Transocean Ltd. (RIG Quick QuoteRIG - Free Report) is an Oil and Gas Drilling company that could be an interesting play for investors. That is because, not only does the stock have decent short-term momentum, but it is seeing solid activity on the earnings estimate revision front as well.

These positive earnings estimate revisions suggest that analysts are becoming more optimistic on RIG’s earnings for the coming quarter and year. In fact, consensus estimates have moved sharply higher for both of these time frames over the past four weeks, suggesting that Transocean could be a solid choice for investors.

Current Quarter Estimates for RIG

In the past 30 days, 3 estimates have gone higher for Transocean while 1 has gone lower in the same time period. The trend has been pretty favorable too, with estimates narrowing from loss of a penny per share 30 days ago, to breakeven today, a significant move.

Current Year Estimates for RIG

Meanwhile Transocean’s current year figures are also looking quite promising, with 3 estimates moving higher in the past month, compared to 1 lower. The consensus estimate trend has also seen a boost for this time frame, with estimates increasing from earnings of 55 cents a share 30 days ago, to 68 cents today, a move of 23.6%.

Bottom Line

The stock has also started to move higher lately, adding 15.7% over the past four weeks, suggesting that investors are starting to take note of this impressive story. So investors may definitely want to consider this Zacks Rank #3 (Hold) stock to profit in the near future.

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