An issue of Transocean LTD (NYSE:RIG) debt rose 1.2% against its face value during trading on Friday. The high-yield issue of debt has a 7.5% coupon and is set to mature on April 15, 2031. The debt is now trading at $94.22 and was trading at $94.13 one week ago. Price changes in a company’s debt in credit markets often predict parallel changes in its stock price.
Several equities analysts have recently issued reports on the stock. UBS Group raised shares of Transocean from an “accumulate” rating to a “buy” rating in a report on Thursday, October 18th. Johnson Rice raised shares of Transocean from a “sell” rating to a “hold” rating and set a $16.00 price target for the company in a report on Wednesday, October 17th. Cowen initiated coverage on shares of Transocean in a report on Saturday, October 13th. They issued a “hold” rating and a $12.00 price target for the company. Susquehanna Bancshares set a $17.00 target price on shares of Transocean and gave the stock a “buy” rating in a research note on Wednesday, October 10th. Finally, ValuEngine raised shares of Transocean from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, October 2nd. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $13.79.
NYSE RIG traded down $0.17 on Friday, reaching $10.97. The company had a trading volume of 14,587,419 shares, compared to its average volume of 13,950,822. The firm has a market cap of $5.15 billion, a PE ratio of -182.83 and a beta of 1.48. The company has a current ratio of 1.49, a quick ratio of 1.35 and a debt-to-equity ratio of 0.63. Transocean LTD has a 1-year low of $8.70 and a 1-year high of $14.47.
In other Transocean news, Director Vincent J. Intrieri acquired 10,000 shares of Transocean stock in a transaction dated Thursday, August 16th. The stock was bought at an average cost of $10.62 per share, for a total transaction of $106,200.00. Following the purchase, the director now directly owns 10,000 shares in the company, valued at approximately $106,200. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.33% of the company’s stock.
Institutional investors have recently bought and sold shares of the company. Victory Capital Management Inc. acquired a new position in shares of Transocean during the 2nd quarter worth about $9,420,000. Platinum Investment Management Ltd. boosted its stake in shares of Transocean by 80.3% during the 2nd quarter. Platinum Investment Management Ltd. now owns 8,714,500 shares of the offshore drilling services provider’s stock worth $117,123,000 after buying an additional 3,882,400 shares during the last quarter. FMR LLC boosted its stake in shares of Transocean by 1,255.1% during the 2nd quarter. FMR LLC now owns 5,103,811 shares of the offshore drilling services provider’s stock worth $68,595,000 after buying an additional 4,727,168 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its stake in shares of Transocean by 5.2% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 3,080,986 shares of the offshore drilling services provider’s stock worth $41,409,000 after buying an additional 152,397 shares during the last quarter. Finally, Contrarius Investment Management Ltd boosted its stake in shares of Transocean by 0.5% during the 2nd quarter. Contrarius Investment Management Ltd now owns 12,631,817 shares of the offshore drilling services provider’s stock worth $169,772,000 after buying an additional 64,474 shares during the last quarter. Institutional investors own 70.98% of the company’s stock.
About Transocean (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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