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 issued to investors on Thursday, Marketbeat Ratings reports. They currently have $8.00 price objective on the offshore drilling services provider’s stock, up from their prior price objective of $6.00.

A number of other equities analysts have also weighed in on RIG. Clarkson Capital lowered shares of Transocean from a “strong-buy” rating to a “hold” rating in a research report on Thursday, March 19th. Susquehanna increased their target price on Transocean from $7.50 to $8.00 and gave the stock a “positive” rating in a research report on Tuesday, April 7th. TD Cowen lifted their target price on Transocean from $5.50 to $6.00 and gave the company a “hold” rating in a report on Wednesday. Weiss Ratings reissued a “sell (d-)” rating on shares of Transocean in a report on Tuesday, April 21st. Finally, Pareto Securities cut shares of Transocean from a “hold” rating to a “sell” rating and set a $5.25 price target on the stock. in a report on Tuesday, February 10th. Three investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $6.96.

Transocean Stock Up 4.0%

Transocean stock traded up $0.25 during mid-day trading on Thursday, reaching $6.42. The stock had a trading volume of 7,309,323 shares, compared to its average volume of 42,565,000. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.27 and a current ratio of 1.54. Transocean has a fifty-two week low of $2.34 and a fifty-two week high of $7.14. The stock’s 50-day simple moving average is $6.40 and its 200-day simple moving average is $5.16. The firm has a market capitalization of $7.10 billion, a PE ratio of -2.15 and a beta of 1.34.

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

Insider Activity at Transocean

In other Transocean news, EVP Roderick James Mackenzie sold 78,370 shares of the business’s stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $6.36, for a total value of $498,433.20. Following the completion of the sale, the executive vice president directly owned 268,025 shares of the company’s stock, valued at $1,704,639. The trade was a 22.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 9.70% of the company’s stock.

Institutional Trading of Transocean

A number of institutional investors have recently made changes to their positions in RIG. Integrated Wealth Concepts LLC boosted its position in Transocean by 12.1% during the 1st quarter. Integrated Wealth Concepts LLC now owns 69,637 shares of the offshore drilling services provider’s stock valued at $221,000 after buying an additional 7,520 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Transocean by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 434,031 shares of the offshore drilling services provider’s stock valued at $1,376,000 after purchasing an additional 18,957 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Transocean by 88.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 12,151,817 shares of the offshore drilling services provider’s stock worth $38,521,000 after buying an additional 5,719,637 shares during the last quarter. Cetera Investment Advisers increased its stake in shares of Transocean by 5.7% during the second quarter. Cetera Investment Advisers now owns 233,984 shares of the offshore drilling services provider’s stock valued at $606,000 after buying an additional 12,532 shares during the period. Finally, Invesco Ltd. raised its holdings in Transocean by 29.2% in the 2nd quarter. Invesco Ltd. now owns 1,032,774 shares of the offshore drilling services provider’s stock worth $2,675,000 after purchasing an additional 233,458 shares in the last quarter. Hedge funds and other institutional investors own 67.73% of the company’s stock.

About Transocean

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.