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 report released on Thursday. The firm currently has a $8.00 price target on the offshore drilling services provider’s stock. Barclays‘s target price would suggest a potential upside of 28.31% from the stock’s previous close.

Several other research firms have also commented on RIG. Susquehanna lifted their price target on Transocean from $7.50 to $8.00 and gave the stock a “positive” rating in a research report on Tuesday, April 7th. Weiss Ratings restated a “sell (d-)” rating on shares of Transocean in a research report on Tuesday, April 21st. TD Cowen lifted their target price on Transocean from $5.50 to $6.00 and gave the stock a “hold” rating in a report on Wednesday. Clarkson Capital lowered Transocean from a “strong-buy” rating to a “hold” rating in a report on Thursday, March 19th. Finally, Morgan Stanley lifted their price objective on shares of Transocean from $5.00 to $7.00 and gave the stock an “equal weight” rating in a research note on Wednesday, April 15th. Three analysts have rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, Transocean presently has an average rating of “Hold” and an average price target of $6.96.

Transocean Price Performance

Transocean stock opened at $6.24 on Thursday. Transocean has a 52-week low of $2.27 and a 52-week high of $7.14. The company has a quick ratio of 1.27, a current ratio of 1.54 and a debt-to-equity ratio of 0.60. The firm’s fifty day moving average is $6.40 and its 200 day moving average is $5.14. The company has a market cap of $6.90 billion, a price-to-earnings ratio of -2.09 and a beta of 1.34.

Transocean (NYSE:RIG) last issued its quarterly earnings data on Monday, May 4th. The offshore drilling services provider reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of $0.07 by ($0.10). Transocean had a positive return on equity of 0.88% and a negative net margin of 66.79%.The business had revenue of $1.08 billion during the quarter, compared to analysts’ expectations of $1.02 billion. During the same period in the previous year, the business earned ($0.10) earnings per share. The business’s quarterly revenue was up 19.3% on a year-over-year basis. Sell-side analysts forecast that Transocean will post 0.21 EPS for the current fiscal year.

Insider Activity at Transocean

In other news, EVP Roderick James Mackenzie sold 78,370 shares of the company’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $6.36, for a total transaction of $498,433.20. Following the transaction, the executive vice president owned 268,025 shares of the company’s stock, valued at approximately $1,704,639. This represents a 22.62% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 9.70% of the company’s stock.

Institutional Trading of Transocean

A number of hedge funds and other institutional investors have recently bought and sold shares of RIG. TD Waterhouse Canada Inc. lifted its position in shares of Transocean by 22,432.1% during the fourth quarter. TD Waterhouse Canada Inc. now owns 6,309 shares of the offshore drilling services provider’s stock worth $26,000 after purchasing an additional 6,281 shares during the last quarter. Josh Arnold Investment Consultant LLC bought a new position in Transocean in the 2nd quarter worth about $26,000. Flagship Harbor Advisors LLC bought a new stake in shares of Transocean during the fourth quarter valued at approximately $27,000. Benedict Financial Advisors Inc. purchased a new stake in shares of Transocean in the third quarter valued at approximately $31,000. Finally, Vestmark Advisory Solutions Inc. purchased a new position in Transocean during the 3rd quarter worth $31,000. 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.