Through organic growth and acquisitions, the company has already positioned itself to benefit once regulatory headwinds wane. If the SAFE Banking Act is indeed passed, TLRY stock is likely to skyrocket. The senator said he hopes to see action on banking reform before the new Congress is seated in January 2023. Cory Booker said he was open to compromise on a banking reform bill that was separate from a federal legalization bill, which will be more difficult to pass.
The potential for cannabis banking reform in the United States is a huge catalyst for Tilray. Still, they have returned 35% since the end of June. Shares of the cannabis company have been testing investors’ patience this year. Tilray Brands (NASDAQ: TLRY) is another penny stock that could deliver parabolic returns in the blink of an eye. If market conditions continue to improve, these rigs could return to action and provide a boost to revenue and cash flows. It’s also worth noting that Transocean reported 12 cold-stacked rigs as of June 2022. At the same time, higher oil prices will allow the company to command higher day rates, thus boosting EBITDA margins. This will improve Transocean’s revenue and cash flow visibility. Long-term contracts seem to be making a comeback in the offshore drilling industry.
That same day, the company also announced a two-year contract in the Gulf of Mexico that will add an estimated $321 million to its backlog.
1, Transocean announced it signed a 5.8-year contract in offshore Brazil valued at $915 million. The near-term catalyst for a rally in the shares is the company’s growing order backlog. Yet, even if crude trades in the $80-to-$100-a-barrel range on a sustained basis, shares of offshore driller Transocean (NYSE: RIG) could deliver multi-fold returns. Source: Arild Lilleboe / Īfter a dramatic run-up in the first half of the year, oil prices recently hit a six-month low, weighed down by fears of recession.
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