Transocean (RIG) Debt Trading 0.9% Lower

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An issue of Transocean LTD (NYSE:RIG) bonds fell 0.9% against their face value during trading on Wednesday. The debt issue has a 6.8% coupon and is set to mature on March 15, 2038. The debt is now trading at $83.13 and was trading at $82.94 last week. Price changes in a company’s bonds in credit markets often predict parallel changes in its share price.

Several equities analysts have weighed in on the stock. Susquehanna Bancshares raised shares of Transocean from a “neutral” rating to a “positive” rating and lifted their price target for the company from $11.00 to $16.00 in a report on Monday, July 9th. Tudor Pickering raised shares of Transocean from a “hold” rating to a “buy” rating in a report on Thursday, July 12th. ValuEngine raised shares of Transocean from a “buy” rating to a “strong-buy” rating in a report on Thursday, June 7th. Credit Suisse Group set a $16.00 price target on shares of Transocean and gave the company a “buy” rating in a report on Friday, July 13th. Finally, R. F. Lafferty lifted their price target on shares of Transocean from $11.00 to $16.00 and gave the company a “buy” rating in a report on Tuesday, May 15th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and eleven have issued a buy rating to the stock. Transocean currently has an average rating of “Hold” and a consensus target price of $12.75.

RIG stock opened at $10.83 on Friday. Transocean LTD has a one year low of $8.35 and a one year high of $14.34. The company has a current ratio of 1.49, a quick ratio of 1.35 and a debt-to-equity ratio of 0.63. The firm has a market capitalization of $5.17 billion, a PE ratio of -180.50 and a beta of 1.49.

Transocean (NYSE:RIG) last released its earnings results on Monday, July 30th. The offshore drilling services provider reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.17) by $0.13. Transocean had a negative net margin of 99.38% and a negative return on equity of 2.00%. The firm had revenue of $790.00 million for the quarter, compared to the consensus estimate of $768.68 million. The company’s revenue for the quarter was up 5.2% compared to the same quarter last year. equities research analysts predict that Transocean LTD will post -0.91 EPS for the current year.

In related news, Director Vincent J. Intrieri bought 10,000 shares of the stock in a transaction dated Thursday, August 16th. The shares were purchased at an average price of $10.62 per share, with a total value of $106,200.00. Following the completion of the acquisition, the director now owns 10,000 shares of the company’s stock, valued at $106,200. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 0.33% of the stock is currently owned by insiders.

Hedge funds have recently added to or reduced their stakes in the company. Hellman Jordan Management Co. Inc. MA bought a new stake in Transocean in the second quarter worth $643,000. Energy Opportunities Capital Management LLC bought a new stake in Transocean in the second quarter worth $2,582,000. Odey Asset Management Group Ltd increased its position in Transocean by 2.7% in the second quarter. Odey Asset Management Group Ltd now owns 6,042,430 shares of the offshore drilling services provider’s stock worth $81,210,000 after purchasing an additional 158,931 shares during the last quarter. Bank of Nova Scotia bought a new stake in Transocean in the second quarter worth $754,000. Finally, Verition Fund Management LLC bought a new stake in Transocean in the second quarter worth $167,000. 70.75% of the stock is currently owned by hedge funds and other institutional investors.

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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