Transocean (RIG) Gains As Market Dips: What You Should Know
In the latest trading session, Transocean (RIG) closed at $8.10, marking a +0.37% move from the previous day. This change outpaced the S&P 500's 0.94% loss on the day. Elsewhere, the Dow lost 0.22%, while the tech-heavy Nasdaq lost 1.53%.
Coming into today, shares of the offshore oil and gas drilling contractor had gained 3.2% in the past month. In that same time, the Oils-Energy sector gained 4.35%, while the S&P 500 gained 1.85%.
Investors will be hoping for strength from Transocean as it approaches its next earnings release. In that report, analysts expect Transocean to post earnings of -$0.19 per share. This would mark a year-over-year decline of 216.67%. Our most recent consensus estimate is calling for quarterly revenue 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.
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.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Transocean is currently a Zacks Rank #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 includes is listed in order 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.
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
