An issue of Transocean Ltd. (NYSE:RIG) debt fell 2.3% against its face value during trading on Tuesday. The high-yield issue of debt has a 6.8% coupon and is set to mature on March 15, 2038. The debt is now trading at $74.22 and was trading at $75.25 one week ago. Price moves in a company’s debt in credit markets often anticipate parallel moves in its share price.
Several research firms recently issued reports on RIG. UBS AG reissued a “neutral” rating and set a $12.00 target price (down previously from $15.00) on shares of Transocean in a research note on Friday, May 5th. Goldman Sachs Group, Inc. (The) raised Transocean from a “sell” rating to a “neutral” rating and increased their target price for the stock from $8.57 to $9.75 in a research note on Wednesday, August 9th. Instinet reissued a “reduce” rating and set a $7.00 target price (down previously from $8.00) on shares of Transocean in a research note on Saturday. ValuEngine raised Transocean from a “hold” rating to a “buy” rating in a research note on Thursday. Finally, Evercore ISI reaffirmed a “buy” rating and issued a $18.00 price target on shares of Transocean in a research report on Thursday, August 10th. Eleven research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and twelve have issued a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $12.42.
Shares of Transocean Ltd. (RIG) traded up 2.75% during midday trading on Friday, hitting $7.48. The stock had a trading volume of 22,122,966 shares. The company’s 50-day moving average price is $8.37 and its 200-day moving average price is $10.64. Transocean Ltd. has a 12-month low of $7.20 and a 12-month high of $16.66. The firm’s market cap is $2.93 billion. Transocean also saw some unusual options trading on Wednesday. Stock traders purchased 17,912 call options on the company. This represents an increase of approximately 175% compared to the average daily volume of 6,510 call options.
Several hedge funds have recently added to or reduced their stakes in the stock. Contrarius Investment Management Ltd raised its stake in Transocean by 96.8% in the second quarter. Contrarius Investment Management Ltd now owns 9,740,030 shares of the offshore drilling services provider’s stock worth $80,160,000 after buying an additional 4,790,469 shares during the last quarter. Teachers Advisors LLC increased its position in Transocean by 796.2% in the first quarter. Teachers Advisors LLC now owns 4,355,168 shares of the offshore drilling services provider’s stock worth $54,222,000 after buying an additional 3,869,219 shares during the period. Thompson Siegel & Walmsley LLC increased its position in Transocean by 129.6% in the second quarter. Thompson Siegel & Walmsley LLC now owns 6,299,461 shares of the offshore drilling services provider’s stock worth $51,844,000 after buying an additional 3,556,281 shares during the period. BlackRock Inc. increased its position in Transocean by 12.1% in the second quarter. BlackRock Inc. now owns 25,538,929 shares of the offshore drilling services provider’s stock worth $210,185,000 after buying an additional 2,756,207 shares during the period. Finally, Cornerstone Capital Management Holdings LLC. increased its position in Transocean by 606.1% in the first quarter. Cornerstone Capital Management Holdings LLC. now owns 2,028,718 shares of the offshore drilling services provider’s stock worth $25,256,000 after buying an additional 1,741,410 shares during the period. Institutional investors own 69.31% of the company’s stock.
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About Transocean
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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