Transocean (RIG) Ascends While Market Falls: Some Facts to Note
In the latest trading session, Transocean (RIG) closed at $7.58, marking a +0.93% move from the previous day. The stock's change was more than the S&P 500's daily loss of 0.01%. Meanwhile, the Dow experienced a rise of 0.04%, and the technology-dominated Nasdaq saw a decrease of 0.25%.
Prior to today's trading, shares of the offshore oil and gas drilling contractor had lost 9.52% over the past month. This has lagged the Oils-Energy sector's loss of 0.43% and the S&P 500's loss of 1.6% in that time.
The investment community will be closely monitoring the performance of Transocean in its forthcoming earnings report. The company is scheduled to release its earnings on October 30, 2023. In that report, analysts expect Transocean to post earnings of -$0.21 per share. This would mark a year-over-year decline of 250%. Our most recent consensus estimate is calling for quarterly revenue of $736.19 million, up 0.85% from the year-ago period.
For the full year, the Zacks Consensus Estimates project earnings of -$0.80 per share and a revenue of $3.02 billion, demonstrating changes of +13.98% and +12.11%, respectively, from the preceding year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Transocean. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Transocean presently features a Zacks Rank of #3 (Hold).
The Oil and Gas - Drilling industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 41, positioning it in the top 17% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming 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
