Transocean (NYSE:RIG) Upgraded at Barclays

Transocean (NYSE:RIG) was upgraded by analysts at Barclays from an “equal weight” rating to an “overweight” rating in a research report issued on Wednesday, MarketBeat Ratings reports. The brokerage presently has a $4.50 target price on the offshore drilling services provider’s stock. Barclays‘s target price would indicate a potential upside of 26.76% from the stock’s previous close.

RIG has been the topic of several other research reports. Morgan Stanley upped their target price on Transocean from $5.00 to $6.00 and gave the company an “equal weight” rating in a report on Thursday, October 3rd. Citigroup cut shares of Transocean from a “buy” rating to a “neutral” rating in a research note on Thursday, September 12th. StockNews.com upgraded shares of Transocean to a “sell” rating in a research report on Tuesday, November 12th. Benchmark reiterated a “hold” rating on shares of Transocean in a research report on Tuesday, December 3rd. Finally, JPMorgan Chase & Co. upgraded Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 price objective for the company in a research report on Friday, December 6th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the stock. According to MarketBeat, Transocean has a consensus rating of “Hold” and a consensus price target of $6.25.

Transocean Price Performance

Shares of NYSE:RIG opened at $3.55 on Wednesday. The firm has a market capitalization of $3.11 billion, a price-to-earnings ratio of -4.73 and a beta of 2.75. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.64 and a quick ratio of 1.34. The business’s 50 day simple moving average is $4.19 and its 200-day simple moving average is $4.71. Transocean has a 12 month low of $3.53 and a 12 month high of $6.88.

Insider Transactions at Transocean

In other news, EVP Roderick James Mackenzie sold 20,000 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $4.29, for a total transaction of $85,800.00. Following the sale, the executive vice president now owns 310,857 shares in the company, valued at $1,333,576.53. This trade represents a 6.04 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 13.16% of the company’s stock.

Hedge Funds Weigh In On Transocean

Several large investors have recently added to or reduced their stakes in RIG. Primecap Management Co. CA grew its holdings in Transocean by 0.4% in the 3rd quarter. Primecap Management Co. CA now owns 56,342,169 shares of the offshore drilling services provider’s stock valued at $239,454,000 after buying an additional 222,680 shares during the period. Dimensional Fund Advisors LP grew its holdings in Transocean by 19.0% in the second quarter. Dimensional Fund Advisors LP now owns 36,725,995 shares of the offshore drilling services provider’s stock valued at $196,484,000 after purchasing an additional 5,856,414 shares during the period. State Street Corp increased its position in Transocean by 11.0% during the third quarter. State Street Corp now owns 19,594,121 shares of the offshore drilling services provider’s stock worth $83,275,000 after purchasing an additional 1,944,723 shares during the last quarter. Pilgrim Global Advisors LLC purchased a new position in Transocean during the third quarter worth approximately $77,473,000. Finally, Geode Capital Management LLC boosted its holdings in shares of Transocean by 4.1% in the 3rd quarter. Geode Capital Management LLC now owns 17,245,298 shares of the offshore drilling services provider’s stock valued at $73,307,000 after purchasing an additional 680,242 shares during the last quarter. 67.73% of the stock is currently owned by hedge funds and other 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.