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Transocean LTD (NYSE:RIG) Given Consensus Recommendation of "Hold" by Brokerages

Last updated on Monday, September 28, 2020 | 2020 MarketBeat

Shares of Transocean LTD (NYSE:RIG) have received an average rating of "Hold" from the twenty-three analysts that are presently covering the stock, MarketBeat reports. Seven investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and two have issued a buy rating on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $2.46.

A number of research firms have recently commented on RIG. Susquehanna Bancshares cut Transocean from a "positive" rating to a "neutral" rating and cut their price objective for the company from $2.50 to $1.15 in a research report on Wednesday, September 16th. UBS Group cut Transocean from a "positive" rating to a "neutral" rating and dropped their price target for the stock from $2.50 to $1.15 in a research report on Wednesday, September 16th. Clarkson Capital cut Transocean from a "buy" rating to a "neutral" rating and set a $2.40 price target for the company. in a research report on Monday, June 15th. Morgan Stanley cut Transocean from an "overweight" rating to an "equal weight" rating in a research report on Wednesday, July 8th. Finally, Evercore ISI started coverage on Transocean in a research report on Thursday, August 6th. They set a "hold" rating and a $4.00 price target for the company.

Several institutional investors have recently made changes to their positions in RIG. Morgan Stanley lifted its stake in shares of Transocean by 369.6% in the 1st quarter. Morgan Stanley now owns 14,575,492 shares of the offshore drilling services provider's stock valued at $16,908,000 after purchasing an additional 11,471,457 shares during the last quarter. Two Sigma Advisers LP lifted its stake in shares of Transocean by 565.3% in the 1st quarter. Two Sigma Advisers LP now owns 6,037,186 shares of the offshore drilling services provider's stock valued at $7,003,000 after purchasing an additional 5,129,801 shares during the last quarter. Vanguard Group Inc. lifted its stake in shares of Transocean by 5.9% in the 2nd quarter. Vanguard Group Inc. now owns 59,262,553 shares of the offshore drilling services provider's stock valued at $108,450,000 after purchasing an additional 3,318,036 shares during the last quarter. Luminus Management LLC lifted its stake in shares of Transocean by 25.1% in the 1st quarter. Luminus Management LLC now owns 13,961,593 shares of the offshore drilling services provider's stock valued at $16,195,000 after purchasing an additional 2,805,283 shares during the last quarter. Finally, Van ECK Associates Corp lifted its stake in shares of Transocean by 26.9% in the 1st quarter. Van ECK Associates Corp now owns 10,071,246 shares of the offshore drilling services provider's stock valued at $11,683,000 after purchasing an additional 2,135,587 shares during the last quarter. 56.71% of the stock is currently owned by institutional investors and hedge funds.

Shares of Transocean stock traded up $0.09 on Monday, reaching $0.89. The company's stock had a trading volume of 280,819 shares, compared to its average volume of 28,737,580. The company has a market capitalization of $491.66 million, a P/E ratio of -0.31 and a beta of 2.34. Transocean has a 52-week low of $0.76 and a 52-week high of $7.28. The stock has a 50-day moving average price of $1.45 and a 200-day moving average price of $1.59. The company has a quick ratio of 1.78, a current ratio of 2.07 and a debt-to-equity ratio of 0.77.

Transocean Company Profile

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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Analyst Recommendations for Transocean (NYSE:RIG)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected]

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