5 Cheap Oil Stocks Under $10

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1. Transocean Ltd. (NYSE:RIG)

Number of Hedge Fund Holders: 28

Transocean Ltd. (NYSE:RIG) provides drilling services for oil and gas wells. The company owns close to forty drilling units, with the portfolio made up of offshore drilling units and deep water and harsh environment floaters. It is based in Steinhausen, Switzerland.

Transocean Ltd. (NYSE:RIG)’s fleet status report as of October 2022 saw firm demand for the company’s products as the growing global demand for oil kept its orders busy. The company outlined that it had secured $1.6 billion worth of awards that saw it engage with seven different customers. This also enabled Transocean Ltd. (NYSE:RIG)’s backlog to grow to $7.3 billion for an 18% annual increase.

Crucially, Transocean Ltd. (NYSE:RIG) might benefit from increased dayrates as soon as next year, with executives in the industry expecting the rates to cross $500,000. Insider Monkey’s 895 hedge fund survey for this year’s second quarter saw 28 investors in the company.

Out of these, D.E. Shaw’s D E Shaw is Transocean Ltd. (NYSE:RIG)’s largest shareholder. It owns 24.5 million shares that are worth $81 million.

Disclosure: None. You can also take a look at  11 Best Income Stocks to Buy Right Now and 10 Biggest Industries In the US.

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