5 Penny Stocks With High Growth Potential

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1. Transocean Ltd. (NYSE:RIG)

Number of Hedge Fund Holders: 28

Transocean Ltd. (NYSE:RIG) is the biggest offshore drilling company in the world in terms of revenue.

In a research note issued to investors on September 6, Gregory Lewis at BTIG gave the Vernier, Switzerland-based company a target price of $8 and upgraded the stock from a Neutral to a Buy rating. The target provides a high upside potential of over 122% from the closing price as of September 9. The analyst highlighted that the floater activity continued to gain pace during August as Transocean Ltd.’s (NYSE:RIG) revenue jumped by 12% YoY and up 8% YTD. Lewis highlighted that the improving day rates in the floater market would aid Transocean Ltd. (NYSE:RIG) in re-chartering its rigs at higher rates. This will improve the fundamentals of the business, resulting in strong cash flows and refinancing opportunities to improve the balance sheet.

At the end of Q2, 28 hedge funds held a cumulative stake worth $385.4 million in Transocean Ltd. (NYSE:RIG).

You can also take a peek at the 12 Best Medical Device Stocks To Buy Now and Best Cheap Dividend Kings To Buy.

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