of Canada set a $17.00 price objective on Transocean (NYSE:RIG) in a research note released on Wednesday morning, TipRanks reports. The brokerage currently has a buy rating on the offshore drilling services provider’s stock.
Other equities research analysts have also issued reports about the company. Bank of America began coverage on Transocean in a research report on Monday, June 10th. They set a neutral rating and a $6.50 price target on the stock. Citigroup lowered Transocean from a buy rating to a neutral rating and set a $7.00 price target on the stock. in a research report on Friday, June 14th. Morgan Stanley set a $10.00 price target on Transocean and gave the company a buy rating in a research report on Monday, July 15th. ValuEngine raised Transocean from a sell rating to a hold rating in a research report on Thursday. Finally, HSBC set a $12.00 target price on Transocean and gave the stock a buy rating in a research report on Monday, July 15th. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating and ten have issued a buy rating to the company. Transocean currently has an average rating of Hold and an average price target of $12.16.
Shares of RIG stock traded down $0.46 on Wednesday, hitting $5.28. 28,712,757 shares of the stock traded hands, compared to its average volume of 14,810,887. The company has a quick ratio of 2.37, a current ratio of 2.88 and a debt-to-equity ratio of 0.74. The company has a market cap of $3.23 billion, a P/E ratio of -6.68 and a beta of 1.77. Transocean has a 1-year low of $5.16 and a 1-year high of $14.47. The stock’s fifty day moving average is $6.02.
In other Transocean news, Director Vincent J. Intrieri purchased 10,000 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The stock was bought at an average price of $7.35 per share, with a total value of $73,500.00. Following the completion of the purchase, the director now owns 19,900 shares in the company, valued at approximately $146,265. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Howard E. Davis purchased 98,049 shares of the firm’s stock in a transaction dated Friday, June 28th. The stock was acquired at an average cost of $6.35 per share, with a total value of $622,611.15. The disclosure for this purchase can be found here. Insiders acquired 112,349 shares of company stock worth $721,567 over the last ninety days. 11.05% of the stock is owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the company. Steward Partners Investment Advisory LLC bought a new position in shares of Transocean in the second quarter worth $35,000. Icon Wealth Partners LLC bought a new position in shares of Transocean in the first quarter worth $38,000. Nisa Investment Advisors LLC bought a new position in shares of Transocean in the first quarter worth $44,000. Mercer Global Advisors Inc. ADV bought a new position in shares of Transocean in the first quarter worth $70,000. Finally, Wedbush Securities Inc. bought a new position in shares of Transocean in the second quarter worth $74,000. 70.92% of the stock is owned by institutional investors.
Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers drilling rigs, related equipment, and work crews; and ultra-deepwater and harsh environment drilling services. As of February 18, 2019, it owned or had partial ownership interests in, and operated 48 mobile offshore drilling units that consist of 31 ultra-deepwater floaters, 13 harsh environment floaters, and 4 midwater floaters.
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