An issue of Transocean LTD (NYSE:RIG) debt rose 1.4% as a percentage of its face value during trading on Tuesday. The high-yield debt issue has a 7.5% coupon and is set to mature on April 15, 2031. The debt is now trading at $87.00 and was trading at $83.50 last week. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its share price.
Several research analysts have recently weighed in on RIG shares. DNB Markets raised shares of Transocean from a “hold” rating to a “buy” rating in a report on Wednesday, January 9th. Barclays raised shares of Transocean from an “underweight” rating to an “overweight” rating and set a $10.00 price target on the stock in a report on Wednesday, February 20th. Credit Suisse Group started coverage on shares of Transocean in a report on Thursday, December 13th. They issued an “outperform” rating and a $14.00 price target on the stock. UBS Group set a $12.00 price target on shares of Transocean and gave the stock a “buy” rating in a report on Thursday, December 20th. Finally, Goldman Sachs Group started coverage on shares of Transocean in a report on Sunday, March 10th. They issued a “buy” rating and a $11.00 price target on the stock. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and thirteen have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $13.66.
RIG traded up $0.03 during trading on Thursday, reaching $9.49. The stock had a trading volume of 9,227,459 shares, compared to its average volume of 13,496,672. The stock has a market cap of $5.80 billion, a PE ratio of -12.01 and a beta of 1.82. The company has a quick ratio of 2.38, a current ratio of 2.71 and a debt-to-equity ratio of 0.73. Transocean LTD has a one year low of $6.19 and a one year high of $14.47.
Transocean (NYSE:RIG) last released its earnings results on Monday, February 18th. The offshore drilling services provider reported ($0.34) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.24) by ($0.10). The firm had revenue of $748.00 million during the quarter, compared to the consensus estimate of $741.18 million. Transocean had a negative net margin of 66.14% and a negative return on equity of 2.90%. The firm’s revenue was up 18.9% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.24) EPS. As a group, equities analysts anticipate that Transocean LTD will post -0.76 earnings per share for the current year.
In related news, CAO Howard E. Davis sold 55,212 shares of the stock in a transaction on Friday, December 28th. The stock was sold at an average price of $7.10, for a total value of $392,005.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 11.05% of the stock is owned by corporate insiders.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in RIG. First Trust Advisors LP bought a new position in Transocean in the third quarter valued at $473,000. Private Advisor Group LLC grew its stake in shares of Transocean by 34.8% during the third quarter. Private Advisor Group LLC now owns 22,729 shares of the offshore drilling services provider’s stock valued at $317,000 after buying an additional 5,870 shares during the last quarter. Stone Ridge Asset Management LLC bought a new position in shares of Transocean during the third quarter valued at about $222,000. Prudential Financial Inc. grew its stake in shares of Transocean by 47.4% during the third quarter. Prudential Financial Inc. now owns 385,990 shares of the offshore drilling services provider’s stock valued at $5,385,000 after buying an additional 124,110 shares during the last quarter. Finally, MML Investors Services LLC grew its stake in shares of Transocean by 11.9% during the third quarter. MML Investors Services LLC now owns 118,116 shares of the offshore drilling services provider’s stock valued at $1,648,000 after buying an additional 12,543 shares during the last quarter. 73.89% of the stock is currently owned by institutional investors and hedge funds.
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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 drilling rigs, related equipment, and work crews; and ultra-deepwater and harsh environment drilling services. As of February 18, 2019, it owned or had partial ownership interests in, and operated 48 mobile offshore drilling units that consist of 31 ultra-deepwater floaters, 13 harsh environment floaters, and 4 midwater floaters.
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