February 26, 2017 / 8:44 PM / 10 months ago

Transocean's stock could surge with $60 oil -Barron's

NEW YORK, Feb 26 (Reuters) - Shares of Transocean Ltd could rise more than 35 percent in the next year or two if oil prices top $60 a barrel, Barron’s said in an article on Sunday.

The Switzerland-based deepwater drilling company has been hit over the last decade by the financial crisis, the Deepwater Horizon disaster and lower oil prices, Barron’s noted.

But the recent increase in the price of crude could mean the worst is over for Transocean, Barron’s said. The stock could hit $19 or even $30, according to analysts and fund managers; it currently trades around $14.

As of Friday, Brent crude oil LCOc1 traded at $55.99 a barrel and U.S. West Texas Intermediate CLc1 sold for $53.99 a barrel.

“Transocean could turn out to be a sunken treasure for investors,” Barron’s said. (Reporting by Lawrence Delevingne; Editing by Cynthia Osterman)

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