An issue of Transocean LTD (NYSE:RIG) bonds rose 1.5% against their face value during trading on Monday. The high-yield issue of debt has a 7.5% coupon and is set to mature on April 15, 2031. The bonds in the issue are now trading at $91.22 and were trading at $89.25 last week. Price changes in a company’s bonds in credit markets sometimes predict parallel changes in its share price.
A number of brokerages have recently commented on RIG. ValuEngine lowered Transocean from a “sell” rating to a “strong sell” rating in a report on Wednesday, March 7th. Piper Jaffray Companies set a $11.00 price target on Transocean and gave the company a “hold” rating in a report on Thursday, February 15th. Susquehanna Bancshares set a $10.00 price target on Transocean and gave the company a “hold” rating in a report on Friday, February 16th. Cowen set a $11.00 price target on Transocean and gave the company a “hold” rating in a report on Thursday, January 11th. Finally, Jefferies Group raised Transocean from a “hold” rating to a “buy” rating and set a $13.00 price target on the stock in a report on Thursday, January 4th. Nine equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and fourteen have given a buy rating to the company’s stock. Transocean currently has an average rating of “Hold” and an average target price of $12.12.
Transocean LTD (RIG) opened at $9.73 on Wednesday. The firm has a market capitalization of $4,490.00, a PE ratio of -1.26 and a beta of 1.62. Transocean LTD has a 12 month low of $7.20 and a 12 month high of $13.18. The company has a debt-to-equity ratio of 0.56, a current ratio of 3.36 and a quick ratio of 3.06.
In related news, SVP David A. Tonnel sold 9,000 shares of Transocean stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $9.39, for a total value of $84,510.00. Following the transaction, the senior vice president now owns 75,349 shares of the company’s stock, valued at approximately $707,527.11. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Frederik Wilhelm Mohn acquired 2,000,000 shares of the firm’s stock in a transaction on Friday, March 2nd. The shares were acquired at an average price of $9.29 per share, with a total value of $18,580,000.00. The disclosure for this purchase can be found here. Company insiders own 0.31% of the company’s stock.
A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Comerica Bank grew its holdings in shares of Transocean by 148.9% in the third quarter. Comerica Bank now owns 336,684 shares of the offshore drilling services provider’s stock valued at $3,498,000 after acquiring an additional 201,399 shares in the last quarter. Van ECK Associates Corp grew its holdings in Transocean by 6.4% during the third quarter. Van ECK Associates Corp now owns 5,953,402 shares of the offshore drilling services provider’s stock valued at $64,059,000 after purchasing an additional 356,048 shares during the period. James Investment Research Inc. grew its holdings in Transocean by 28.9% during the fourth quarter. James Investment Research Inc. now owns 521,353 shares of the offshore drilling services provider’s stock valued at $5,569,000 after purchasing an additional 116,875 shares during the period. Ameritas Investment Partners Inc. grew its holdings in Transocean by 1,158.9% during the third quarter. Ameritas Investment Partners Inc. now owns 116,800 shares of the offshore drilling services provider’s stock valued at $953,000 after purchasing an additional 107,522 shares during the period. Finally, Cerebellum GP LLC bought a new position in Transocean during the fourth quarter valued at $1,719,000. Hedge funds and other institutional investors own 63.89% of the company’s stock.
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Transocean Company Profile
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 on a dayrate basis to drill oil and gas wells. As of February 9, 2017, it owned or had partial ownership interests in and operated 56 mobile offshore drilling units.
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