Transocean (RIG) closed the most recent trading day at $8.42, moving +0.48% from the previous trading session. The stock outpaced the S&P 500's daily loss of 1.47%. At the same time, the Dow lost 1.14%, and the tech-heavy Nasdaq lost 1.57%.
Prior to today's trading, shares of the offshore oil and gas drilling contractor had gained 8.55% over the past month. This has outpaced the Oils-Energy sector's gain of 4.06% and the S&P 500's loss of 1.43% in that time.
Wall Street will be looking for positivity from Transocean as it approaches its next earnings report date. On that day, Transocean is projected to report earnings of -$0.21 per share, which would represent a year-over-year decline of 250%. Our most recent consensus estimate is calling for quarterly revenue of $736.19 million, up 0.85% from the year-ago period.
RIG's full-year Zacks Consensus Estimates are calling for earnings of -$0.80 per share and revenue of $3.02 billion. These results would represent year-over-year changes of +13.98% and +12.11%, respectively.
Any recent changes to analyst estimates for Transocean should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 3.06% lower. Transocean currently has a Zacks Rank of #3 (Hold).
The Oil and Gas - Drilling industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 232, putting 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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