Transocean Ltd. (RIG) Bond Prices Fall 2%
An issue of Transocean Ltd. (NYSE:RIG) debt fell 2% as a percentage of its face value during trading on Monday. The high-yield debt issue has a 6.8% coupon and is set to mature on March 15, 2038. The debt is now trading at $65.25 and was trading at $66.50 one week ago. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its stock price.
RIG has been the subject of a number of research analyst reports. Canaccord Genuity raised shares of Transocean from a “sell” rating to a “hold” rating in a research report on Thursday, September 15th. Clarkson Capital reaffirmed a “neutral” rating and issued a $12.00 target price on shares of Transocean in a research report on Thursday, August 4th. Goldman Sachs Group Inc. reaffirmed a “sell” rating on shares of Transocean in a research report on Friday, September 23rd. Vetr reaffirmed a “buy” rating and issued a $10.74 target price on shares of Transocean in a research report on Thursday, August 18th. Finally, Jefferies Group reaffirmed a “hold” rating and issued a $10.00 target price (down previously from $11.00) on shares of Transocean in a research report on Tuesday, August 16th. Ten investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $10.34.
Transocean Ltd. (NYSE:RIG) opened at 10.38 on Tuesday. The company has a market capitalization of $3.79 billion, a P/E ratio of 3.03 and a beta of 1.91. Transocean Ltd. has a 1-year low of $7.67 and a 1-year high of $17.17. The stock’s 50 day moving average is $9.78 and its 200-day moving average is $10.34.
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Transocean (NYSE:RIG) last posted its quarterly 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. The firm had revenue of $943 million for the quarter. Transocean had a net margin of 21.91% and a return on equity of 8.46%. The business’s quarterly revenue was down 49.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.11 earnings per share. On average, analysts expect that Transocean Ltd. will post $0.94 earnings per share for the current fiscal year.
A number of institutional investors have recently modified their holdings of RIG. Meiji Yasuda Asset Management Co Ltd. purchased a new position in shares of Transocean during the first quarter worth approximately $108,000. Simmons Bank purchased a new position in shares of Transocean during the first quarter worth approximately $110,000. Lee Danner & Bass Inc. purchased a new position in shares of Transocean during the second quarter worth approximately $119,000. Mariner Wealth Advisors LLC purchased a new position in shares of Transocean during the second quarter worth approximately $120,000. Finally, Capstone Investment Advisors LLC purchased a new position in shares of Transocean during the second quarter worth approximately $121,000. 71.55% of the stock is currently owned by institutional investors.
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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