Atwood Oceanics, Inc. (NYSE:ATW) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Friday.

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. “

Several other research analysts have also recently issued reports on the stock. Jefferies Group LLC set a $10.00 price objective on shares of Atwood Oceanics and gave the company a “hold” rating in a report on Thursday. ValuEngine cut shares of Atwood Oceanics from a “buy” rating to a “hold” rating in a report on Thursday, September 28th. Piper Jaffray Companies reiterated a “hold” rating and issued a $9.00 price objective on shares of Atwood Oceanics in a report on Tuesday, September 19th. Citigroup Inc. reiterated a “neutral” rating on shares of Atwood Oceanics in a report on Thursday, August 31st. Finally, BidaskClub upgraded shares of Atwood Oceanics from a “strong sell” rating to a “sell” rating in a report on Friday, August 25th. Five research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, four have given 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 $11.67.

Atwood Oceanics (NYSE ATW) traded up 1.97% during midday trading on Friday, hitting $9.32. 29,578,438 shares of the stock were exchanged. The stock’s market cap is $749.87 million. The firm’s 50-day moving average is $7.68 and its 200 day moving average is $8.19. Atwood Oceanics has a 52 week low of $5.91 and a 52 week high of $15.37.

Atwood Oceanics (NYSE:ATW) last posted its quarterly earnings data on Thursday, August 3rd. The offshore driller reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.01. The business had revenue of $117.20 million during the quarter, compared to analysts’ expectations of $125.89 million. Atwood Oceanics had a negative net margin of 3.06% and a positive return on equity of 2.25%. The business’s revenue was down 48.6% on a year-over-year basis. During the same period last year, the firm posted $1.53 earnings per share. Equities research analysts expect that Atwood Oceanics will post ($0.45) EPS for the current fiscal year.

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Several large investors have recently modified their holdings of the stock. Banco BTG Pactual S.A. purchased a new stake in shares of Atwood Oceanics in the 2nd quarter valued at approximately $2,812,000. Public Employees Retirement System of Ohio lifted its position in shares of Atwood Oceanics by 21.0% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 23,694 shares of the offshore driller’s stock valued at $193,000 after acquiring an additional 4,111 shares in the last quarter. Piedmont Investment Advisors LLC purchased a new stake in shares of Atwood Oceanics in the 2nd quarter valued at approximately $133,000. Bank of Nova Scotia purchased a new stake in shares of Atwood Oceanics in the 2nd quarter valued at approximately $2,445,000. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Atwood Oceanics by 21.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 60,936 shares of the offshore driller’s stock valued at $497,000 after acquiring an additional 10,827 shares in the last quarter. 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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