Transocean Ltd. (RIG) Bond Prices Fall 2.2%
An issue of Transocean Ltd. (NYSE:RIG) debt fell 2.2% as a percentage of its face value during trading on Thursday. The 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 $78.03 and were trading at $82.25 last week. Price changes in a company’s debt in credit markets often predict parallel changes in its stock price.
A number of analysts have recently issued reports on RIG shares. Zacks Investment Research raised shares of Transocean from a “hold” rating to a “buy” rating and set a $9.50 price target for the company in a research report on Wednesday, August 2nd. Evercore ISI restated a “buy” rating and issued a $18.00 price objective on shares of Transocean in a report on Thursday, August 10th. Pareto Securities upgraded Transocean from a “hold” rating to a “buy” rating in a report on Friday, August 18th. ValuEngine upgraded Transocean from a “hold” rating to a “buy” rating in a report on Thursday, August 17th. Finally, R. F. Lafferty set a $15.00 price objective on Transocean and gave the stock a “buy” rating in a report on Saturday, August 26th. Ten analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and fifteen have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $12.31.
Transocean Ltd. (RIG) opened at $10.35 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.13 and a current ratio of 2.36. The firm has a market capitalization of $4,000.00, a P/E ratio of 13.39 and a beta of 1.81. Transocean Ltd. has a 1-year low of $7.20 and a 1-year high of $16.66.
Transocean (NYSE:RIG) last posted its earnings results on Wednesday, November 1st. The offshore drilling services provider reported $0.16 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.20. The business had revenue of $808.00 million for the quarter, compared to analyst estimates of $703.13 million. Transocean had a negative return on equity of 42.09% and a negative net margin of 174.63%. The firm’s revenue was down 10.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.25 EPS. analysts anticipate that Transocean Ltd. will post -0.34 earnings per share for the current fiscal year.
Hedge funds have recently bought and sold shares of the stock. Prudential Financial Inc. grew its holdings in Transocean by 53.1% in the 2nd quarter. Prudential Financial Inc. now owns 2,290,673 shares of the offshore drilling services provider’s stock valued at $18,853,000 after buying an additional 794,927 shares in the last quarter. Thompson Siegel & Walmsley LLC grew its holdings in Transocean by 129.6% in the 2nd quarter. Thompson Siegel & Walmsley LLC now owns 6,299,461 shares of the offshore drilling services provider’s stock valued at $51,844,000 after buying an additional 3,556,281 shares in the last quarter. OZ Management LP acquired a new position in Transocean in the 2nd quarter valued at $1,053,000. Commerzbank Aktiengesellschaft FI grew its holdings in Transocean by 87.2% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 1,190,757 shares of the offshore drilling services provider’s stock valued at $9,800,000 after buying an additional 554,527 shares in the last quarter. Finally, Engineers Gate Manager LP grew its holdings in Transocean by 821.9% in the 2nd quarter. Engineers Gate Manager LP now owns 386,853 shares of the offshore drilling services provider’s stock valued at $3,184,000 after buying an additional 344,889 shares in the last quarter. 70.31% of the stock is currently owned by institutional investors and hedge funds.
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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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