An issue of Transocean Ltd. (NYSE:RIG) bonds fell 2% as a percentage of their face value during trading on Tuesday. The high-yield issue of debt has a 6.8% coupon and will mature on March 15, 2038. The bonds in the issue are now trading at $65.25 and were trading at $66.50 last week. Price changes in a company’s bonds in credit markets sometimes predict parallel changes in its share price.

A number of analysts recently weighed in on RIG shares. KLR Group restated a “buy” rating and issued a $19.00 price objective on shares of Transocean in a report on Wednesday, June 15th. Zacks Investment Research upgraded Transocean from a “hold” rating to a “buy” rating and set a $12.00 price objective for the company in a report on Wednesday, June 29th. Vetr upgraded Transocean from a “hold” rating to a “buy” rating and set a $10.68 price objective for the company in a report on Monday, August 1st. Zephirin Group upgraded Transocean from a “hold” rating to a “buy” rating in a report on Monday, September 19th. Finally, Evercore ISI upgraded Transocean from a “sell” rating to a “hold” rating and increased their price objective for the company from $11.00 to $12.00 in a report on Wednesday, June 29th. Ten research analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $10.34.

Transocean Ltd. (NYSE:RIG) opened at 10.23 on Wednesday. Transocean Ltd. has a one year low of $7.67 and a one year high of $17.17. The company has a market capitalization of $3.74 billion, a P/E ratio of 2.98 and a beta of 1.91. The firm has a 50-day moving average of $9.78 and a 200 day moving average of $10.34.

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

Several hedge funds and other institutional investors have recently added to or reduced their stakes in RIG. Virginia Retirement System bought a new position in Transocean during the first quarter valued at $850,000. BlackRock Inc. boosted its stake in shares of Transocean by 0.4% in the first quarter. BlackRock Inc. now owns 546,606 shares of the offshore drilling services provider’s stock worth $4,996,000 after buying an additional 2,025 shares in the last quarter. BlackRock Group LTD boosted its stake in shares of Transocean by 232.4% in the first quarter. BlackRock Group LTD now owns 1,802,349 shares of the offshore drilling services provider’s stock worth $16,473,000 after buying an additional 1,260,056 shares in the last quarter. BlackRock Fund Advisors boosted its stake in shares of Transocean by 3.7% in the first quarter. BlackRock Fund Advisors now owns 3,332,717 shares of the offshore drilling services provider’s stock worth $30,461,000 after buying an additional 119,934 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. boosted its stake in shares of Transocean by 15.0% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 6,421,951 shares of the offshore drilling services provider’s stock worth $58,697,000 after buying an additional 839,942 shares in the last quarter. 71.55% of the stock is owned by hedge funds and other institutional investors.

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 primarily on a day rate basis to drill oil and gas wells. The Company operates through the contract drilling services segment.

5 Day Chart for NYSE:RIG

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