An issue of Transocean LTD (NYSE:RIG) debt fell 1.5% as a percentage of its face value during trading on Wednesday. The debt issue has a 6.8% coupon and will mature on March 15, 2038. The bonds in the issue are now trading at $78.50 and were trading at $78.78 last week. Price changes in a company’s debt in credit markets often predict parallel changes in its share price.
RIG has been the topic of several recent research reports. Morgan Stanley downgraded Transocean LTD from an “equal weight” rating to an “underweight” rating and upped their price objective for the company from $13.94 to $13.99 in a research report on Thursday, February 2nd. They noted that the move was a valuation call. Vetr downgraded Transocean LTD from a “strong-buy” rating to a “buy” rating and set a $14.51 price objective on the stock. in a research report on Wednesday, March 15th. Credit Suisse Group AG upgraded Transocean LTD from a “neutral” rating to an “outperform” rating and reduced their price objective for the company from $18.00 to $12.85 in a research report on Friday, February 3rd. R. F. Lafferty initiated coverage on Transocean LTD in a research report on Thursday, February 9th. They issued a “buy” rating and a $21.00 price objective on the stock. Finally, BMO Capital Markets restated a “sell” rating and issued a $10.00 price objective on shares of Transocean LTD in a research report on Tuesday, April 18th. Fifteen equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and eleven have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $13.37.
Transocean LTD (NYSE:RIG) traded up 0.048% during mid-day trading on Friday, reaching $10.465. The company had a trading volume of 5,449,630 shares. The firm’s 50-day moving average price is $11.45 and its 200-day moving average price is $12.84. The stock has a market cap of $4.09 billion, a PE ratio of 6.293 and a beta of 1.87. Transocean LTD has a 12 month low of $8.68 and a 12 month high of $16.66. Transocean LTD also saw unusually large options trading activity on Tuesday. Traders bought 15,022 put options on the company. This represents an increase of 397% compared to the typical volume of 3,022 put options.
Transocean LTD (NYSE:RIG) last posted its quarterly earnings data on Wednesday, May 3rd. The offshore drilling services provider reported $0.01 EPS for the quarter, topping the Zacks’ consensus estimate of ($0.08) by $0.09. Transocean LTD had a net margin of 23.14% and a return on equity of 6.80%. The company had revenue of $785 million during the quarter, compared to the consensus estimate of $737.51 million. Equities research analysts forecast that Transocean LTD will post ($0.47) EPS for the current fiscal year.
In other news, SVP David A. Tonnel sold 9,450 shares of the stock in a transaction dated Thursday, April 27th. The shares were sold at an average price of $11.28, for a total transaction of $106,596.00. Following the completion of the transaction, the senior vice president now directly owns 54,845 shares in the company, valued at approximately $618,651.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. Corporate insiders own 0.17% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Bank of Nova Scotia acquired a new position in Transocean LTD during the first quarter worth approximately $604,000. Point72 Asset Management L.P. acquired a new position in Transocean LTD during the first quarter worth approximately $3,735,000. FNY Partners Fund LP acquired a new position in Transocean LTD during the first quarter worth approximately $108,000. 10 15 Associates Inc. increased its position in Transocean LTD by 2.4% in the first quarter. 10 15 Associates Inc. now owns 32,465 shares of the offshore drilling services provider’s stock worth $404,000 after buying an additional 775 shares in the last quarter. Finally, Tudor Investment Corp ET AL acquired a new position in Transocean LTD during the first quarter worth approximately $227,000. Institutional investors own 63.84% of the company’s stock.
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Transocean LTD Company Profile
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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