Harbour Investments Inc. Boosts Stake in Transocean Ltd. $RIG

Harbour Investments Inc. lifted its holdings in Transocean Ltd. (NYSE:RIG) by 111.8% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 23,490 shares of the offshore drilling services provider’s stock after purchasing an additional 12,400 shares during the period. Harbour Investments Inc.’s holdings in Transocean were worth $61,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Verum Partners LLC purchased a new position in shares of Transocean in the second quarter worth about $28,000. Stockman Wealth Management Inc. purchased a new position in shares of Transocean in the second quarter worth about $28,000. Belpointe Asset Management LLC purchased a new position in shares of Transocean in the second quarter worth about $30,000. Revolve Wealth Partners LLC purchased a new position in shares of Transocean in the second quarter worth about $30,000. Finally, Callan Family Office LLC purchased a new position in shares of Transocean in the second quarter worth about $30,000. 67.73% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on RIG. Wall Street Zen raised shares of Transocean from a “sell” rating to a “hold” rating in a research note on Sunday, August 10th. Barclays lifted their target price on shares of Transocean from $3.50 to $4.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 13th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Transocean in a research note on Wednesday, October 8th. Three equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Transocean currently has an average rating of “Hold” and a consensus target price of $4.26.

Insider Buying and Selling

In related news, Director Frederik Wilhelm Mohn purchased 4,000,000 shares of Transocean stock in a transaction dated Friday, September 26th. The shares were acquired at an average cost of $3.05 per share, with a total value of $12,200,000.00. Following the purchase, the director owned 95,074,894 shares of the company’s stock, valued at approximately $289,978,426.70. The trade was a 4.39% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director (Cyprus) Ltd Perestroika purchased 4,000,000 shares of Transocean stock in a transaction dated Friday, September 26th. The stock was bought at an average cost of $3.05 per share, for a total transaction 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. This trade represents a 4.39% increase in their position. The disclosure for this purchase can be found here. 12.27% of the stock is currently owned by insiders.

Transocean Price Performance

Transocean stock opened at $3.88 on Friday. The company’s 50 day simple moving average is $3.22 and its 200-day simple moving average is $2.85. The company has a market capitalization of $3.65 billion, a price-to-earnings ratio of -2.08 and a beta of 2.68. Transocean Ltd. has a 1 year low of $1.97 and a 1 year high of $4.74. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.99 and a current ratio of 1.26.

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.