An issue of Transocean Ltd. (NYSE:RIG) debt rose 1.7% against its face value during trading on Thursday after Nomura lowered their price target on the stock from $8.00 to $7.00. 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 $77.95 and were trading at $74.44 one week ago. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its share price.

RIG has been the subject of a number of other reports. Zacks Investment Research raised Transocean from a “hold” rating to a “buy” rating and set a $9.50 target price for the company in a research report on Wednesday, August 2nd. Goldman Sachs Group, Inc. (The) raised Transocean from a “sell” rating to a “neutral” rating and boosted their target price for the company from $8.57 to $9.75 in a research report on Wednesday, August 9th. Barclays PLC boosted their target price on Transocean from $8.00 to $10.00 and gave the company an “underweight” rating in a research report on Monday, May 1st. Seaport Global Securities reaffirmed a “sell” rating on shares of Transocean in a research report on Wednesday, July 26th. Finally, Credit Suisse Group set a $18.00 target price on Transocean and gave the company a “buy” rating in a research report on Thursday, April 20th. Eleven equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and twelve have issued a buy rating to the stock. Transocean has an average rating of “Hold” and a consensus price target of $12.42.

A number of hedge funds and other institutional investors have recently made changes to their positions in RIG. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in shares of Transocean by 0.6% in 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 period. Raymond James Financial Services Advisors Inc. raised its position in shares of Transocean by 0.5% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 49,298 shares of the offshore drilling services provider’s stock valued at $406,000 after buying an additional 226 shares during the period. Thrivent Financial For Lutherans raised its position in shares of Transocean by 2.4% in the second quarter. Thrivent Financial For Lutherans now owns 14,840 shares of the offshore drilling services provider’s stock valued at $122,000 after buying an additional 350 shares during the period. Louisiana State Employees Retirement System raised its position in shares of Transocean by 1.7% in the second quarter. Louisiana State Employees Retirement System now owns 24,300 shares of the offshore drilling services provider’s stock valued at $200,000 after buying an additional 400 shares during the period. Finally, Stifel Financial Corp raised its position in shares of Transocean by 0.5% in the second quarter. Stifel Financial Corp now owns 81,518 shares of the offshore drilling services provider’s stock valued at $664,000 after buying an additional 410 shares during the period. Institutional investors own 69.31% of the company’s stock.

The company’s market capitalization is $2.93 billion. The stock has a 50-day moving average of $8.37 and a 200 day moving average of $10.64. Transocean also was the recipient of unusually large options trading activity on Wednesday. Traders acquired 17,912 call options on the company. This represents an increase of 175% compared to the typical daily volume of 6,510 call options.

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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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