Transocean (NYSE:RIG) Raised to “Overweight” at Barclays

Transocean (NYSE:RIG) was upgraded by stock analysts at Barclays from an “equal weight” rating to an “overweight” rating in a research report issued on Wednesday,Briefing.com Automated Import reports. The firm currently has a $4.50 target price on the offshore drilling services provider’s stock. Barclays‘s price objective indicates a potential upside of 22.28% from the company’s current price.

Several other equities analysts have also commented on the company. Morgan Stanley raised their price target on Transocean from $5.00 to $6.00 and gave the company an “equal weight” rating in a research note on Thursday, October 3rd. JPMorgan Chase & Co. upgraded shares of Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 price target for the company in a report on Friday, December 6th. Citigroup lowered shares of Transocean from a “buy” rating to a “neutral” rating in a report on Thursday, September 12th. Susquehanna dropped their target price on Transocean from $7.00 to $6.50 and set a “positive” rating on the stock in a research report on Friday, November 1st. Finally, DNB Markets raised Transocean from a “hold” rating to a “buy” rating in a research report on Tuesday, September 3rd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $6.25.

Transocean Price Performance

Transocean stock opened at $3.68 on Wednesday. The stock has a market cap of $3.22 billion, a price-to-earnings ratio of -4.91 and a beta of 2.75. The firm has a 50-day moving average of $4.22 and a two-hundred day moving average of $4.72. Transocean has a 1 year low of $3.54 and a 1 year high of $6.88. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.64 and a quick ratio of 1.34.

Insider Buying and Selling at Transocean

In other Transocean news, EVP Roderick James Mackenzie sold 20,000 shares of the company’s stock in a transaction dated Monday, November 18th. The shares were sold at an average price of $4.29, for a total value of $85,800.00. Following the completion of the transaction, the executive vice president now owns 310,857 shares in the company, valued at approximately $1,333,576.53. This represents a 6.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 13.16% of the company’s stock.

Institutional Trading of Transocean

A number of institutional investors and hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC purchased a new position in Transocean during the second quarter valued at $64,000. Nisa Investment Advisors LLC acquired a new position in shares of Transocean during the 2nd quarter worth about $30,000. Southern Capital Advisors LLC purchased a new position in Transocean in the 2nd quarter valued at about $96,000. Bank of New York Mellon Corp lifted its stake in Transocean by 18.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 16,858,264 shares of the offshore drilling services provider’s stock valued at $90,192,000 after buying an additional 2,606,017 shares in the last quarter. Finally, Verdence Capital Advisors LLC increased its stake in Transocean by 19.8% during the 2nd quarter. Verdence Capital Advisors LLC now owns 30,235 shares of the offshore drilling services provider’s stock worth $162,000 after buying an additional 5,000 shares in the last quarter. 67.73% of the stock is currently owned by hedge funds and other institutional investors.

About Transocean

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. The company operates a fleet of mobile offshore drilling units, consisting of ultra-deepwater floaters and harsh environment floaters.