Atwood Oceanics, Inc. (NYSE:ATW) Stock Rating Lowered by Zacks Investment Research
Atwood Oceanics, Inc. (NYSE:ATW) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Monday.
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 several other research reports. ValuEngine raised shares of Atwood Oceanics from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Clarkson Capital raised shares of Atwood Oceanics from a “neutral” rating to a “buy” rating and set a $12.00 target price on the stock in a research note on Friday, May 12th. Wood & Company raised shares of Atwood Oceanics from an “accumulate” rating to a “buy” rating in a research note on Friday, April 28th. Jefferies Group LLC set a $10.00 target price on shares of Atwood Oceanics and gave the company a “hold” rating in a research note on Tuesday, April 11th. Finally, DNB Markets raised shares of Atwood Oceanics from a “sell” rating to a “hold” rating in a research note on Friday, May 19th. Three investment analysts have rated the stock with a sell rating, eighteen have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $11.68.
Shares of Atwood Oceanics (NYSE ATW) traded down 1.39% during mid-day trading on Monday, hitting $7.81. 5,246,058 shares of the stock were exchanged. Atwood Oceanics has a 1-year low of $6.12 and a 1-year high of $15.37. The company’s 50-day moving average is $8.65 and its 200-day moving average is $9.70. The firm has a market cap of $628.85 million, a price-to-earnings ratio of 6.31 and a beta of 2.38.
Atwood Oceanics (NYSE:ATW) last issued its quarterly earnings data on Monday, May 8th. The offshore driller reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.66. Atwood Oceanics had a net margin of 11.40% and a return on equity of 4.35%. The firm had revenue of $167.71 million for the quarter, compared to analyst estimates of $130.51 million. During the same quarter in the prior year, the firm earned $1.89 EPS. The company’s revenue was down 43.4% on a year-over-year basis. Equities research analysts anticipate that Atwood Oceanics will post ($0.27) earnings per share for the current fiscal year.
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A number of hedge funds have recently made changes to their positions in ATW. Eqis Capital Management Inc. increased its stake in shares of Atwood Oceanics by 24.9% in the first quarter. Eqis Capital Management Inc. now owns 17,121 shares of the offshore driller’s stock valued at $163,000 after buying an additional 3,416 shares during the period. Great West Life Assurance Co. Can increased its stake in shares of Atwood Oceanics by 26.0% in the first quarter. Great West Life Assurance Co. Can now owns 100,337 shares of the offshore driller’s stock valued at $956,000 after buying an additional 20,697 shares during the period. Canada Pension Plan Investment Board increased its stake in shares of Atwood Oceanics by 5.3% in the first quarter. Canada Pension Plan Investment Board now owns 501,200 shares of the offshore driller’s stock valued at $4,776,000 after buying an additional 25,200 shares during the period. Wells Fargo & Company MN increased its stake in shares of Atwood Oceanics by 19.6% in the first quarter. Wells Fargo & Company MN now owns 906,017 shares of the offshore driller’s stock valued at $8,634,000 after buying an additional 148,563 shares during the period. Finally, James Investment Research Inc. bought a new stake in shares of Atwood Oceanics during the first quarter valued at approximately $1,454,000. Hedge funds and other institutional investors own 91.97% of the company’s stock.
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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