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Upgrade Alert for Transocean (RIG)

By Nick Russo

Transocean (NYSE:RIG) was upgraded from Sell to Hold at Canaccord Genuity today. The stock closed yesterday at $9.27 on volume of 11.8 million shares, below average daily volume of 19.6 million.

Transocean Ltd. is an offshore drilling contractor. The Company owns or operates mobile offshore drilling units, inland drilling barges, and other assets utilized in the support of offshore drilling activities worldwide. Transocean specializes in technically demanding segments of the offshore drilling business, including deepwater and harsh environment drilling services.

There is potential upside of 28.0% for shares of Transocean based on a current price of $9.27 and an average consensus analyst price target of $11.86. The stock should run into initial resistance at its 50-day moving average (MA) of $10.08 and subsequent resistance at its 200-day MA of $12.30.

In the past 52 weeks, shares of Transocean have traded between a low of $7.67 and a high of $21.90 and closed yesterday at $9.27, which is 21% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.6% while the 200-day MA has slid 0.5%.

SmarTrend recommended that its subscribers protect gains by selling shares of Transocean on July 28th, 2016 by issuing a Downtrend alert when the shares were trading at $10.83. Since that call, shares of Transocean have fallen 15.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades Transocean

Ticker(s): RIG