NEW YORK (TheStreet) -- Transocean (RIG) shares are up 4.76% to $19.13 on Friday after the international offshore contract drilling services provider released its fleet status update after the closing bell yesterday. Also influencing the stock today is rising oil prices.
The company reported today that the total value of new contracts since its last fleet status update a month ago is approximately $453 million including contracts awarded to two rigs that had previously been idle.
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Analysts at Cowen do not see the fleet report as being positive and lowered the company's price target as a result, saying, "We believe that Transocean's December Fleet Status Report has negative implications for the stock. While the company secured one attractive contract this month it is not enough to fill much needed UDW floater availability. We maintain our Market Perform rating on the stock and lower our price target to $17 from $20."
Despite the disappointed analyst outlook, the stock is being helped by rising oil prices as WTI Crude and Brent Crude are up 1.93% and 1.33% respectively in trading today.
Separately, TheStreet Ratings team rates TRANSOCEAN LTD as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation: