An issue of Transocean LTD (NYSE:RIG) debt fell 3.5% against its face value during trading on Friday. The debt issue has a 7% coupon and will mature on June 1, 2028. The bonds in the issue are now trading at $100.50. Price moves in a company’s debt in credit markets sometimes predict parallel moves in its stock price.

A number of research firms recently issued reports on RIG. Susquehanna Bancshares set a $11.00 target price on shares of Transocean and gave the company a “hold” rating in a report on Friday. Cowen set a $11.00 target price on shares of Transocean and gave the company a “hold” rating in a report on Thursday. Piper Jaffray Companies set a $11.00 target price on shares of Transocean and gave the company a “hold” rating in a report on Wednesday. Jefferies Group upgraded shares of Transocean from a “hold” rating to a “buy” rating and set a $13.00 target price for the company in a report on Thursday, January 4th. Finally, ValuEngine downgraded shares of Transocean from a “hold” rating to a “sell” rating in a report on Sunday, December 31st. Eleven equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and fifteen have issued a buy rating to the company’s stock. Transocean currently has an average rating of “Hold” and a consensus target price of $12.28.

Transocean LTD (NYSE:RIG) traded up $0.08 on Friday, reaching $12.20. 12,020,371 shares of the company’s stock traded hands, compared to its average volume of 13,986,233. The company has a current ratio of 2.36, a quick ratio of 2.13 and a debt-to-equity ratio of 0.51. Transocean LTD has a 12 month low of $7.20 and a 12 month high of $15.94. The stock has a market capitalization of $4,770.00, a P/E ratio of -1.71 and a beta of 1.79.

Transocean (NYSE:RIG) last announced its earnings results on Wednesday, November 1st. The offshore drilling services provider reported $0.16 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.20. The business had revenue of $808.00 million during the quarter, compared to the consensus estimate of $703.13 million. Transocean had a negative net margin of 84.09% and a positive return on equity of 2.10%. The business’s quarterly revenue was down 10.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.25 earnings per share. equities research analysts anticipate that Transocean LTD will post -0.34 EPS for the current year.

Several hedge funds have recently made changes to their positions in the company. XR Securities LLC purchased a new position in shares of Transocean in the fourth quarter valued at $120,000. Parametric Portfolio Associates LLC boosted its stake in shares of Transocean by 39.1% in the third quarter. Parametric Portfolio Associates LLC now owns 1,492,243 shares of the offshore drilling services provider’s stock valued at $16,057,000 after purchasing an additional 419,518 shares during the period. Shelton Capital Management purchased a new position in shares of Transocean in the third quarter valued at $277,000. Ameritas Investment Partners Inc. boosted its stake in shares of Transocean by 1,158.9% in the third quarter. Ameritas Investment Partners Inc. now owns 116,800 shares of the offshore drilling services provider’s stock valued at $953,000 after purchasing an additional 107,522 shares during the period. Finally, Sterling Capital Management LLC boosted its stake in shares of Transocean by 210.7% in the third quarter. Sterling Capital Management LLC now owns 369,684 shares of the offshore drilling services provider’s stock valued at $3,978,000 after purchasing an additional 250,691 shares during the period. Institutional investors and hedge funds own 72.88% of the company’s stock.

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Transocean Company Profile

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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