Transocean (NYSE:RIG) Upgraded by Barclays to “Overweight” Rating

Barclays upgraded shares of Transocean (NYSE:RIG) from an equal weight rating to an overweight rating in a report issued on Wednesday, Marketbeat Ratings reports. They currently have $4.50 price target on the offshore drilling services provider’s stock.

Several other brokerages have also issued reports on RIG. Benchmark reiterated a “hold” rating on shares of Transocean in a research report on Tuesday, December 3rd. DNB Markets raised shares of Transocean from a “hold” rating to a “buy” rating in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. raised shares of Transocean from an “underweight” rating to a “neutral” rating and set a $5.00 price objective on the stock in a research report on Friday, December 6th. Susquehanna lowered their target price on Transocean from $7.00 to $6.50 and set a “positive” rating for the company in a report on Friday, November 1st. Finally, StockNews.com upgraded Transocean to a “sell” rating in a report on Tuesday, November 12th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $6.25.

Transocean Trading Up 1.7 %

RIG stock traded up $0.06 during midday trading on Wednesday, hitting $3.68. 3,760,683 shares of the company’s stock were exchanged, compared to its average volume of 18,602,320. Transocean has a one year low of $3.54 and a one year high of $6.88. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.34 and a current ratio of 1.64. The company has a market cap of $3.22 billion, a PE ratio of -4.91 and a beta of 2.75. The stock’s fifty day moving average price is $4.21 and its 200-day moving average price is $4.71.

Insiders Place Their Bets

In other Transocean news, EVP Roderick James Mackenzie sold 20,000 shares of the 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 transaction, the executive vice president now directly owns 310,857 shares of the company’s stock, valued at $1,333,576.53. This represents a 6.04 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 13.16% of the company’s stock.

Institutional Trading of Transocean

Several hedge funds and other institutional investors have recently bought and sold shares of RIG. Franklin Resources Inc. acquired a new stake in shares of Transocean in the third quarter valued at approximately $157,000. Geode Capital Management LLC increased its stake in Transocean by 4.1% during the 3rd quarter. Geode Capital Management LLC now owns 17,245,298 shares of the offshore drilling services provider’s stock worth $73,307,000 after acquiring an additional 680,242 shares during the period. Abel Hall LLC acquired a new position in Transocean in the 3rd quarter valued at $65,000. Barclays PLC grew its holdings in shares of Transocean by 60.1% during the 3rd quarter. Barclays PLC now owns 1,623,924 shares of the offshore drilling services provider’s stock worth $6,902,000 after purchasing an additional 609,681 shares in the last quarter. Finally, Orion Portfolio Solutions LLC bought a new position in shares of Transocean in the third quarter worth $46,000. Institutional investors and hedge funds own 67.73% of the company’s stock.

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.