An issue of Transocean Ltd. (NYSE:RIG) bonds rose 1.5% as a percentage of their face value during trading on Friday. The high-yield debt issue has a 6.8% coupon and will mature on March 15, 2038. The bonds in the issue are now trading at $66.50 and were trading at $67.28 last week. Price moves in a company’s bonds in credit markets often anticipate parallel moves in its share price.
Several equities research analysts have recently weighed in on RIG shares. Canaccord Genuity upgraded Transocean from a “sell” rating to a “hold” rating in a research report on Thursday, September 15th. Clarkson Capital restated a “neutral” rating and issued a $12.00 price objective on shares of Transocean in a research report on Thursday, August 4th. Goldman Sachs Group Inc. restated a “sell” rating on shares of Transocean in a research report on Friday, September 23rd. Vetr restated a “buy” rating and issued a $10.74 price objective on shares of Transocean in a research report on Thursday, August 18th. Finally, Jefferies Group restated a “hold” rating and issued a $10.00 price objective (down from $11.00) on shares of Transocean in a research report on Tuesday, August 16th. Ten analysts have rated the stock with a sell rating, seventeen have issued a hold rating and four have given a buy rating to the company. Transocean has an average rating of “Hold” and a consensus target price of $10.20.
Transocean Ltd. (NYSE:RIG) traded up 0.28% during midday trading on Friday, reaching $10.66. The company had a trading volume of 15,526,408 shares. The firm has a 50-day moving average of $9.83 and a 200 day moving average of $10.37. Transocean Ltd. has a 1-year low of $7.67 and a 1-year high of $17.19. The company has a market capitalization of $3.90 billion, a P/E ratio of 3.11 and a beta of 1.90.
Transocean (NYSE:RIG) last issued its earnings results on Wednesday, August 3rd. The offshore drilling services provider reported $0.17 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.01) by $0.18. Transocean had a return on equity of 8.46% and a net margin of 21.91%. The business earned $943 million during the quarter. During the same quarter in the prior year, the company posted $1.11 earnings per share. Transocean’s quarterly revenue was down 49.9% compared to the same quarter last year. On average, equities research analysts forecast that Transocean Ltd. will post $0.95 EPS for the current year.
Several large investors have recently modified their holdings of RIG. Meiji Yasuda Asset Management Co Ltd. purchased a new stake in shares of Transocean during the first quarter valued at $108,000. Simmons Bank purchased a new stake in shares of Transocean during the first quarter valued at $110,000. Lee Danner & Bass Inc. purchased a new stake in shares of Transocean during the second quarter valued at $119,000. Mariner Wealth Advisors LLC purchased a new stake in shares of Transocean during the second quarter valued at $120,000. Finally, Capstone Investment Advisors LLC purchased a new stake in shares of Transocean during the second quarter valued at $121,000. Institutional investors and hedge funds own 71.55% of the company’s stock.
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 primarily on a day rate basis to drill oil and gas wells. The Company operates through the contract drilling services segment.
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