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A statement released earlier today by Credit Suisse Group AG about Transocean LTD (NYSE:RIG) bumps the target price to $8.00

Credit Suisse Group AG bumped up the target of Transocean LTD (NYSE:RIG) to $8.00 indicating a possible downside of -0.17%.

Yesterday Transocean LTD (NYSE:RIG) traded -0.36% lower at $9.65. The company’s 50-day moving average is $9.98 and its 200-day moving average is $10.43. The last closing price is down -7.85% from the 200-day moving average, compared to the S&P 500 which has decreased -0.01% over the same time period. 5,279,891 shares of the stock traded hands, down from an average trading volume of 15,070,000

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Transocean LTD (NYSE:RIG)

Transocean LTD has a 52 week low of $7.67 and a 52 week high of $17.19 with a P/E ratio of 2.80 The company’s market cap is currently $0.

In addition to Credit Suisse Group AG reporting its target price, a total of 29 firms have reported on the stock. The consensus target price is $8.58 with 1 firm rating the stock a strong buy, 1 firm rating the stock a buy, 13 firms rating the stock a hold, 16 firms rating the stock a underperform, and finally 6 firms rating the stock a sell.

About Transocean LTD (NYSE:RIG)

Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company's primary business is to contract its drilling rigs, related equipment and work crews primarily on a day rate basis to drill oil and gas wells. The Company operates through the contract drilling services segment. The Company specializes in technically demanding regions of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services. Its mobile offshore drilling fleet consists of floaters and high-specification jackups used in support of offshore drilling activities and offshore support services across the world. The Company owns or has partial ownership interests in and operates over 60 mobile offshore drilling , including approximately 30 ultra‑deepwater floaters, over seven harsh environment floaters, over five deepwater floaters, over 10 midwater floaters and approximately 10 high-specification jackups.

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