Yahoo Finance Transocean (RIG) Dips More Than Broader Markets: What You Should Know
Transocean (RIG) closed at $6.22 in the latest trading session, marking a -1.74% move from the prior day. This move lagged the S&P 500's daily loss of 0.6%. At the same time, the Dow lost 0.33%, and the tech-heavy Nasdaq lost 2.87%.
Heading into today, shares of the offshore oil and gas drilling contractor had gained 4.98% over the past month, lagging the Oils-Energy sector's gain of 11.36% and the S&P 500's gain of 6.22% in that time.
Wall Street will be looking for positivity from Transocean as it approaches its next earnings report date. This is expected to be May 1, 2023. In that report, analysts expect Transocean to post earnings of -$0.20 per share. This would mark year-over-year growth of 28.57%. Meanwhile, our latest consensus estimate is calling for revenue of $641.82 million, up 4.36% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of -$0.37 per share and revenue of $3.03 billion, which would represent changes of +60.22% and +12.49%, respectively, from the prior year.
Investors might also notice recent changes to analyst estimates for Transocean. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 14.73% lower within the past month. Transocean is currently a Zacks Rank #3 (Hold).
The Oil and Gas - Drilling industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 238, putting it in the bottom 6% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow RIG in the coming trading sessions, be sure to utilize Zacks.com.
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Transocean Ltd. (RIG) : Free Stock Analysis Report
