Transocean (NYSE:RIG) Upgraded to Overweight at Barclays

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

A number of other research firms have also recently issued reports on RIG. Morgan Stanley raised their price objective on Transocean from $5.00 to $6.00 and gave the company an “equal weight” rating in a research report on Thursday, October 3rd. Citigroup cut shares of Transocean from a “buy” rating to a “neutral” rating in a research report on Thursday, September 12th. 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 reduced their target price on shares of Transocean from $7.00 to $6.50 and set a “positive” rating for the company in a report on Friday, November 1st. Finally, DNB Markets raised shares of Transocean from a “hold” rating to a “buy” rating in a report on Tuesday, September 3rd. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $6.25.

Transocean Stock Down 0.6 %

Shares of RIG stock opened at $3.53 on Wednesday. Transocean has a 52-week low of $3.48 and a 52-week high of $6.88. The stock has a market cap of $3.09 billion, a price-to-earnings ratio of -4.71 and a beta of 2.75. The firm’s 50-day moving average is $4.19 and its 200-day moving average is $4.71. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.34 and a current ratio of 1.64.

Insider Activity

In related news, EVP Roderick James Mackenzie sold 20,000 shares of the business’s stock in a transaction dated Monday, November 18th. The stock was sold at an average price of $4.29, for a total value of $85,800.00. Following the completion of the transaction, the executive vice president now owns 310,857 shares of the company’s stock, valued at $1,333,576.53. The trade was 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. 13.16% of the stock is owned by company insiders.

Hedge Funds Weigh In On Transocean

Several hedge funds have recently bought and sold shares of the company. Charles Schwab Investment Management Inc. increased its stake in Transocean by 7.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 11,606,320 shares of the offshore drilling services provider’s stock valued at $49,327,000 after acquiring an additional 826,229 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in shares of Transocean by 335.3% in the 3rd quarter. International Assets Investment Management LLC now owns 196,699 shares of the offshore drilling services provider’s stock valued at $836,000 after purchasing an additional 151,507 shares in the last quarter. MetLife Investment Management LLC increased its stake in shares of Transocean by 125.9% in the 3rd quarter. MetLife Investment Management LLC now owns 415,031 shares of the offshore drilling services provider’s stock valued at $1,764,000 after purchasing an additional 231,334 shares during the last quarter. Barclays PLC raised 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 buying an additional 609,681 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Transocean by 214.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 382,362 shares of the offshore drilling services provider’s stock worth $2,046,000 after buying an additional 260,710 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.