TD Cowen Raises Transocean (RIG) Price Target After Q1 Results

Transocean Ltd. (NYSE:RIG) is one of the 10 Best Single Digit Stocks to Buy Right Now. On May 6, TD Cowen lifted its price target on Transocean Ltd. (NYSE:RIG) from $5.50 to $6 while keeping a Hold rating on the stock.

The research firm updated its model after what it sees as messy first-quarter results and noted that a second Department of Justice request is continuing to pressure the stock.

TD Cowen Raises Transocean (RIG) Price Target After Q1 Results

The update followed Transocean Ltd.’s (NYSE:RIG) financial results for the first quarter of 2026. The company reported contract drilling revenue of $1.08 billion, helped by strong revenue efficiency of 97.3%. During the quarter, the company also added $1.6 billion in contract backlog with a weighted average dayrate of around $410,000.

Additionally, Transocean Ltd. (NYSE:RIG) reported that it entered into new or extended contracts on five rigs during the quarter, increasing its total backlog to $7.1 billion. This reflects demand for the company’s differentiated assets and includes an implied average dayrate of more than $450,000. The company also said it beat its revenue expectations for the quarter and achieved a strong adjusted EBITDA margin above 40%.

Transocean Ltd. (NYSE:RIG) is an international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a strong focus on ultra-deepwater and harsh environment drilling services. The company operates the world’s highest specification floating offshore drilling fleet.

READ NEXT: 12 Best Revenue Growth Stocks to Buy According to Wall Street Analysts and 10 AI Stocks That Are About to Explode.

Disclosure: None.  Follow Insider Monkey on Google News.