NEW YORK (TheStreet) -- Transocean LLC (RIGP - Get Report) shares are up 3.4% to $25.90 on Tuesday after Barclays (BCS) initiated coverage on the stock with an "equal weight" rating and a $26 price target.
The LLC is a spinoff from Transocean Ltd (RIG - Get Report) and is the oil exploration company's oil rig acquisition arm.
"We estimate the company can deliver distribution growth of 12.5% p.a. through at least 2018 supported by a large inventory of assets that are eligible for dropdown from RIGP's parent," Barclays said in a research note.
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