An issue of Transocean LTD (NYSE:RIG) debt rose 1.3% as a percentage of its face value during trading on Wednesday. The debt issue has a 6.8% coupon and is set to mature on March 15, 2038. The bonds in the issue are now trading at $84.56 and were trading at $83.13 last week. Price changes in a company’s debt in credit markets sometimes predict parallel changes in its share price.

RIG has been the subject of several recent analyst reports. Fearnley Fonds cut shares of Transocean from a “buy” rating to an “accumulate” rating in a report on Wednesday, August 1st. ValuEngine cut shares of Transocean from a “strong-buy” rating to a “buy” rating in a report on Thursday, July 19th. Credit Suisse Group set a $16.00 target price on shares of Transocean and gave the stock a “buy” rating in a report on Friday, July 13th. Tudor Pickering raised shares of Transocean from a “hold” rating to a “buy” rating in a report on Thursday, July 12th. Finally, Citigroup decreased their target price on shares of Transocean from $16.00 to $15.00 and set a “buy” rating for the company in a report on Thursday, June 21st. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and ten have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $12.75.

Shares of RIG traded up $0.38 during mid-day trading on Wednesday, hitting $11.43. 18,163,900 shares of the company traded hands, compared to its average volume of 14,001,860. The company has a quick ratio of 1.35, a current ratio of 1.49 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 $14.34. The stock has a market capitalization of $5.01 billion, a price-to-earnings ratio of -192.83 and a beta of 1.49.

Transocean (NYSE:RIG) last released its quarterly earnings data on Monday, July 30th. The offshore drilling services provider reported ($0.04) earnings per share for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $768.68 million. Transocean’s revenue was up 5.2% compared to the same quarter last year. analysts expect that Transocean LTD will post -0.85 earnings per share for the current year.

In related news, Director Vincent J. Intrieri acquired 10,000 shares of the firm’s stock in a transaction dated Thursday, August 16th. The stock was purchased at an average cost of $10.62 per share, with a total value of $106,200.00. Following the completion of the acquisition, the director now directly owns 10,000 shares of the company’s stock, valued at $106,200. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 14.09% of the stock is owned by insiders.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. raised its holdings in shares of Transocean by 11.5% during the first quarter. BlackRock Inc. now owns 39,497,237 shares of the offshore drilling services provider’s stock valued at $391,023,000 after purchasing an additional 4,076,783 shares during the last quarter. Asia Research & Capital Management Ltd raised its holdings in shares of Transocean by 0.4% during the second quarter. Asia Research & Capital Management Ltd now owns 16,849,241 shares of the offshore drilling services provider’s stock valued at $226,454,000 after purchasing an additional 71,391 shares during the last quarter. Contrarius Investment Management Ltd raised its holdings in shares of Transocean by 0.5% during the second quarter. Contrarius Investment Management Ltd now owns 12,631,817 shares of the offshore drilling services provider’s stock valued at $169,772,000 after purchasing an additional 64,474 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Transocean by 15.5% during the first quarter. Dimensional Fund Advisors LP now owns 11,012,549 shares of the offshore drilling services provider’s stock valued at $109,024,000 after purchasing an additional 1,478,859 shares during the last quarter. Finally, Platinum Investment Management Ltd. raised its holdings in shares of Transocean by 80.3% during the second quarter. Platinum Investment Management Ltd. now owns 8,714,500 shares of the offshore drilling services provider’s stock valued at $117,123,000 after purchasing an additional 3,882,400 shares during the last quarter. 70.75% of the stock is 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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