Transocean Ltd. (RIG) Debt Trading 2.8% Higher
An issue of Transocean Ltd. (NYSE:RIG) debt rose 2.8% against 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 debt is now trading at $72.75 and was trading at $72.25 last week. Price moves in a company’s debt in credit markets often predict parallel moves in its stock price.
Several research analysts recently issued reports on the company. Clarkson Capital reissued a “neutral” rating and issued a $12.00 price objective on shares of Transocean in a research note on Thursday, August 4th. BMO Capital Markets reissued a “sell” rating and issued a $7.50 price objective on shares of Transocean in a research note on Tuesday, November 8th. Credit Suisse Group AG restated a “sell” rating and set a $5.00 target price on shares of Transocean in a report on Monday, August 8th. Vetr restated a “buy” rating and set a $10.74 target price on shares of Transocean in a report on Thursday, August 18th. Finally, Royal Bank Of Canada lowered their target price on Transocean from $14.00 to $11.00 and set a “sector perform” rating for the company in a report on Friday, August 12th. Nine equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and seven have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $10.59.
Transocean Ltd. (NYSE:RIG) opened at 11.21 on Friday. Transocean Ltd. has a 1-year low of $7.67 and a 1-year high of $15.20. The stock has a market capitalization of $4.10 billion, a price-to-earnings ratio of 3.54 and a beta of 1.87. The firm has a 50-day moving average of $10.01 and a 200-day moving average of $10.43.
Several hedge funds and other institutional investors have recently modified their holdings of RIG. BNP Paribas Arbitrage SA raised its position in shares of Transocean by 35.1% in the second quarter. BNP Paribas Arbitrage SA now owns 362,802 shares of the offshore drilling services provider’s stock worth $4,314,000 after buying an additional 94,190 shares during the period. 10 15 Associates Inc. purchased a new position in shares of Transocean during the first quarter worth about $289,000. Squarepoint Ops LLC raised its position in shares of Transocean by 119.1% in the first quarter. Squarepoint Ops LLC now owns 216,317 shares of the offshore drilling services provider’s stock worth $1,977,000 after buying an additional 117,585 shares during the period. Babson Capital Management LLC raised its position in shares of Transocean by 53.5% in the first quarter. Babson Capital Management LLC now owns 182,000 shares of the offshore drilling services provider’s stock worth $1,663,000 after buying an additional 63,400 shares during the period. Finally, Panagora Asset Management Inc. raised its position in shares of Transocean by 27.6% in the first quarter. Panagora Asset Management Inc. now owns 896,079 shares of the offshore drilling services provider’s stock worth $8,190,000 after buying an additional 193,796 shares during the period. Institutional investors and hedge funds own 71.45% of the company’s stock.
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.
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