Barclays Raises Estimates & PT on Transocean (RIG); Trend is a Friend

August 16, 2012 2:13 PM EDT
Get Alerts RIG Hot Sheet
Price: $14.76 -3.59%

Rating Summary:
    12 Buy, 24 Hold, 11 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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Barclays maintains an 'Overweight' on Transocean (NYSE: RIG) price target of $77.00 (from $75.00).

Analyst, James C. West, said, "Transocean released another positive fleet status report, highlighted by lower downtime expectations and numerous favorable extensions at higher dayrates. RIG is currently our favorite offshore driller due to substantial leverage to rising dayrates and compelling valuation (~65% NAV/share versus the group at ~95%, ex-SeaDrill (Nasdaq: SDRL) and Hercules (Nasdaq: HERO)). Clarity on its Macondo liability and progress on non-core asset divestitures offer further catalysts in the coming months, in our view."

West raises FY13 EPS estimate from $4.65 to $4.80.

For an analyst ratings summary and ratings history on Transocean click here. For more ratings news on Transocean click here.

Shares of Transocean closed at $48.02 yesterday.

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