Atwood Oceanics Inc. (ATW) Rating Lowered to Underperform at BMO Capital Markets
Atwood Oceanics Inc. (NYSE:ATW) was downgraded by equities research analysts at BMO Capital Markets from a “market perform” rating to an “underperform” rating in a research note issued to investors on Monday. They currently have a $7.00 price objective on the stock, down from their prior price objective of $8.00. BMO Capital Markets’ price target would suggest a potential downside of 20.54% from the company’s current price.
ATW has been the topic of a number of other reports. Scotia Howard Weill initiated coverage on shares of Atwood Oceanics in a research note on Wednesday, September 14th. They issued a “sector perform” rating and a $8.50 price objective on the stock. Citigroup Inc. dropped their price target on shares of Atwood Oceanics from $12.00 to $10.00 and set a “neutral” rating on the stock in a research note on Thursday, August 25th. Goldman Sachs Group Inc. reiterated a “sell” rating on shares of Atwood Oceanics in a research note on Friday, September 23rd. Howard Weil started coverage on shares of Atwood Oceanics in a research note on Wednesday, September 14th. They set a “sector perform” rating and a $8.50 price target on the stock. Finally, Raymond James Financial Inc. lowered shares of Atwood Oceanics from a “market perform” rating to an “underperform” rating in a research note on Wednesday, September 14th. Six equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $10.64.
Atwood Oceanics (NYSE:ATW) traded up 0.33% on Monday, reaching $9.13. 1,555,524 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $7.99 and a 200-day moving average of $9.88. Atwood Oceanics has a 12-month low of $4.82 and a 12-month high of $19.65. The company has a market cap of $591.62 million, a P/E ratio of 1.44 and a beta of 2.22.
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Atwood Oceanics (NYSE:ATW) last posted its quarterly earnings data on Monday, August 1st. The company reported $1.53 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.63. The company had revenue of $227.80 million for the quarter, compared to analyst estimates of $232.74 million. Atwood Oceanics had a net margin of 34.45% and a return on equity of 13.79%. Atwood Oceanics’s quarterly revenue was down 31.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.73 earnings per share. Equities analysts expect that Atwood Oceanics will post $4.70 EPS for the current fiscal year.
Several large investors have recently added to or reduced their stakes in ATW. Virginia Retirement System acquired a new stake in Atwood Oceanics during the first quarter valued at about $411,000. Prudential Financial Inc. raised its stake in Atwood Oceanics by 141.3% in the first quarter. Prudential Financial Inc. now owns 806,543 shares of the company’s stock valued at $7,396,000 after buying an additional 472,341 shares during the last quarter. BlackRock Fund Advisors raised its stake in Atwood Oceanics by 27.6% in the first quarter. BlackRock Fund Advisors now owns 4,112,195 shares of the company’s stock worth $37,709,000 after buying an additional 890,165 shares during the last quarter. Advisor Partners LLC purchased a new stake in Atwood Oceanics during the first quarter worth $115,000. Finally, Royce & Associates LP purchased a new stake in Atwood Oceanics during the first quarter worth $1,246,000.
Atwood Oceanics Company Profile
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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