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 research note published on Wednesday, Marketbeat reports. Barclays currently has $4.50 price objective on the offshore drilling services provider’s stock.

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

Transocean Price Performance

Shares of RIG stock traded up $0.06 during trading hours on Wednesday, reaching $3.68. The company’s stock had a trading volume of 3,760,683 shares, compared to its average volume of 18,602,320. Transocean has a fifty-two week low of $3.54 and a fifty-two week high of $6.88. The firm’s 50 day simple moving average is $4.21 and its 200-day simple moving average is $4.71. The company has a quick ratio of 1.34, a current ratio of 1.64 and a debt-to-equity ratio of 0.64. The company has a market capitalization of $3.22 billion, a price-to-earnings ratio of -4.91 and a beta of 2.75.

Insiders Place Their Bets

In other Transocean news, EVP Roderick James Mackenzie sold 20,000 shares of the company’s stock in a transaction on Monday, November 18th. The shares were 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 of the company’s stock, valued at approximately $1,333,576.53. This represents a 6.04 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 13.16% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of RIG. SG Americas Securities LLC acquired a new position in Transocean during the 2nd quarter worth approximately $64,000. Nisa Investment Advisors LLC bought a new position in shares of Transocean in the 2nd quarter worth $30,000. Southern Capital Advisors LLC acquired a new stake in Transocean in the 2nd quarter valued at $96,000. Bank of New York Mellon Corp increased its stake in Transocean by 18.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 16,858,264 shares of the offshore drilling services provider’s stock valued at $90,192,000 after purchasing an additional 2,606,017 shares in the last quarter. Finally, Verdence Capital Advisors LLC raised its holdings in Transocean by 19.8% during the second quarter. Verdence Capital Advisors LLC now owns 30,235 shares of the offshore drilling services provider’s stock worth $162,000 after buying an additional 5,000 shares during the last quarter. Institutional investors and hedge funds own 67.73% of the company’s stock.

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.