Citi Maintains a Hold on Transocean Ltd. (RIG)

Transocean Ltd. (NYSE:RIG) is one of the best penny stocks to buy according to hedge funds. In a report released on October 6, Citi maintained a Hold on Transocean Ltd. (NYSE:RIG) and assigned a price target of $3.50.

Transocean Ltd. (NYSE:RIG) reported in its fiscal Q2 2025 results net unfavorable items of $957 million. The adjusted net income for the quarter came up to $19 million after consideration of these net unfavorable items.

Management also reported that contract drilling revenues for the three months ended June 30 rose sequentially by $82 million to $988 million, attributing the increase to improved revenue efficiency, improved rig utilization, an additional day in the quarter, and higher reimbursement revenues.

Transocean Ltd. (NYSE:RIG) provides offshore contract drilling services for oil and gas wells. The company also owns and operates offshore drilling fleets such as ultra-deepwater, deepwater, harsh environment, and midwater rigs.

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Disclosure: None. This article is originally published at Insider Monkey.