An issue of Transocean LTD (NYSE:RIG) debt fell 3% against its face value during trading on Tuesday. The high-yield debt issue has a 9% coupon and will mature on July 15, 2023. The bonds in the issue are now trading at $100.50 and were trading at $105.25 last week. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its share price.

A number of research firms have recently commented on RIG. Fearnley Fonds cut shares of Transocean from a “buy” rating to an “accumulate” rating in a report on Wednesday, August 1st. ValuEngine upgraded shares of Transocean from a “buy” rating to a “strong-buy” rating in a report on Tuesday, October 2nd. Wells Fargo & Co upgraded shares of Transocean from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $13.00 to $16.00 in a report on Wednesday, September 19th. Morgan Stanley began coverage on shares of Transocean in a report on Tuesday, September 18th. They issued an “overweight” rating and a $15.00 price target on the stock. Finally, Piper Jaffray Companies restated a “hold” rating and issued a $13.20 price target on shares of Transocean in a report on Wednesday, August 1st. Three analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have issued a buy rating to the company. Transocean presently has an average rating of “Hold” and an average price target of $13.79.

NYSE:RIG traded down $0.32 during mid-day trading on Tuesday, reaching $9.43. The company’s stock had a trading volume of 26,277,300 shares, compared to its average volume of 14,344,248. Transocean LTD has a 1 year low of $8.70 and a 1 year high of $14.47. The firm has a market cap of $4.86 billion, a PE ratio of -157.17 and a beta of 1.60. The company has a debt-to-equity ratio of 0.75, a current ratio of 3.07 and a quick ratio of 2.77.

Transocean (NYSE:RIG) last released its quarterly earnings data on Monday, October 29th. The offshore drilling services provider reported $0.06 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.10) by $0.16. Transocean had a negative net margin of 64.33% and a negative return on equity of 2.31%. The company had revenue of $816.00 million during the quarter, compared to analyst estimates of $779.19 million. During the same period in the prior year, the firm earned $0.16 earnings per share. The firm’s revenue for the quarter was up 1.0% compared to the same quarter last year. Sell-side analysts anticipate that Transocean LTD will post -0.75 EPS for the current fiscal year.

In other news, Director Vincent J. Intrieri purchased 10,000 shares of the firm’s stock in a transaction on Thursday, August 16th. The stock was acquired at an average cost of $10.62 per share, with a total value of $106,200.00. Following the completion of the transaction, the director now owns 10,000 shares in the company, valued at approximately $106,200. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 14.09% of the stock is owned by corporate insiders.

Hedge funds have recently added to or reduced their stakes in the business. Wedge Capital Management L L P NC lifted its position in shares of Transocean by 4.4% during the third quarter. Wedge Capital Management L L P NC now owns 1,492,905 shares of the offshore drilling services provider’s stock valued at $20,826,000 after buying an additional 62,528 shares during the last quarter. Prospera Financial Services Inc lifted its position in shares of Transocean by 35.2% during the third quarter. Prospera Financial Services Inc now owns 32,549 shares of the offshore drilling services provider’s stock valued at $445,000 after buying an additional 8,475 shares during the last quarter. Victory Capital Management Inc. purchased a new stake in shares of Transocean during the second quarter valued at about $9,420,000. Platinum Investment Management Ltd. lifted its position in shares of Transocean by 80.3% during the second quarter. Platinum Investment Management Ltd. now owns 8,714,500 shares of the offshore drilling services provider’s stock valued at $117,123,000 after buying an additional 3,882,400 shares during the last quarter. Finally, FMR LLC lifted its position in shares of Transocean by 1,255.1% during the second quarter. FMR LLC now owns 5,103,811 shares of the offshore drilling services provider’s stock valued at $68,595,000 after buying an additional 4,727,168 shares during the last quarter. 71.78% of the stock is owned by institutional investors and hedge funds.

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Transocean Company Profile (NYSE:RIG)

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. The company primarily offers deepwater and harsh environment drilling services. As of February 20, 2018, it owned or had partial ownership interests in, and operated 47 mobile offshore drilling units that consist of 27 ultra-deepwater floaters, 12 harsh environment floaters, 2 deepwater floaters, 6 midwater floaters, and 2 high-specification jackups.

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