Barclays downgrades Transocean, Noble Corp. on valuation

Barclays downgraded both Transocean (RIG) and Noble Corp. (NE) to Equal Weight from Overweight with increased price targets of $6 and $41, respectively. The firm remains constructive on an offshore activity “inflection” late in 2026 and into 2027. The analyst increased go-forward day rates and price targets across the offshore driller group. However, it downgraded Transocean and Noble on valuation, saying the stocks are fairly valued at current levels.