Transocean Ltd. (RIG) Debt Trading 1.8% Lower
An issue of Transocean Ltd. (NYSE:RIG) debt fell 1.8% against its face value during trading on Tuesday. The high-yield issue of debt has a 6.8% coupon and is set to mature on March 15, 2038. The debt is now trading at $80.25 and was trading at $83.03 one week ago. Price changes in a company’s debt in credit markets often anticipate parallel changes in its share price.
A number of research firms have issued reports on RIG. Royal Bank Of Canada raised their target price on Transocean from $11.00 to $13.00 and gave the company a “sector perform” rating in a report on Tuesday. TheStreet lowered Transocean from a “c-” rating to a “d” rating in a report on Friday, November 3rd. Jefferies Group LLC raised their target price on Transocean from $10.50 to $11.00 and gave the company a “hold” rating in a report on Friday, November 3rd. ValuEngine raised Transocean from a “hold” rating to a “buy” rating in a report on Thursday, November 2nd. Finally, Piper Jaffray Companies reaffirmed a “hold” rating and issued a $7.35 target price on shares of Transocean in a report on Sunday, October 22nd. Ten research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and sixteen have given a buy rating to the stock. Transocean has a consensus rating of “Hold” and an average price target of $12.31.
Shares of Transocean Ltd. (RIG) opened at $10.71 on Wednesday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.13 and a current ratio of 2.36. Transocean Ltd. has a 52 week low of $7.20 and a 52 week high of $16.66. The company has a market capitalization of $4,397.24, a price-to-earnings ratio of 14.05 and a beta of 1.81.
Transocean (NYSE:RIG) last announced its quarterly earnings data on Wednesday, November 1st. The offshore drilling services provider reported $0.16 EPS for the quarter, topping 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 business had revenue of $808.00 million during the quarter, compared to analysts’ expectations of $703.13 million. During the same period in the previous year, the firm earned $0.25 earnings per share. The firm’s quarterly revenue was down 10.8% compared to the same quarter last year. analysts anticipate that Transocean Ltd. will post -0.35 EPS for the current year.
In related news, CAO Howard E. Davis acquired 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 17th. The stock was acquired at an average cost of $7.32 per share, with a total value of $292,800.00. Following the completion of the purchase, the chief accounting officer now directly owns 21,793 shares in the company, valued at $159,524.76. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.33% of the stock is owned by insiders.
Large investors have recently bought and sold shares of the business. Prudential Financial Inc. grew its stake in Transocean by 53.1% in the second quarter. Prudential Financial Inc. now owns 2,290,673 shares of the offshore drilling services provider’s stock valued at $18,853,000 after acquiring an additional 794,927 shares during the period. Thompson Siegel & Walmsley LLC grew its stake in Transocean by 129.6% in the second quarter. Thompson Siegel & Walmsley LLC now owns 6,299,461 shares of the offshore drilling services provider’s stock valued at $51,844,000 after acquiring an additional 3,556,281 shares during the period. OZ Management LP acquired a new position in Transocean in the second quarter valued at about $1,053,000. Commerzbank Aktiengesellschaft FI grew its stake in Transocean by 87.2% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 1,190,757 shares of the offshore drilling services provider’s stock valued at $9,800,000 after acquiring an additional 554,527 shares during the period. Finally, Engineers Gate Manager LP grew its stake in Transocean by 821.9% in the second quarter. Engineers Gate Manager LP now owns 386,853 shares of the offshore drilling services provider’s stock valued at $3,184,000 after acquiring an additional 344,889 shares during the period. 70.31% of the stock is owned by hedge funds and other institutional investors.
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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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