Atwood Oceanics, Inc. (NYSE:ATW) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday, July 18th. The brokerage currently has a $9.00 price target on the offshore driller’s stock. Zacks Investment Research‘s target price suggests a potential upside of 37.83% from the company’s previous close.
According to Zacks, “Atwood Oceanics, Inc., its international operating subsidiary, Atwood Oceanics Pacific Limited and related subsidiaries are engaged in the business of international offshore drilling and completion of exploratory and developmental oil and gas wells as well as related support, management, and consulting services. Enhancing shareholder value through safe, quality operations is at the core of all of the Atwood Group’s activities. “
A number of other brokerages also recently weighed in on ATW. DNB Markets upgraded Atwood Oceanics from a “sell” rating to a “hold” rating in a report on Friday, May 19th. ValuEngine raised shares of Atwood Oceanics from a “hold” rating to a “buy” rating in a research report on Friday, June 2nd. Clarkson Capital raised shares of Atwood Oceanics from a “neutral” rating to a “buy” rating and set a $12.00 price objective on the stock in a research report on Friday, May 12th. Jefferies Group LLC set a $10.00 price objective on shares of Atwood Oceanics and gave the stock a “hold” rating in a research report on Wednesday, May 17th. Finally, Barclays PLC reaffirmed an “underweight” rating and issued a $10.00 price target (up previously from $7.00) on shares of Atwood Oceanics in a research report on Wednesday, May 31st. Three investment analysts have rated the stock with a sell rating, sixteen have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $11.40.
Atwood Oceanics (NYSE ATW) traded down 2.97% during trading on Tuesday, reaching $6.53. The company had a trading volume of 4,815,725 shares. Atwood Oceanics has a 12 month low of $6.12 and a 12 month high of $15.37. The stock has a 50 day moving average of $7.78 and a 200-day moving average of $8.95. The company’s market capitalization is $525.39 million.
Atwood Oceanics (NYSE:ATW) last announced its quarterly earnings results on Thursday, August 3rd. The offshore driller reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.01. The company had revenue of $117.20 million during the quarter, compared to the consensus estimate of $125.89 million. Atwood Oceanics had a negative net margin of 3.06% and a positive return on equity of 2.25%. The company’s revenue for the quarter was down 48.6% compared to the same quarter last year. During the same period in the prior year, the business earned $1.53 earnings per share. Equities research analysts expect that Atwood Oceanics will post ($0.30) EPS for the current fiscal year.
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Hedge funds have recently made changes to their positions in the company. Piedmont Investment Advisors LLC bought a new position in Atwood Oceanics during the second quarter valued at $133,000. Bank of Nova Scotia purchased a new stake in Atwood Oceanics during the second quarter valued at about $2,445,000. The Manufacturers Life Insurance Company raised its stake in Atwood Oceanics by 21.6% in the second quarter. The Manufacturers Life Insurance Company now owns 60,936 shares of the offshore driller’s stock valued at $497,000 after buying an additional 10,827 shares during the period. CNH Partners LLC purchased a new stake in Atwood Oceanics during the second quarter valued at about $27,399,000. Finally, Royal Bank of Canada raised its stake in Atwood Oceanics by 4.6% in the second quarter. Royal Bank of Canada now owns 35,614 shares of the offshore driller’s stock valued at $290,000 after buying an additional 1,582 shares during the period. 91.97% of the stock is owned by hedge funds and other institutional investors.
About Atwood Oceanics
Atwood Oceanics, Inc is an offshore drilling company engaged in the drilling and completion of exploration and development wells for the global oil and gas industry. The Company owns various types of drilling rigs, such as Ultra-Deepwater Rigs, Deepwater Semisubmersibles and Jackups. Its Ultra-deepwater Rigs and Deepwater Semisubmersibles include Atwood Achiever, Atwood Archer, Atwood Admiral, Atwood Advantage, Atwood Condor, Atwood Eagle and Atwood Osprey.
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