An issue of Transocean Ltd. (NYSE:RIG) bonds rose 4.8% as a percentage of their face value during trading on Thursday. The high-yield issue of debt has a 7% coupon and will mature on June 1, 2028. The debt is now trading at $100.25 and was trading at $91.00 last week. Price changes in a company’s bonds in credit markets sometimes anticipate parallel changes in its stock price.
A number of analysts have commented on RIG shares. Clarkson Capital upgraded shares of Transocean from a “neutral” rating to a “buy” rating and set a $11.00 price target for the company in a research note on Friday, September 1st. Credit Suisse Group reissued a “buy” rating on shares of Transocean in a research report on Wednesday, July 19th. R. F. Lafferty set a $15.00 price target on shares of Transocean and gave the stock a “buy” rating in a research report on Saturday, August 26th. Sanford C. Bernstein lowered shares of Transocean from an “outperform” rating to a “market perform” rating and lowered their price target for the stock from $16.50 to $9.00 in a research report on Thursday, July 6th. Finally, Jefferies Group LLC set a $12.00 price objective on shares of Transocean and gave the stock a “hold” rating in a research note on Wednesday, May 24th. Ten equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and fourteen have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $12.21.
Shares of Transocean Ltd. (RIG) opened at 9.24 on Friday. Transocean Ltd. has a 52-week low of $7.20 and a 52-week high of $16.66. The firm’s market cap is $3.61 billion. The stock’s 50 day moving average price is $8.36 and its 200-day moving average price is $9.93.
In related news, CAO Howard E. Davis purchased 40,000 shares of Transocean stock in a transaction dated Thursday, August 17th. The shares were acquired at an average price of $7.32 per share, with a total value of $292,800.00. Following the completion of the transaction, the chief accounting officer now owns 21,793 shares of the company’s stock, valued at approximately $159,524.76. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 0.33% of the company’s stock.
Several hedge funds have recently modified their holdings of RIG. Nationwide Fund Advisors lifted its position in shares of Transocean by 16.4% during the first quarter. Nationwide Fund Advisors now owns 327,207 shares of the offshore drilling services provider’s stock worth $4,074,000 after purchasing an additional 46,097 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in Transocean by 230.6% in the first quarter. Russell Investments Group Ltd. now owns 196,778 shares of the offshore drilling services provider’s stock worth $2,452,000 after acquiring an additional 137,248 shares during the last quarter. Wells Fargo & Company MN lifted its holdings in Transocean by 21.6% in the first quarter. Wells Fargo & Company MN now owns 481,855 shares of the offshore drilling services provider’s stock worth $6,000,000 after acquiring an additional 85,486 shares during the last quarter. State Treasurer State of Michigan lifted its holdings in Transocean by 0.4% in the first quarter. State Treasurer State of Michigan now owns 127,848 shares of the offshore drilling services provider’s stock worth $1,592,000 after acquiring an additional 500 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Transocean by 0.4% in the first quarter. Bank of New York Mellon Corp now owns 3,596,299 shares of the offshore drilling services provider’s stock worth $44,773,000 after acquiring an additional 16,110 shares during the last quarter. 67.84% of the stock is currently owned by institutional investors and hedge funds.
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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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