Why Transocean (RIG) Stock Is Trading Higher Today
Portfolio Pulse from Adam Eckert
Transocean Ltd (RIG) shares are trading higher following an upgrade from Citigroup analyst Scott Gruber, who raised the price target from $6.50 to $9.50. The company also announced that $172 million in options have been exercised and it received a $184 million award for harsh environment semisubmersible.
July 05, 2023 | 12:55 pm
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Transocean's stock is trading higher due to positive analyst coverage and the exercising of $172 million in options.
The positive analyst coverage from Citigroup, including an upgrade from Neutral to Buy and a raised price target, is a strong positive signal for investors. Additionally, the announcement of $172 million in exercised options indicates strong demand for the company's stock, which could drive the price higher.
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