Transocean LTD (NYSE:RIG) announced that Murphy Exploration & Production Company – USA, a subsidiary of Murphy Oil Corporation, has elected to terminate the contract for the ultra-deepwater drillship Discoverer Deep Seas. The rig’s contract was scheduled to end in November 2016. Transocean will be compensated for the early termination through a lump-sum payment that includes adjustments for operating costs. (Original Source)
Shares of Transocean LTD closed last Friday at $10.28. RIG has a 1-year high of $21.90 and a 1-year low of $8.50. The stock’s 50-day moving average is $10.78 and its 200-day moving average is $13.39.
On the ratings front, Transocean has been the subject of a number of recent research reports. In a report issued on January 19, Deutsche Bank analyst Mike Urban maintained a Hold rating on RIG, with a price target of $12, which represents a potential upside of 16.7% from where the stock is currently trading. Separately, on January 5, KLR Group’s Darren Gacicia maintained a Buy rating on the stock and has a price target of $19.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Mike Urban and Darren Gacicia have a total average return of -57.7% and -14.1% respectively. Urban has a success rate of 34.1% and is ranked #3584 out of 3584 analysts, while Gacicia has a success rate of 23.4% and is ranked #3397.
Transocean Ltd is an international provider of offshore contract drilling services for oil and gas wells. The Company has two operating segments; contract drilling services and drilling management services.