Transocean (RIG) Bonds Trading 3.5% Lower

An issue of Transocean LTD (NYSE:RIG) debt fell 3.5% as a percentage of its face value during trading on Friday. The high-yield debt issue has a 7% coupon and is set to 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 often predict parallel moves in its stock price.

A number of equities analysts recently issued reports on RIG shares. Jefferies Group reissued a “hold” rating and issued a $9.00 price target on shares of Transocean in a research note on Friday, September 22nd. UBS Group raised shares of Transocean from a “neutral” rating to a “buy” rating and increased their price target for the stock from $9.00 to $15.00 in a research note on Monday, September 25th. Nordea Equity Research reissued a “buy” rating and issued a $14.00 price target on shares of Transocean in a research note on Saturday, September 30th. Zacks Investment Research upgraded shares of Transocean from a “hold” rating to a “buy” rating and set a $12.00 price objective on the stock in a report on Tuesday, October 3rd. Finally, Royal Bank of Canada set a $11.00 price objective on shares of Transocean and gave the stock a “hold” rating in a report on Thursday, October 5th. Eleven research analysts have rated the stock with a sell rating, eleven have given a hold rating and fifteen have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $12.28.

Shares of Transocean LTD (NYSE:RIG) opened at $12.20 on Friday. Transocean LTD has a fifty-two week low of $7.20 and a fifty-two week high of $16.16. The company has a current ratio of 2.36, a quick ratio of 2.13 and a debt-to-equity ratio of 0.51. The company has a market cap of $4,773.09, a P/E ratio of -1.72 and a beta of 1.79.

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

Several large investors have recently bought and sold shares of RIG. Comerica Bank grew its holdings in shares of Transocean by 0.5% during the second quarter. Comerica Bank now owns 135,285 shares of the offshore drilling services provider’s stock valued at $1,151,000 after buying an additional 622 shares during the last quarter. Swiss National Bank grew its holdings in shares of Transocean by 1.3% during the second quarter. Swiss National Bank now owns 649,830 shares of the offshore drilling services provider’s stock valued at $5,348,000 after buying an additional 8,600 shares during the last quarter. State of Tennessee Treasury Department grew its holdings in shares of Transocean by 0.5% during the second quarter. State of Tennessee Treasury Department now owns 106,955 shares of the offshore drilling services provider’s stock valued at $880,000 after buying an additional 545 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in shares of Transocean by 0.6% during the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 29,052 shares of the offshore drilling services provider’s stock valued at $239,000 after buying an additional 175 shares during the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. purchased a new stake in shares of Transocean during the second quarter valued at approximately $259,000. Hedge funds and other institutional investors 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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