Wall Street analysts expect Transocean (RIG) to post quarterly earnings of $0.09 per share in its upcoming report, which indicates a year-over-year increase of 200%. Revenues are expected to be $1.04 billion, up 9.1% from the year-ago quarter.
The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.
Prior to a company's earnings announcement, it is crucial to consider revisions to earnings estimates. This serves as a significant indicator for predicting potential investor actions regarding the stock. Empirical research has consistently demonstrated a robust correlation between trends in earnings estimate revision and the short-term price performance of a stock.
While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding.
Given this perspective, it's time to examine the average forecasts of specific Transocean metrics that are routinely monitored and predicted by Wall Street analysts.
Analysts' assessment points toward 'Contract drilling revenues- Ultra-Deepwater Floaters' reaching $715.42 million. The estimate indicates a year-over-year change of +6%.
The consensus among analysts is that 'Contract drilling revenues- Harsh Environment Floaters' will reach $265.02 million. The estimate indicates a year-over-year change of -4.3%.
The average prediction of analysts places 'Utilization - Total fleet average rig utilization' at 82.2%. The estimate is in contrast to the year-ago figure of 66.8%.
The consensus estimate for 'Utilization - Ultra-Deepwater Floaters' stands at 77.5%. Compared to the present estimate, the company reported 64.3% in the same quarter last year.
Analysts forecast 'Average Daily Revenue - Harsh Environment Floaters' to reach $445.60 thousand. Compared to the present estimate, the company reported $452.60 thousand in the same quarter last year.
According to the collective judgment of analysts, 'Average Daily Revenue - Total fleet average daily revenue' should come in at $460.69 thousand. Compared to the current estimate, the company reported $434.70 thousand in the same quarter of the previous year.
The collective assessment of analysts points to an estimated 'Average Daily Revenue - Ultra Deepwater Floaters' of $467.12 thousand. The estimate is in contrast to the year-ago figure of $428.20 thousand.
Analysts expect 'Utilization - Harsh Environment Floaters' to come in at 97.2%. The estimate is in contrast to the year-ago figure of 75.0%.
View all Key Company Metrics for Transocean here>>>
Over the past month, shares of Transocean have returned +54.6% versus the Zacks S&P 500 composite's -1.7% change. Currently, RIG carries a Zacks Rank #3 (Hold), suggesting that its performance may align with the overall market in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
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Transocean Ltd. (RIG): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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