Transocean (NYSE:RIG) Upgraded to Overweight at Barclays

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

Several other research analysts have also recently issued reports on the company. Morgan Stanley raised their target price on Transocean from $5.00 to $6.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 3rd. JPMorgan Chase & Co. upgraded shares of Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 target price for the company in a research report on Friday, December 6th. DNB Markets upgraded shares of Transocean from a “hold” rating to a “buy” rating in a research note on Tuesday, September 3rd. Susquehanna reduced their price objective on Transocean from $7.00 to $6.50 and set a “positive” rating for the company in a research note on Friday, November 1st. Finally, StockNews.com raised Transocean to a “sell” rating in a report on Tuesday, November 12th. Two 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $6.25.

Transocean Price Performance

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

Insider Activity at Transocean

In other 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 transaction of $85,800.00. Following the sale, the executive vice president now directly owns 310,857 shares in the company, valued at approximately $1,333,576.53. This represents a 6.04 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 13.16% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Transocean

Several institutional investors have recently modified their holdings of RIG. SG Americas Securities LLC purchased a new position in Transocean during the second quarter worth $64,000. Nisa Investment Advisors LLC bought a new position in Transocean during the 2nd quarter valued at about $30,000. Southern Capital Advisors LLC purchased a new stake in Transocean in the 2nd quarter worth about $96,000. Bank of New York Mellon Corp lifted its stake in Transocean by 18.3% in the second quarter. Bank of New York Mellon Corp now owns 16,858,264 shares of the offshore drilling services provider’s stock worth $90,192,000 after purchasing an additional 2,606,017 shares during the last quarter. Finally, Verdence Capital Advisors LLC lifted its stake in Transocean by 19.8% in the second quarter. Verdence Capital Advisors LLC now owns 30,235 shares of the offshore drilling services provider’s stock worth $162,000 after purchasing an additional 5,000 shares during the last quarter. 67.73% of the stock is owned by institutional investors.

Transocean Company Profile

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.