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Transocean (RIG) Stock Sinks As Market Gains: What You Should Know
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Transocean (RIG - Free Report) closed the most recent trading day at $6.68, moving -0.6% from the previous trading session. This change lagged the S&P 500's daily gain of 1.33%. Elsewhere, the Dow gained 1.14%, while the tech-heavy Nasdaq added 2.94%.
Coming into today, shares of the offshore oil and gas drilling contractor had gained 15.46% in the past month. In that same time, the Oils-Energy sector gained 3.53%, while the S&P 500 gained 6.11%.
Wall Street will be looking for positivity from Transocean as it approaches its next earnings report date. This is expected to be May 1, 2023. In that report, analysts expect Transocean to post earnings of -$0.20 per share. This would mark year-over-year growth of 28.57%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $641.82 million, up 4.36% from the year-ago period.
RIG's full-year Zacks Consensus Estimates are calling for earnings of -$0.35 per share and revenue of $3.05 billion. These results would represent year-over-year changes of +62.37% and +13.17%, respectively.
It is also important to note the 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 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.
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 has moved 9.52% lower within the past month. Transocean is holding a Zacks Rank of #3 (Hold) right now.
The Oil and Gas - Drilling industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 223, which puts it in the bottom 12% 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.
To follow RIG in the coming trading sessions, be sure to utilize Zacks.com.
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Transocean (RIG) Stock Sinks As Market Gains: What You Should Know
Transocean (RIG - Free Report) closed the most recent trading day at $6.68, moving -0.6% from the previous trading session. This change lagged the S&P 500's daily gain of 1.33%. Elsewhere, the Dow gained 1.14%, while the tech-heavy Nasdaq added 2.94%.
Coming into today, shares of the offshore oil and gas drilling contractor had gained 15.46% in the past month. In that same time, the Oils-Energy sector gained 3.53%, while the S&P 500 gained 6.11%.
Wall Street will be looking for positivity from Transocean as it approaches its next earnings report date. This is expected to be May 1, 2023. In that report, analysts expect Transocean to post earnings of -$0.20 per share. This would mark year-over-year growth of 28.57%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $641.82 million, up 4.36% from the year-ago period.
RIG's full-year Zacks Consensus Estimates are calling for earnings of -$0.35 per share and revenue of $3.05 billion. These results would represent year-over-year changes of +62.37% and +13.17%, respectively.
It is also important to note the 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 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.
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 has moved 9.52% lower within the past month. Transocean is holding a Zacks Rank of #3 (Hold) right now.
The Oil and Gas - Drilling industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 223, which puts it in the bottom 12% 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.
To follow RIG in the coming trading sessions, be sure to utilize Zacks.com.