Yahoo Finance Transocean (RIG) Gains But Lags Market: What You Should Know
Transocean (RIG) closed at $5.79 in the latest trading session, marking a +0.7% move from the prior day. This change lagged the S&P 500's 1.96% gain on the day. Elsewhere, the Dow gained 1.57%, while the tech-heavy Nasdaq lost 3.03%.
Coming into today, shares of the offshore oil and gas drilling contractor had lost 14.69% in the past month. In that same time, the Oils-Energy sector gained 6.43%, while the S&P 500 gained 2.19%.
Transocean will be looking to display strength as it nears its next earnings release, which 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%. Our most recent consensus estimate is calling for quarterly revenue of $641.82 million, up 4.36% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of -$0.38 per share and revenue of $3.03 billion, which would represent changes of +59.14% and +12.49%, respectively, from the prior year.
Any recent changes to analyst estimates for Transocean should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. 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. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 16.8% lower within the past month. Transocean is holding a Zacks Rank of #3 (Hold) right now.
The Oil and Gas - Drilling industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 236, putting it in the bottom 7% of all 250+ industries.
The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Transocean Ltd. (RIG) : Free Stock Analysis Report
