Transocean Ltd. (RIG) Debt Trading 2% Lower
An issue of Transocean Ltd. (NYSE:RIG) bonds fell 2% as a percentage of their face value during trading on Friday. The high-yield debt issue has a 6.8% coupon and is set to mature on March 15, 2038. The bonds in the issue are now trading at $65.25 and were trading at $66.50 one week ago. Price moves in a company’s bonds in credit markets often anticipate parallel moves in its stock price.
A number of equities research analysts have weighed in on RIG shares. Vetr raised Transocean from a “hold” rating to a “buy” rating and set a $10.82 target price for the company in a research report on Monday, September 12th. Scotiabank raised Transocean from a “sector perform” rating to a “sector outperform” rating and lifted their target price for the company from $12.00 to $14.00 in a research report on Tuesday. Jefferies Group set a $9.00 target price on Transocean and gave the company a “hold” rating in a research report on Wednesday, September 28th. Citigroup Inc. raised Transocean from a “sell” rating to a “neutral” rating and lifted their target price for the company from $7.00 to $11.00 in a research report on Thursday, August 25th. Finally, Goldman Sachs Group Inc. reaffirmed a “sell” rating on shares of Transocean in a research report on Friday, September 23rd. Ten research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $10.34.
Transocean Ltd. (NYSE:RIG) opened at 10.12 on Friday. The firm’s 50 day moving average price is $9.78 and its 200-day moving average price is $10.33. The firm has a market cap of $3.70 billion, a PE ratio of 2.95 and a beta of 1.91. Transocean Ltd. has a one year low of $7.67 and a one year high of $17.17.
Transocean (NYSE:RIG) last posted its earnings results on Wednesday, August 3rd. The offshore drilling services provider reported $0.17 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.01) by $0.18. Transocean had a return on equity of 8.46% and a net margin of 21.91%. The business had revenue of $943 million for the quarter. During the same quarter last year, the firm posted $1.11 EPS. The firm’s revenue for the quarter was down 49.9% on a year-over-year basis. Equities analysts predict that Transocean Ltd. will post $0.94 EPS for the current fiscal year.
Hedge funds have recently bought and sold shares of the company. Advisory Services Network LLC boosted its stake in Transocean by 12.0% in the third quarter. Advisory Services Network LLC now owns 15,803 shares of the offshore drilling services provider’s stock worth $168,000 after buying an additional 1,696 shares during the period. BNP Paribas Arbitrage SA raised its position in Transocean by 9.3% in the third quarter. BNP Paribas Arbitrage SA now owns 396,404 shares of the offshore drilling services provider’s stock worth $4,226,000 after buying an additional 33,602 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund bought a new position in Transocean during the second quarter worth about $165,000. Kentucky Retirement Systems bought a new position in Transocean during the second quarter worth about $347,000. Finally, Nomura Holdings Inc. raised its position in Transocean by 413.2% in the second quarter. Nomura Holdings Inc. now owns 193,009 shares of the offshore drilling services provider’s stock worth $2,286,000 after buying an additional 155,397 shares in the last quarter. Institutional investors and hedge funds own 71.55% of the company’s stock.
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 primarily on a day rate basis to drill oil and gas wells. The Company operates through the contract drilling services segment.
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