Transocean (NYSE:RIG) Earns Equal Weight Rating from Barclays

Transocean (NYSE:RIG)‘s stock had its “equal weight” rating restated by equities researchers at Barclays in a report released on Wednesday, Marketbeat Ratings reports. They presently have a $6.00 price target on the offshore drilling services provider’s stock, up from their previous price target of $4.50. Barclays‘s price objective points to a potential downside of 2.28% from the stock’s current price.

RIG has been the subject of several other research reports. Susquehanna upped their price target on shares of Transocean from $4.50 to $5.00 and gave the stock a “positive” rating in a research report on Wednesday, January 7th. Fearnley Fonds lowered Transocean from a “strong-buy” rating to a “hold” rating in a report on Tuesday, February 10th. Citigroup increased their target price on Transocean from $4.25 to $4.50 and gave the company a “neutral” rating in a research report on Thursday, December 11th. JPMorgan Chase & Co. restated an “underweight” rating on shares of Transocean in a research note on Wednesday, December 10th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Transocean in a research report on Thursday, January 22nd. Two analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average target price of $5.44.

Transocean Stock Performance

Shares of Transocean stock opened at $6.14 on Wednesday. The company has a current ratio of 1.08, a quick ratio of 0.91 and a debt-to-equity ratio of 0.60. The stock’s fifty day moving average price is $4.63 and its 200-day moving average price is $3.90. The firm has a market cap of $6.76 billion, a P/E ratio of -1.87 and a beta of 1.46. Transocean has a 12 month low of $1.97 and a 12 month high of $6.57.

Insider Activity

In related news, Director Perestroika bought 1,500,000 shares of the stock in a transaction that occurred on Monday, November 24th. The stock was bought at an average cost of $4.02 per share, for a total transaction of $6,030,000.00. Following the purchase, the director directly owned 96,574,894 shares of the company’s stock, valued at approximately $388,231,073.88. This trade represents a 1.58% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Frederik Wilhelm Mohn purchased 1,500,000 shares of the business’s stock in a transaction on Monday, November 24th. The shares were bought at an average price of $4.02 per share, for a total transaction of $6,030,000.00. Following the purchase, the director directly owned 96,574,894 shares in the company, valued at $388,231,073.88. This represents a 1.58% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders have sold 712,970 shares of company stock valued at $3,152,132. 12.27% of the stock is owned by company insiders.

Institutional Trading of Transocean

Several large investors have recently added to or reduced their stakes in RIG. Clough Capital Partners L P raised its stake in shares of Transocean by 15.7% in the fourth quarter. Clough Capital Partners L P now owns 4,577,619 shares of the offshore drilling services provider’s stock worth $18,906,000 after purchasing an additional 619,566 shares during the last quarter. Boothbay Fund Management LLC increased its holdings in Transocean by 31.2% in the 4th quarter. Boothbay Fund Management LLC now owns 135,264 shares of the offshore drilling services provider’s stock worth $559,000 after buying an additional 32,173 shares during the period. AQR Capital Management LLC raised its position in Transocean by 1,012.3% during the 4th quarter. AQR Capital Management LLC now owns 2,974,556 shares of the offshore drilling services provider’s stock worth $12,285,000 after buying an additional 2,707,135 shares during the last quarter. Abel Hall LLC lifted its stake in Transocean by 61.6% during the 4th quarter. Abel Hall LLC now owns 75,874 shares of the offshore drilling services provider’s stock valued at $313,000 after acquiring an additional 28,910 shares during the period. Finally, Cetera Investment Advisers boosted its holdings in shares of Transocean by 11.7% in the 4th quarter. Cetera Investment Advisers now owns 464,445 shares of the offshore drilling services provider’s stock valued at $1,918,000 after acquiring an additional 48,473 shares during the last quarter. 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.