An issue of Transocean Ltd. (NYSE:RIG) bonds fell 2% against their face value during trading on Monday. 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 $65.25 and were trading at $66.50 one week ago. Price changes in a company’s bonds in credit markets sometimes predict parallel changes in its share price.

Several research analysts have commented on the company. Zacks Investment Research raised Transocean from a “hold” rating to a “buy” rating and set a $14.00 target price on the stock in a report on Tuesday, July 5th. Wells Fargo & Co. raised Transocean from an “underperform” rating to a “market perform” rating and lifted their target price for the stock from $12.15 to $12.22 in a report on Monday, July 18th. Seaport Global Securities downgraded Transocean from a “neutral” rating to a “sell” rating and set a $10.00 target price on the stock. in a report on Monday, July 11th. Credit Suisse Group AG reaffirmed a “sell” rating on shares of Transocean in a report on Saturday, July 9th. Finally, Canaccord Genuity downgraded Transocean from a “hold” rating to a “sell” rating and set a $8.50 price objective on the stock. in a research note on Friday, July 8th. Ten investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $10.34.

Shares of Transocean Ltd. (NYSE:RIG) opened at 10.38 on Tuesday. The stock has a market cap of $3.79 billion, a P/E ratio of 3.03 and a beta of 1.91. Transocean Ltd. has a 12 month low of $7.67 and a 12 month high of $17.17. The company has a 50 day moving average price of $9.78 and a 200-day moving average price of $10.34.

Transocean (NYSE:RIG) last announced its quarterly earnings data on Wednesday, August 3rd. The offshore drilling services provider reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.01) by $0.18. Transocean had a net margin of 21.91% and a return on equity of 8.46%. The company earned $943 million during the quarter. During the same quarter in the previous year, the firm earned $1.11 earnings per share. Transocean’s revenue was down 49.9% on a year-over-year basis. On average, equities research analysts predict that Transocean Ltd. will post $0.94 earnings per share for the current year.

A number of institutional investors have recently made changes to their positions in RIG. Vanguard Group Inc. increased its stake in Transocean by 17.5% in the second quarter. Vanguard Group Inc. now owns 35,169,159 shares of the offshore drilling services provider’s stock worth $418,160,000 after buying an additional 5,238,910 shares during the period. State Street Corp increased its stake in Transocean by 26.1% in the first quarter. State Street Corp now owns 15,962,503 shares of the offshore drilling services provider’s stock worth $145,896,000 after buying an additional 3,301,654 shares during the period. BlackRock Institutional Trust Company N.A. increased its stake in Transocean by 50.2% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 9,647,477 shares of the offshore drilling services provider’s stock worth $114,708,000 after buying an additional 3,225,526 shares during the period. Dimensional Fund Advisors LP increased its stake in Transocean by 8.2% in the second quarter. Dimensional Fund Advisors LP now owns 7,929,429 shares of the offshore drilling services provider’s stock worth $94,275,000 after buying an additional 601,808 shares during the period. Finally, BlackRock Fund Advisors increased its stake in Transocean by 90.5% in the second quarter. BlackRock Fund Advisors now owns 6,347,616 shares of the offshore drilling services provider’s stock worth $75,473,000 after buying an additional 3,014,899 shares during the period. Institutional investors own 71.55% of the company’s stock.

About Transocean

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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