Transocean (RIG) Stock Advances on Higher Oil Prices
NEW YORK (TheStreet) -- Shares of Transocean (RIG) - Get Report are climbing 7.74% to $12.81 in late-afternoon trading on Friday as higher oil prices benefit the Switzerland-based offshore driller.
WTI crude is rising 1.88% to $49.24 per barrel, while Brent crude is increasing 1.79% to $50.60 per barrel this afternoon.
Oil prices are gaining as a weaker greenback makes dollar-priced commodities such as oil less expensive to foreign buyers and as traders point to potentially more bullish investor positioning for the second half of the year.
The gains come even as Baker Hughes (BHI) data indicated an increase of 11 in the U.S. oil rig count this week, marking the biggest increase since December, Reuters reports.
"Higher rigs indicate higher production, but we're still down by more than 300 rigs from a year ago, so no one's really too worried about it for now," Phil Flynn, analyst at the Price Futures Group brokerage, told Reuters.
Separately, TheStreet Ratings team rates the stock as a "sell" with a ratings sore of D+.
Transocean's weaknesses include a generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: RIG
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.