Blume Capital Management Inc. Purchases 5,885 Shares of Transocean Ltd. $RIG

Blume Capital Management Inc. grew its position in Transocean Ltd. (NYSE:RIG) by 125.9% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 10,560 shares of the offshore drilling services provider’s stock after purchasing an additional 5,885 shares during the quarter. Blume Capital Management Inc.’s holdings in Transocean were worth $27,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Townsend & Associates Inc lifted its stake in Transocean by 150.0% during the 2nd quarter. Townsend & Associates Inc now owns 25,000 shares of the offshore drilling services provider’s stock valued at $65,000 after acquiring an additional 15,000 shares during the period. Stratos Wealth Partners LTD. purchased a new position in shares of Transocean during the second quarter valued at approximately $32,000. Essex LLC lifted its position in Transocean by 18.1% during the second quarter. Essex LLC now owns 119,366 shares of the offshore drilling services provider’s stock valued at $309,000 after purchasing an additional 18,255 shares during the period. Harbour Investments Inc. boosted its holdings in Transocean by 111.8% in the second quarter. Harbour Investments Inc. now owns 23,490 shares of the offshore drilling services provider’s stock worth $61,000 after purchasing an additional 12,400 shares during the last quarter. Finally, Revolve Wealth Partners LLC purchased a new stake in Transocean in the second quarter worth approximately $30,000. 67.73% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Barclays raised their price target on Transocean from $3.50 to $4.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 13th. Wall Street Zen raised Transocean from a “sell” rating to a “hold” rating in a research report on Sunday, August 10th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Transocean in a research note on Wednesday, October 8th. Three research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $4.26.

Transocean Stock Up 0.6%

RIG opened at $3.31 on Wednesday. The stock has a market cap of $3.12 billion, a price-to-earnings ratio of -1.78 and a beta of 2.68. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.99 and a current ratio of 1.26. The firm’s fifty day moving average is $3.19 and its 200 day moving average is $2.84. Transocean Ltd. has a fifty-two week low of $1.97 and a fifty-two week high of $4.74.

Insider Activity

In other Transocean news, Director Frederik Wilhelm Mohn acquired 4,000,000 shares of the company’s stock in a transaction dated Friday, September 26th. The stock was purchased at an average price of $3.05 per share, with a total value of $12,200,000.00. Following the completion of the purchase, the director directly owned 95,074,894 shares in the company, valued at approximately $289,978,426.70. The trade was a 4.39% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director (Cyprus) Ltd Perestroika bought 4,000,000 shares of the business’s stock in a transaction that occurred on Friday, September 26th. The shares were acquired at an average price of $3.05 per share, with a total value of $12,200,000.00. Following the transaction, the director directly owned 95,074,894 shares of the company’s stock, valued at $289,978,426.70. This represents a 4.39% increase in their position. The disclosure for this purchase can be found here. 12.54% of the stock is owned by insiders.

About Transocean

Transocean Ltd., together with its subsidiaries, provides offshore contract drilling services for oil and gas wells worldwide. It contracts mobile offshore drilling rigs, related equipment, and work crews to drill oil and gas wells. The company operates a fleet of mobile offshore drilling units, consisting of ultra-deepwater floaters and harsh environment floaters.