Transocean Rating Lowered to Hold at Jefferies Group (RIG)
Jefferies Group cut shares of Transocean (NYSE: RIG) from a buy rating to a hold rating in a research note issued to investors on Friday, TheFlyOnTheWall.com reports. The firm currently has $57.00 target price on the stock, up from their previous target price of $54.00.
“RIG has come a long way from an operational standpoint. Shares are, however, nearly discounting a structural recovery and we downgrade to Hold. With the structural improvement, the company is at a crossroads. RIG can accept slower growth and return cash aggressively, but total longer term returns would benefit from stronger longer term growth, in our view, and we think M&A is the preferred way to accelerate that growth.,” the firm’s analyst commented.
Shares of Transocean (NYSE: RIG) opened at 53.27 on Friday. Transocean has a 52 week low of $39.32 and a 52 week high of $59.50. The stock’s 50-day moving average is currently $54.76. The company’s market cap is $19.153 billion.
RIG has been the subject of a number of other recent research reports. Analysts at TheStreet reiterated a hold rating on shares of Transocean in a research note to investors on Monday, March 11th. Separately, analysts at Zacks reiterated a neutral rating on shares of Transocean in a research note to investors on Friday, March 8th. They now have a $56.00 price target on the stock. Finally, analysts at RBC Capital cut their price target on shares of Transocean from $64.00 to $60.00 in a research note to investors on Tuesday, March 5th. They now have an outperform rating on the stock.
One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eleven have given a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $60.35.
Transocean Ltd. (NYSE: RIG) is an international provider of offshore contract drilling services for oil and gas wells.
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