Atwood Oceanics, Inc. (NYSE:ATW) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage currently has a $8.75 target price on the offshore driller’s stock. Zacks Investment Research‘s price target suggests a potential upside of 6.97% from the stock’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 equities research analysts have also recently commented on ATW. Jefferies Group LLC set a $10.00 price objective on Atwood Oceanics and gave the stock a “hold” rating in a research note on Tuesday, April 11th. Wood & Company raised Atwood Oceanics from an “accumulate” rating to a “buy” rating in a research note on Friday, April 28th. Barclays PLC reaffirmed an “underweight” rating and set a $7.00 price objective (down from $11.00) on shares of Atwood Oceanics in a research note on Monday, May 1st. Clarkson Capital raised Atwood Oceanics from a “neutral” rating to a “buy” rating and set a $12.00 price objective for the company in a research note on Friday, May 12th. Finally, DNB Markets raised Atwood Oceanics from a “sell” rating to a “hold” rating in a research note on Friday, May 19th. Three research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. Atwood Oceanics has an average rating of “Hold” and a consensus target price of $11.67.

Shares of Atwood Oceanics (NYSE ATW) traded up 4.74% during midday trading on Tuesday, hitting $8.18. The stock had a trading volume of 8,784,021 shares. The firm’s 50-day moving average price is $8.52 and its 200-day moving average price is $9.60. Atwood Oceanics has a one year low of $6.12 and a one year high of $15.37. The firm has a market capitalization of $658.65 million, a PE ratio of 6.61 and a beta of 2.38.

Atwood Oceanics (NYSE:ATW) last announced 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 return on equity of 4.35% and a net margin of 11.40%. The business had revenue of $167.71 million during the quarter, compared to analysts’ expectations of $130.51 million. During the same period in the previous year, the firm earned $1.89 earnings per share. The firm’s quarterly revenue was down 43.4% compared to the same quarter last year. On average, equities analysts predict that Atwood Oceanics will post ($0.27) EPS for the current year.

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Hedge funds have recently added to or reduced their stakes in the company. Gradient Investments bought a new stake in Atwood Oceanics during the fourth quarter valued at about $0. NEXT Financial Group Inc bought a new stake in Atwood Oceanics during the third quarter valued at about $104,000. Everence Capital Management Inc. bought a new stake in Atwood Oceanics during the first quarter valued at about $104,000. Teacher Retirement System of Texas raised its stake in Atwood Oceanics by 14.2% in the second quarter. Teacher Retirement System of Texas now owns 8,449 shares of the offshore driller’s stock valued at $106,000 after buying an additional 1,049 shares during the last quarter. Finally, Advisor Partners LLC bought a new stake in Atwood Oceanics during the first quarter valued at about $115,000. Institutional investors and hedge funds 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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Analyst Recommendations for Atwood Oceanics (NYSE:ATW)

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