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Cowen and Company reduced their price objective on shares of Atwood Oceanics (NYSE:ATW) from $70.00 to $62.00 in a research note issued on Friday, Analyst RN reports. The firm currently has an “outperform” rating on the stock. Cowen and Company’s target price points to a potential upside of 36.50% from the company’s current price.

Atwood Oceanics (NYSE:ATW) traded down 1.86% during mid-day trading on Friday, hitting $45.42. The stock had a trading volume of 942,556 shares. Atwood Oceanics has a 1-year low of $43.91 and a 1-year high of $59.49. The stock has a 50-day moving average of $49.84 and a 200-day moving average of $54.03. The company has a market cap of $2.910 billion and a price-to-earnings ratio of 8.70.

Atwood Oceanics (NYSE:ATW) last posted its quarterly earnings results on Tuesday, February 4th. The company reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.18 by $0.10. The company had revenue of $284.70 million for the quarter, compared to the consensus estimate of $288.82 million. During the same quarter last year, the company posted $1.10 earnings per share. Atwood Oceanics’s revenue was up 16.2% compared to the same quarter last year. Analysts expect that Atwood Oceanics will post $5.83 EPS for the current fiscal year.

A number of other firms have also recently commented on ATW. Analysts at Raymond James downgraded shares of Atwood Oceanics from an “outperform” rating to a “market perform” rating in a research note to investors on Monday. Separately, analysts at Credit Suisse downgraded shares of Atwood Oceanics from an “outperform” rating to a “neutral” rating in a research note to investors on Friday, January 17th. Finally, analysts at Barclays cut their price target on shares of Atwood Oceanics from $79.00 to $78.00 in a research note to investors on Tuesday, December 17th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $64.88.

Atwood Oceanics, Inc, along with its subsidiaries, is engaged in the international offshore drilling contractor engaged in the drilling and completion of exploratory and developmental oil and gas wells.

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