Atwood Oceanics, Inc. (NYSE:ATW) Upgraded to Buy at Zacks Investment Research
Atwood Oceanics, Inc. (NYSE:ATW) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The firm presently has a $9.00 price objective on the offshore driller’s stock. Zacks Investment Research‘s price target suggests a potential upside of 12.36% from the company’s current price.
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. “
ATW has been the topic of a number of other research reports. DNB Markets raised Atwood Oceanics from a “sell” rating to a “hold” rating in a report on Friday, May 19th. ValuEngine raised Atwood Oceanics from a “hold” rating to a “buy” rating in a report on Friday, June 2nd. Clarkson Capital raised Atwood Oceanics from a “neutral” rating to a “buy” rating and set a $12.00 target price on the stock in a report on Friday, May 12th. Jefferies Group LLC set a $10.00 target price on Atwood Oceanics and gave the company a “hold” rating in a report on Wednesday, May 17th. Finally, Barclays PLC reissued an “underweight” rating and issued a $10.00 target price (up previously from $7.00) on shares of Atwood Oceanics in a report on Wednesday, May 31st. Three analysts have rated the stock with a sell rating, seventeen have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $11.68.
Shares of Atwood Oceanics (NYSE ATW) traded down 0.74% during trading on Tuesday, reaching $8.01. The company’s stock had a trading volume of 7,228,703 shares. The stock’s 50 day moving average is $8.92 and its 200 day moving average is $10.26. The firm has a market cap of $644.96 million, a P/E ratio of 6.48 and a beta of 2.38. Atwood Oceanics has a one year low of $6.12 and a one year high of $15.37.
Atwood Oceanics (NYSE:ATW) last released its quarterly earnings data on Monday, May 8th. The offshore driller reported $0.37 EPS for the quarter, beating the consensus estimate of ($0.29) by $0.66. Atwood Oceanics had a return on equity of 4.35% and a net margin of 11.40%. The company had revenue of $167.71 million for the quarter, compared to analysts’ expectations of $130.51 million. During the same period last year, the firm posted $1.89 earnings per share. Atwood Oceanics’s revenue was down 43.4% compared to the same quarter last year. On average, equities analysts forecast that Atwood Oceanics will post ($0.27) EPS for the current fiscal year.
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Institutional investors have recently added to or reduced their stakes in the stock. FMR LLC boosted its position in Atwood Oceanics by 18.0% in the first quarter. FMR LLC now owns 11,470,032 shares of the offshore driller’s stock valued at $109,309,000 after buying an additional 1,750,720 shares in the last quarter. BlackRock Inc. boosted its position in Atwood Oceanics by 45,068.1% in the first quarter. BlackRock Inc. now owns 9,573,385 shares of the offshore driller’s stock valued at $91,235,000 after buying an additional 9,552,190 shares in the last quarter. Vanguard Group Inc. boosted its position in Atwood Oceanics by 24.8% in the first quarter. Vanguard Group Inc. now owns 6,982,878 shares of the offshore driller’s stock valued at $66,546,000 after buying an additional 1,386,267 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Atwood Oceanics by 92.4% in the first quarter. Dimensional Fund Advisors LP now owns 4,555,964 shares of the offshore driller’s stock valued at $43,418,000 after buying an additional 2,188,009 shares in the last quarter. Finally, Van Den Berg Management I Inc. boosted its position in Atwood Oceanics by 21.7% in the first quarter. Van Den Berg Management I Inc. now owns 3,211,890 shares of the offshore driller’s stock valued at $30,609,000 after buying an additional 571,783 shares in the last quarter.
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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