Transocean (RIG) Dips More Than Broader Markets: What You Should Know
Transocean (RIG) closed at $7.75 in the latest trading session, marking a -1.65% move from the prior day. This change lagged the S&P 500's daily loss of 1.37%. Meanwhile, the Dow lost 1.29%, and the Nasdaq, a tech-heavy index, lost 1.87%.
Prior to today's trading, shares of the offshore oil and gas drilling contractor had lost 6.86% over the past month. This has lagged the Oils-Energy sector's loss of 1.79% and the S&P 500's loss of 4.93% in that time.
Investors will be hoping for strength from Transocean as it approaches its next earnings release. The company is expected to report EPS of -$0.21, down 250% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $736.19 million, up 0.85% from the year-ago period.
RIG's full-year Zacks Consensus Estimates are calling for earnings of -$0.80 per share and revenue of $3.02 billion. These results would represent year-over-year changes of +13.98% and +12.11%, respectively.
It is also important to note the recent changes to analyst estimates for Transocean. These recent revisions tend to reflect the evolving nature of short-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. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
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. Within the past 30 days, our consensus EPS projection has moved 3.06% lower. Transocean currently has a Zacks Rank of #3 (Hold).
The Oil and Gas - Drilling industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 234, which puts it in the bottom 8% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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
