Transocean’s (RIG) Equal Weight Rating Reaffirmed at Barclays

Transocean (NYSE:RIG)‘s stock had its “equal weight” rating reaffirmed by equities research analysts at Barclays in a note issued to investors on Wednesday, Marketbeat reports. They presently have a $6.00 target price on the offshore drilling services provider’s stock, up from their previous target price of $4.50. Barclays‘s price objective would indicate a potential downside of 2.28% from the company’s current price.

RIG has been the topic of several other research reports. Pareto Securities cut shares of Transocean from a “hold” rating to a “sell” rating and set a $5.25 price objective on the stock. in a research report on Tuesday, February 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Transocean in a report on Thursday, January 22nd. Citigroup increased their price objective on shares of Transocean from $4.25 to $4.50 and gave the company a “neutral” rating in a report on Thursday, December 11th. BTIG Research lifted their target price on Transocean from $6.00 to $10.00 and gave the stock a “buy” rating in a report on Monday, February 9th. Finally, JPMorgan Chase & Co. reissued an “underweight” rating on shares of Transocean in a research note on Wednesday, December 10th. Two research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Reduce” and an average target price of $5.44.

Transocean Stock Performance

NYSE RIG opened at $6.14 on Wednesday. The company has a quick ratio of 0.91, a current ratio of 1.08 and a debt-to-equity ratio of 0.60. Transocean has a twelve month low of $1.97 and a twelve month high of $6.57. The business has a 50-day moving average price of $4.63 and a 200-day moving average price of $3.90. The firm has a market cap of $6.76 billion, a price-to-earnings ratio of -1.87 and a beta of 1.46.

Insider Buying and Selling at Transocean

In other news, Director Frederik Wilhelm Mohn bought 1,500,000 shares of Transocean stock in a transaction dated Monday, November 24th. The shares were acquired at an average price of $4.02 per share, with a total value of $6,030,000.00. Following the completion of the purchase, the director owned 96,574,894 shares in the company, valued at $388,231,073.88. The trade was a 1.58% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Perestroika purchased 1,500,000 shares of the company’s stock in a transaction that occurred on Monday, November 24th. The shares were purchased at an average cost of $4.02 per share, with a total value of $6,030,000.00. Following the completion of the purchase, the director owned 96,574,894 shares in the company, valued at $388,231,073.88. This trade represents a 1.58% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders have sold 712,970 shares of company stock valued at $3,152,132. Insiders own 12.27% of the company’s stock.

Hedge Funds Weigh In On Transocean

A number of large investors have recently bought and sold shares of RIG. TD Waterhouse Canada Inc. grew its position in Transocean by 22,432.1% in the 4th quarter. TD Waterhouse Canada Inc. now owns 6,309 shares of the offshore drilling services provider’s stock valued at $26,000 after acquiring an additional 6,281 shares during the last quarter. Josh Arnold Investment Consultant LLC bought a new position in shares of Transocean in the second quarter worth about $26,000. Blume Capital Management Inc. increased its stake in Transocean by 125.9% in the 2nd quarter. Blume Capital Management Inc. now owns 10,560 shares of the offshore drilling services provider’s stock worth $27,000 after buying an additional 5,885 shares during the period. Blueshift Asset Management LLC purchased a new stake in Transocean in the 2nd quarter valued at about $27,000. Finally, Flagship Harbor Advisors LLC bought a new position in Transocean in the 4th quarter worth about $27,000. Hedge funds and other institutional investors own 67.73% of the company’s stock.

Transocean Company Profile

Transocean Ltd. is a leading international provider of offshore contract drilling services for the oil and gas industry. The company specializes in the operation of mobile drilling units, including ultra-deepwater drillships, semisubmersible rigs and high-specification jackup rigs. Transocean’s fleet is designed to meet complex drilling requirements, from ultra-deepwater well construction to shelf exploration and development projects.

The company’s core services encompass the full spectrum of offshore drilling operations, including project and engineering management, marine operations, drilling supervision, and maintenance support.