An issue of Transocean LTD (NYSE:RIG) bonds rose 1.7% as a percentage of their face value during trading on Friday. The debt issue has a 6.8% coupon and is set to mature on March 15, 2038. The debt is now trading at $79.00 and was trading at $79.00 one week ago. Price moves in a company’s bonds in credit markets often anticipate parallel moves in its share price.
Several brokerages recently weighed in on RIG. Tudor Pickering initiated coverage on Transocean LTD in a research report on Thursday, March 23rd. They issued a “hold” rating on the stock. Iberia Capital began coverage on Transocean LTD in a research note on Friday, January 6th. They set a “sector perform” rating and a $15.00 target price for the company. Credit Suisse Group AG upgraded Transocean LTD from a “neutral” rating to an “outperform” rating and decreased their price target for the stock from $18.00 to $12.85 in a research note on Friday, February 3rd. Evercore ISI reiterated an “outperform” rating and issued a $24.00 price target on shares of Transocean LTD in a research note on Monday, March 13th. Finally, Vetr cut Transocean LTD from a “strong-buy” rating to a “buy” rating and set a $14.51 price target on the stock. in a report on Wednesday, March 15th. Fourteen research analysts have rated the stock with a sell rating, fourteen have given a hold rating and ten have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $13.49.
Shares of Transocean LTD (NYSE:RIG) traded down 0.70% during mid-day trading on Friday, reaching $11.30. 8,214,347 shares of the company’s stock were exchanged. The stock has a 50-day moving average of $12.30 and a 200 day moving average of $12.73. Transocean LTD has a one year low of $8.68 and a one year high of $16.66. The firm has a market capitalization of $4.40 billion, a P/E ratio of 5.43 and a beta of 1.87.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Nationwide Fund Advisors increased its position in shares of Transocean LTD by 16.4% in the first quarter. Nationwide Fund Advisors now owns 327,207 shares of the offshore drilling services provider’s stock worth $4,074,000 after buying an additional 46,097 shares during the period. James Investment Research Inc. acquired a new position in Transocean LTD during the first quarter worth approximately $3,566,000. Retirement Systems of Alabama boosted its position in Transocean LTD by 0.4% in the first quarter. Retirement Systems of Alabama now owns 894,993 shares of the offshore drilling services provider’s stock worth $11,143,000 after buying an additional 3,657 shares in the last quarter. Oakbrook Investments LLC acquired a new position in Transocean LTD during the first quarter worth approximately $225,000. Finally, Hartford Investment Management Co. boosted its position in Transocean LTD by 0.6% in the first quarter. Hartford Investment Management Co. now owns 103,575 shares of the offshore drilling services provider’s stock worth $1,290,000 after buying an additional 654 shares in the last quarter. Institutional investors own 63.84% of the company’s stock.
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Transocean LTD 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.
