Transocean Ltd. (RIG) Bonds Trading 0.9% Higher
An issue of Transocean Ltd. (NYSE:RIG) bonds rose 0.9% as a percentage of their face value during trading on Friday. The high-yield issue of debt has a 6.8% coupon and is set to mature on March 15, 2038. The bonds in the issue are now trading at $81.28 and were trading at $79.75 one week ago. Price changes in a company’s bonds in credit markets sometimes predict parallel changes in its share price.
RIG has been the subject of a number of recent analyst reports. R. F. Lafferty set a $15.00 price objective on Transocean and gave the stock a “buy” rating in a research report on Saturday, August 26th. Pareto Securities raised Transocean from a “hold” rating to a “buy” rating in a research report on Friday, August 18th. Zacks Investment Research raised Transocean from a “hold” rating to a “buy” rating and set a $9.50 price objective for the company in a research report on Wednesday, August 2nd. Evercore ISI reissued a “buy” rating and set a $18.00 price objective on shares of Transocean in a research report on Thursday, August 10th. Finally, ValuEngine raised Transocean from a “hold” rating to a “buy” rating in a research report on Thursday, August 17th. Ten research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and fifteen have assigned a buy rating to the stock. Transocean currently has a consensus rating of “Hold” and a consensus target price of $12.31.
Shares of Transocean Ltd. (NYSE RIG) traded down $0.17 during trading on Friday, reaching $10.07. The company had a trading volume of 4,887,790 shares, compared to its average volume of 13,931,664. Transocean Ltd. has a 12 month low of $7.20 and a 12 month high of $16.66. The stock has a market cap of $3,940.00, a PE ratio of 12.80 and a beta of 1.81. The company has a quick ratio of 2.13, a current ratio of 2.36 and a debt-to-equity ratio of 0.51.
Transocean (NYSE:RIG) last announced its earnings results on Wednesday, November 1st. The offshore drilling services provider reported $0.16 EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.20. Transocean had a positive return on equity of 2.10% and a negative net margin of 84.09%. The company had revenue of $808.00 million during the quarter, compared to analysts’ expectations of $703.13 million. During the same period last year, the business posted $0.25 EPS. Transocean’s revenue for the quarter was down 10.8% on a year-over-year basis. equities research analysts anticipate that Transocean Ltd. will post -0.32 EPS for the current year.
A number of institutional investors have recently made changes to their positions in the stock. Ameritas Investment Partners Inc. boosted its stake in shares of Transocean by 1,158.9% in the 3rd quarter. Ameritas Investment Partners Inc. now owns 116,800 shares of the offshore drilling services provider’s stock valued at $953,000 after buying an additional 107,522 shares during the period. Sterling Capital Management LLC boosted its stake in shares of Transocean by 210.7% in the 3rd quarter. Sterling Capital Management LLC now owns 369,684 shares of the offshore drilling services provider’s stock valued at $3,978,000 after buying an additional 250,691 shares during the period. California Public Employees Retirement System boosted its stake in shares of Transocean by 25.7% in the 3rd quarter. California Public Employees Retirement System now owns 958,185 shares of the offshore drilling services provider’s stock valued at $10,310,000 after buying an additional 195,985 shares during the period. Cubist Systematic Strategies LLC boosted its stake in shares of Transocean by 30.5% in the 3rd quarter. Cubist Systematic Strategies LLC now owns 25,106 shares of the offshore drilling services provider’s stock valued at $270,000 after buying an additional 5,872 shares during the period. Finally, Alyeska Investment Group L.P. purchased a new position in shares of Transocean in the 3rd quarter valued at about $26,661,000. Institutional investors own 70.60% of the company’s stock.
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Transocean Ltd. is an international provider of offshore contract drilling services for oil and gas wells. The Company’s primary business is to contract its drilling rigs, related equipment and work crews on a dayrate basis to drill oil and gas wells. As of February 9, 2017, it owned or had partial ownership interests in and operated 56 mobile offshore drilling units.
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