Transocean Ltd. (RIG) Bonds Trading 2.7% Lower

An issue of Transocean Ltd. (NYSE:RIG) debt fell 2.7% as a percentage of its face value during trading on Thursday. The high-yield issue of debt has a 7.5% coupon and is set to mature on April 15, 2031. The bonds in the issue are now trading at $89.00 and were trading at $91.38 last week. Price moves in a company’s debt in credit markets often predict parallel moves in its stock price.

RIG has been the topic of a number of recent analyst reports. Zacks Investment Research raised Transocean from a “hold” rating to a “buy” rating and set a $9.50 price objective on the stock in a research note on Wednesday, August 2nd. Evercore ISI reissued a “buy” rating and issued a $18.00 price target on shares of Transocean in a research note on Thursday, August 10th. Credit Suisse Group reissued a “buy” rating on shares of Transocean in a research note on Wednesday, July 19th. ValuEngine raised Transocean from a “hold” rating to a “buy” rating in a research note on Thursday, August 17th. Finally, Pareto Securities raised Transocean from a “hold” rating to a “buy” rating in a research note on Friday, August 18th. Ten research 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. The stock currently has an average rating of “Hold” and an average target price of $12.18.

Shares of Transocean Ltd. (NYSE:RIG) traded up 1.57% on Friday, reaching $10.33. The company’s stock had a trading volume of 14,060,960 shares. The stock has a 50-day moving average of $10.00 and a 200 day moving average of $9.42. Transocean Ltd. has a 52-week low of $7.20 and a 52-week high of $16.66. The company’s market cap is $4.04 billion.

In other Transocean news, CAO Howard E. Davis purchased 40,000 shares of the firm’s stock in a transaction dated Thursday, August 17th. The stock was purchased at an average price of $7.32 per share, for a total transaction of $292,800.00. Following the completion of the purchase, the chief accounting officer now directly owns 21,793 shares of the company’s stock, valued at $159,524.76. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.33% of the stock is owned by insiders.

Several hedge funds have recently bought and sold shares of the company. Horseman Capital Management Ltd purchased a new position in shares of Transocean in the third quarter worth $19,456,000. American Assets Investment Management LLC purchased a new position in shares of Transocean in the third quarter worth $1,614,000. Crossmark Global Holdings Inc. purchased a new position in shares of Transocean in the third quarter worth $599,000. Saratoga Research & Investment Management purchased a new position in shares of Transocean in the third quarter worth $115,000. Finally, First Trust Advisors LP raised its stake in shares of Transocean by 29.8% in the third quarter. First Trust Advisors LP now owns 1,613,054 shares of the offshore drilling services provider’s stock worth $17,356,000 after purchasing an additional 370,203 shares during the last quarter. Hedge funds and other institutional investors own 67.81% of the company’s stock.

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About Transocean

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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