Transocean (RIG) Flat As Market Gains: What You Should Know
In the latest trading session, Transocean (RIG) closed at $5.17, marking no change from the previous day. This move lagged the S&P 500's daily gain of 0.96%. On the other hand, the Dow registered a gain of 0.4%, and the technology-centric Nasdaq increased by 1.3%.
Coming into today, shares of the offshore oil and gas drilling contractor had lost 4.08% in the past month. In that same time, the Oils-Energy sector lost 0.51%, while the S&P 500 gained 3.69%.
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 February 19, 2024. On that day, Transocean is projected to report earnings of -$0.22 per share, which would represent year-over-year growth of 55.1%. Our most recent consensus estimate is calling for quarterly revenue of $771.5 million, up 23.44% from the year-ago period.
Investors should also note any recent changes to analyst estimates for Transocean. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. 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, 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 past month, the Zacks Consensus EPS estimate has moved 3.39% lower. At present, Transocean boasts a Zacks Rank of #3 (Hold).
In the context of valuation, Transocean is at present trading with a Forward P/E ratio of 31.75. This denotes a premium relative to the industry's average Forward P/E of 10.44.
The Oil and Gas - Drilling industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 209, finds itself in the bottom 18% echelons 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.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Transocean Ltd. (RIG) : Free Stock Analysis Report
