Transocean (RIG) Falls More Steeply Than Broader Market: What Investors Need to Know
Transocean (RIG) closed at $7.10 in the latest trading session, marking a -0.84% move from the prior day. This change lagged the S&P 500's 0.17% loss on the day. On the other hand, the Dow registered a loss of 0.58%, and the technology-centric Nasdaq increased by 0.27%.
The offshore oil and gas drilling contractor's stock has dropped by 12.04% in the past month, falling short of the Oils-Energy sector's loss of 0.51% and the S&P 500's loss of 3.95%.
Market participants will be closely following the financial results of Transocean in its upcoming release. The company plans to announce its earnings on October 30, 2023. The company is predicted to post an EPS of -$0.22, indicating a 266.67% decline compared to the equivalent quarter last year. At the same time, our most recent consensus estimate is projecting a revenue of $738.22 million, reflecting a 1.13% rise from the equivalent quarter last year.
For the full year, the Zacks Consensus Estimates are projecting earnings of -$0.86 per share and revenue of $3.03 billion, which would represent changes of +7.53% and +12.54%, respectively, from the prior year.
Investors should also take note of any recent adjustments to analyst estimates for Transocean. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, there's been a 16.99% fall in the Zacks Consensus EPS estimate. Transocean is currently a Zacks Rank #3 (Hold).
The Oil and Gas - Drilling industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 35, finds itself in the top 14% echelons of all 250+ industries.
The Zacks Industry Rank is ordered 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
