Transocean (NYSE:RIG) Upgraded by Wall Street Zen to Hold Rating

Key Points

• Transocean's stock rating was upgraded from a "sell" to a "hold" by analysts at Wall Street Zen.
• The company's current average stock price target stands at $4.20, with multiple analysts providing various ratings, including seven with a hold and four with a buy rating.
• Shares of Transocean increased by 4.7%, bringing the share price to $3.09 as of the latest trading session.

Wall Street Zen upgraded shares of Transocean (NYSE:RIG - Free Report) from a sell rating to a hold rating in a report published on Sunday morning.

A number of other research analysts also recently issued reports on the stock. Morgan Stanley reduced their price objective on shares of Transocean from $4.00 to $3.50 and set an "equal weight" rating on the stock in a research report on Friday, May 16th. Susquehanna lowered their price objective on Transocean from $5.00 to $4.00 and set a "positive" rating for the company in a research report on Monday, April 14th. Finally, BTIG Research set a $5.00 price objective on Transocean and gave the company a "buy" rating in a research report on Monday, May 5th. Seven research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, Transocean presently has an average rating of "Hold" and an average price target of $4.26.

Transocean Price Performance

NYSE RIG traded down $0.06 on Friday, reaching $2.96. 7,752,771 shares of the company's stock traded hands, compared to its average volume of 36,434,336. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.26 and a quick ratio of 0.99. Transocean has a 12 month low of $1.97 and a 12 month high of $5.26. The stock has a market cap of $2.79 billion, a PE ratio of -1.59, a P/E/G ratio of 6.28 and a beta of 2.52. The stock has a 50-day simple moving average of $2.88 and a 200 day simple moving average of $2.88.

Hedge Funds Weigh In On Transocean

A number of hedge funds have recently bought and sold shares of the business. NewEdge Advisors LLC raised its position in Transocean by 19.3% in the 2nd quarter. NewEdge Advisors LLC now owns 74,754 shares of the offshore drilling services provider's stock worth $194,000 after buying an additional 12,086 shares during the last quarter. Qube Research & Technologies Ltd bought a new position in shares of Transocean during the 2nd quarter valued at approximately $571,000. Cerity Partners LLC grew its stake in shares of Transocean by 9.8% during the 2nd quarter. Cerity Partners LLC now owns 66,203 shares of the offshore drilling services provider's stock valued at $171,000 after acquiring an additional 5,888 shares during the period. Jump Financial LLC grew its stake in shares of Transocean by 288.1% during the 2nd quarter. Jump Financial LLC now owns 5,780,571 shares of the offshore drilling services provider's stock valued at $14,972,000 after acquiring an additional 4,290,971 shares during the period. Finally, Cresset Asset Management LLC grew its stake in shares of Transocean by 13.6% during the 2nd quarter. Cresset Asset Management LLC now owns 125,078 shares of the offshore drilling services provider's stock valued at $324,000 after acquiring an additional 15,000 shares during the period. Hedge funds and other institutional investors own 67.73% of the company's stock.

About Transocean

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. The company operates a fleet of mobile offshore drilling units, consisting of ultra-deepwater floaters and harsh environment floaters.