BTIG analyst Gregory Lewis raised the firm’s price target on Transocean to $10 from $8 and keeps a Buy rating on the shares as part of a broader research note on Offshore Drillers. The offshore driller market is experiencing an ongoing upcycle, with leading edge drillship dayrates having more than doubled since early 2021 to over $450K per day, their highest level since 2015, the analyst tells investors in a research note. BTIG further states that with drillship dayrates comfortably above $400K, more drillship reactivations should be coming this year.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on RIG:
- Transocean Ltd. Announces Fourth Quarter, Full Year 2022 Earnings Release Date
- Transocean call volume above normal and directionally bullish
- Transocean initiated with a Buy at Benchmark
- Transocean Ltd. Announces Pricing of $1.175 Billion of Senior Secured Notes due 2030
- Transocean announces proposed private offering of $1.175B