Transocean (RIG) Dips More Than Broader Markets: What You Should Know
In the latest trading session, Transocean (RIG) closed at $8.08, marking a -1.34% move from the previous day. This change lagged the S&P 500's daily loss of 0.32%. Elsewhere, the Dow gained 0.17%, while the tech-heavy Nasdaq lost 0.89%.
Coming into today, shares of the offshore oil and gas drilling contractor had lost 2.27% in the past month. In that same time, the Oils-Energy sector gained 4.35%, while the S&P 500 lost 0.12%.
Wall Street will be looking for positivity from Transocean as it approaches its next earnings report date. On that day, Transocean is projected to report earnings of -$0.19 per share, which would represent a year-over-year decline of 216.67%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $738.16 million, up 1.12% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of -$0.77 per share and revenue of $3.03 billion. These totals would mark changes of +17.2% and +12.47%, respectively, from last year.
Investors should also note any recent changes to analyst estimates for Transocean. These revisions typically reflect the latest short-term business trends, which can change frequently. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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 4.78% lower within the past month. Transocean currently has a Zacks Rank of #3 (Hold).
The Oil and Gas - Drilling industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 191, putting it in the bottom 25% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Transocean Ltd. (RIG) : Free Stock Analysis Report
