NEW YORK (TheStreet) -- Shares of Transocean (RIG) were rising 9.36% to $10.16 late Thursday morning after the company posted 2016 third quarter results that surpassed analysts' estimates.

Following yesterday's market close, the Switzerland-based offshore contract driller reported adjusted earnings of 25 cents per diluted share, topping Wall Street's forecasts of 13 cents per share.

Revenue of $903 million beat analysts' expectations of $871 million.

Canaccord raised its rating on the stock to "buy" from "hold" and upped its price target to $11 from $9 earlier today.

The firm said that Transocean's cost cutting efforts boosted its quarterly results, but the company's current debt load is still heavy, the Fly reports. But with low expectations, Transocean's risk/reward is favorable, Canaccord added.

Separately, 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 articles's author.

TheStreet Ratings rated this stock as a "hold" with a ratings score of C-.

The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels and notable return on equity. However, as a counter to these strengths, we also find weaknesses including weak operating cash flow, unimpressive growth in net income and a generally disappointing performance in the stock itself.

You can view the full analysis from the report here: RIG

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