Barclays Upgrades Transocean (RIG)

Fintel reports that on December 18, 2024, Barclays upgraded their outlook for Transocean (NYSE:RIG) from Equal-Weight to Overweight.

Analyst Price Forecast Suggests 64.58% Upside

As of December 2, 2024, the average one-year price target for Transocean is $5.94/share. The forecasts range from a low of $4.44 to a high of $12.60. The average price target represents an increase of 64.58% from its latest reported closing price of $3.61 / share.

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The projected annual revenue for Transocean is 3,509MM, an increase of 5.92%. The projected annual non-GAAP EPS is 0.29.

What is the Fund Sentiment?

There are 693 funds or institutions reporting positions in Transocean. This is an increase of 60 owner(s) or 9.48% in the last quarter. Average portfolio weight of all funds dedicated to RIG is 0.14%, an increase of 36.82%. Total shares owned by institutions increased in the last three months by 5.08% to 760,612K shares. The put/call ratio of RIG is 0.36, indicating a bullish outlook.

What are Other Shareholders Doing?

Primecap Management holds 56,342K shares representing 6.43% ownership of the company. In its prior filing, the firm reported owning 56,119K shares , representing an increase of 0.40%. The firm decreased its portfolio allocation in RIG by 19.00% over the last quarter.

Capital World Investors holds 48,261K shares representing 5.51% ownership of the company. In its prior filing, the firm reported owning 47,205K shares , representing an increase of 2.19%. The firm decreased its portfolio allocation in RIG by 22.79% over the last quarter.

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 25,169K shares representing 2.87% ownership of the company. In its prior filing, the firm reported owning 23,077K shares , representing an increase of 8.31%. The firm decreased its portfolio allocation in RIG by 18.62% over the last quarter.

SMCWX - SMALLCAP WORLD FUND INC holds 23,915K shares representing 2.73% ownership of the company. In its prior filing, the firm reported owning 22,915K shares , representing an increase of 4.18%. The firm decreased its portfolio allocation in RIG by 22.25% over the last quarter.

ANEFX - NEW ECONOMY FUND holds 23,448K shares representing 2.68% ownership of the company. In its prior filing, the firm reported owning 22,598K shares , representing an increase of 3.62%. The firm decreased its portfolio allocation in RIG by 25.85% over the last quarter.

Transocean Background Information
(This description is provided by the company.)

Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. Transocean specializes in technically demanding sectors of the global offshore drilling business with a particular focus on deepwater and harsh environment drilling services, and operates the highest specification floating offshore drilling fleet in the world. Transocean owns or has partial ownership interests in and operates a fleet of 37 mobile offshore drilling units consisting of 27 ultra-deepwater floaters and 10 harsh environment floaters. In addition, Transocean is constructing two ultra-deepwater drillships.

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