Top S&P 500 Dividend Stocks #3 – Transocean (RIG)
Offshore driller Transocean (RIG) makes the top 10 dividend stocks for a fourth consecutive month. Unfortunately for anyone holding Transocean stock, the dividend yield propelled it into the top 10 only because the stock has fallen so far. RIG stock is down a painful 14% for the year-to-date, hurt by a large number of rigs coming off contract and the same pressure on rates paid that’s weighing on Ensco.
Happily for shareholders, however, is the fact that RIG appears to have found a bottom. Quarterly earnings beat Wall Street forecasts, and the market also likes the RIG restructuring plan, which will spin off eight rigs into a new publicly traded company.