Transocean (RIG) Debt Trading 3.5% Lower

An issue of Transocean LTD (NYSE:RIG) bonds fell 3.5% against their face value during trading on Friday. The debt issue has a 7% coupon and will mature on June 1, 2028. The bonds in the issue are now trading at $100.50. Price changes in a company’s bonds in credit markets often predict parallel changes in its share price.

A number of research analysts have recently commented on the stock. Susquehanna Bancshares set a $11.00 price target on shares of Transocean and gave the company a “hold” rating in a research report on Friday. Cowen set a $11.00 price target on shares of Transocean and gave the company a “hold” rating in a research report on Thursday. Piper Jaffray Companies set a $11.00 price target on shares of Transocean and gave the company a “hold” rating in a research report on Wednesday. Jefferies Group upgraded shares of Transocean from a “hold” rating to a “buy” rating and set a $13.00 price target for the company in a research report on Thursday, January 4th. Finally, ValuEngine lowered shares of Transocean from a “hold” rating to a “sell” rating in a research report on Sunday, December 31st. Eleven analysts have rated the stock with a sell rating, eleven have assigned a hold rating and fifteen have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $12.28.

Shares of Transocean LTD (NYSE:RIG) opened at $12.20 on Friday. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.36 and a quick ratio of 2.13. The firm has a market cap of $4,773.09, a price-to-earnings ratio of -1.72 and a beta of 1.79. Transocean LTD has a one year low of $7.20 and a one year high of $16.16.

Transocean (NYSE:RIG) last posted its quarterly earnings results on Wednesday, November 1st. The offshore drilling services provider reported $0.16 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.20. The business had revenue of $808.00 million during the quarter, compared to the consensus estimate of $703.13 million. Transocean had a negative net margin of 84.09% and a positive return on equity of 2.10%. The firm’s revenue for the quarter was down 10.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.25 earnings per share. equities analysts anticipate that Transocean LTD will post -0.34 EPS for the current fiscal year.

A number of institutional investors have recently bought and sold shares of RIG. BlackRock Inc. lifted its stake in Transocean by 12.1% in the second quarter. BlackRock Inc. now owns 25,538,929 shares of the offshore drilling services provider’s stock worth $210,185,000 after purchasing an additional 2,756,207 shares during the last quarter. Alyeska Investment Group L.P. bought a new stake in Transocean in the third quarter worth $26,661,000. Principal Financial Group Inc. lifted its stake in Transocean by 310.7% in the third quarter. Principal Financial Group Inc. now owns 2,536,811 shares of the offshore drilling services provider’s stock worth $27,296,000 after purchasing an additional 1,919,171 shares during the last quarter. Horseman Capital Management Ltd bought a new stake in Transocean in the third quarter worth $19,456,000. Finally, State Street Corp lifted its stake in Transocean by 7.5% in the second quarter. State Street Corp now owns 22,918,962 shares of the offshore drilling services provider’s stock worth $188,616,000 after purchasing an additional 1,593,179 shares during the last quarter. 72.88% of the stock is owned by institutional investors and hedge funds.

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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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