An issue of Transocean LTD (NYSE:RIG) debt rose 1.2% as a percentage of its face value during trading on Friday. The debt issue has a 7.5% coupon and is set to mature on April 15, 2031. The bonds in the issue are now trading at $94.22 and were trading at $94.13 one week ago. Price changes in a company’s debt in credit markets sometimes predict parallel changes in its share price.

A number of equities research analysts have recently issued reports on RIG shares. UBS Group raised shares of Transocean from an “accumulate” rating to a “buy” rating in a research note on Thursday, October 18th. Piper Jaffray Companies set a $14.00 price target on shares of Transocean and gave the company a “hold” rating in a research note on Monday, October 1st. ValuEngine raised shares of Transocean from a “buy” rating to a “strong-buy” rating in a research note on Thursday, August 2nd. Morgan Stanley started coverage on shares of Transocean in a research note on Tuesday, September 18th. They issued an “overweight” rating and a $15.00 price target on the stock. Finally, Cowen started coverage on shares of Transocean in a research note on Saturday, October 13th. They issued a “hold” rating and a $12.00 price target on the stock. Three analysts have rated the stock with a sell rating, five have issued a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. Transocean presently has an average rating of “Buy” and an average price target of $13.79.

RIG traded down $0.17 during trading hours on Friday, hitting $10.97. 14,587,419 shares of the company’s stock were exchanged, compared to its average volume of 13,950,822. Transocean LTD has a 12-month low of $8.70 and a 12-month high of $14.47. The company has a market cap of $5.07 billion, a P/E ratio of -182.83 and a beta of 1.48. 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 (NYSE:RIG) last announced its earnings results on Monday, July 30th. The offshore drilling services provider reported ($0.04) earnings per share for the quarter, topping 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 for the quarter, compared to the consensus estimate of $768.68 million. The firm’s revenue was up 5.2% on a year-over-year basis. Research analysts forecast that Transocean LTD will post -0.85 earnings per share for the current year.

In other Transocean news, Director Vincent J. Intrieri bought 10,000 shares of the business’s stock in a transaction that occurred on Thursday, August 16th. The shares were purchased at an average cost of $10.62 per share, with a total value of $106,200.00. Following the purchase, the director now directly owns 10,000 shares in the company, valued at $106,200. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.33% of the stock is owned by corporate insiders.

Several large investors have recently made changes to their positions in RIG. FMR LLC increased its position in shares of Transocean by 1,255.1% in the 2nd quarter. FMR LLC now owns 5,103,811 shares of the offshore drilling services provider’s stock valued at $68,595,000 after purchasing an additional 4,727,168 shares during the last quarter. Platinum Investment Management Ltd. increased its position in shares of Transocean by 80.3% in the 2nd 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. Elephas Investment Management Ltd purchased a new stake in shares of Transocean in the 2nd quarter valued at approximately $52,095,000. Renaissance Technologies LLC increased its position in shares of Transocean by 17.6% in the 2nd quarter. Renaissance Technologies LLC now owns 8,022,428 shares of the offshore drilling services provider’s stock valued at $107,821,000 after purchasing an additional 1,200,528 shares during the last quarter. Finally, Ferguson Wellman Capital Management Inc. purchased a new stake in shares of Transocean in the 3rd quarter valued at approximately $15,599,000. 70.98% of the stock is currently owned by 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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