We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Transocean (RIG) Dips More Than Broader Markets: What You Should Know
Read MoreHide Full Article
In the latest trading session, Transocean (RIG - Free Report) closed at $8.19, marking a -0.73% move from the previous day. This change lagged the S&P 500's daily loss of 0.68%. Meanwhile, the Dow gained 0.47%, and the Nasdaq, a tech-heavy index, lost 3.19%.
Heading into today, shares of the offshore oil and gas drilling contractor had gained 31.16% over the past month, outpacing the Oils-Energy sector's gain of 1.28% and the S&P 500's gain of 3.58% in that time.
Transocean will be looking to display strength as it nears its next earnings release, which is expected to be July 31, 2023. In that report, analysts expect Transocean to post earnings of -$0.12 per share. This would mark a year-over-year decline of 20%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $724.38 million, up 0.33% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of -$0.55 per share and revenue of $3.04 billion, which would represent changes of +40.86% and +12.86%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Transocean. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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 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 10% lower within the past month. Transocean is currently sporting 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 130, which puts it in the bottom 49% 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.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Transocean (RIG) Dips More Than Broader Markets: What You Should Know
In the latest trading session, Transocean (RIG - Free Report) closed at $8.19, marking a -0.73% move from the previous day. This change lagged the S&P 500's daily loss of 0.68%. Meanwhile, the Dow gained 0.47%, and the Nasdaq, a tech-heavy index, lost 3.19%.
Heading into today, shares of the offshore oil and gas drilling contractor had gained 31.16% over the past month, outpacing the Oils-Energy sector's gain of 1.28% and the S&P 500's gain of 3.58% in that time.
Transocean will be looking to display strength as it nears its next earnings release, which is expected to be July 31, 2023. In that report, analysts expect Transocean to post earnings of -$0.12 per share. This would mark a year-over-year decline of 20%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $724.38 million, up 0.33% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of -$0.55 per share and revenue of $3.04 billion, which would represent changes of +40.86% and +12.86%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Transocean. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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 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 10% lower within the past month. Transocean is currently sporting 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 130, which puts it in the bottom 49% 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.