Atwood Oceanics Inc. (NYSE:ATW) was downgraded by investment analysts at Iberia Capital from an “outperform” rating to a “sector perform” rating in a report issued on Wednesday. They currently have a $7.00 price objective on the stock, down from their previous price objective of $14.00. Iberia Capital’s price target suggests a potential downside of 10.60% from the company’s current price.

Several other equities analysts have also issued reports on ATW. Citigroup Inc. cut their price target on Atwood Oceanics from $12.00 to $10.00 and set a “neutral” rating on the stock in a research note on Thursday, August 25th. Royal Bank Of Canada cut their price target on Atwood Oceanics from $14.00 to $11.00 and set a “sector perform” rating on the stock in a research note on Friday, August 12th. Morgan Stanley lowered Atwood Oceanics from an “overweight” rating to an “equal weight” rating and upped their price target for the company from $18.00 to $19.00 in a research note on Wednesday, October 26th. BMO Capital Markets lowered Atwood Oceanics from a “market perform” rating to an “underperform” rating and cut their price target for the company from $8.00 to $7.00 in a research note on Monday, October 17th. Finally, Jefferies Group set a $8.00 price target on Atwood Oceanics and gave the company a “hold” rating in a research note on Wednesday, September 28th. Eight research analysts have rated the stock with a sell rating, sixteen have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Atwood Oceanics has a consensus rating of “Hold” and an average price target of $9.81.

Analyst Recommendations for Atwood Oceanics (NYSE:ATW)

Shares of Atwood Oceanics (NYSE:ATW) opened at 7.83 on Wednesday. The firm’s 50-day moving average price is $8.41 and its 200-day moving average price is $9.77. Atwood Oceanics has a 12 month low of $4.82 and a 12 month high of $16.57. The firm has a market capitalization of $507.60 million, a price-to-earnings ratio of 1.91 and a beta of 2.17.

Institutional investors have recently made changes to their positions in the company. BlackRock Fund Advisors raised its position in shares of 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 period. Geode Capital Management LLC raised its position in shares of Atwood Oceanics by 75.8% in the first quarter. Geode Capital Management LLC now owns 1,745,643 shares of the company’s stock worth $16,007,000 after buying an additional 752,887 shares during the period. Jacobs Levy Equity Management Inc. purchased a new position in shares of Atwood Oceanics during the first quarter worth $1,829,000. A.R.T. Advisors LLC bought a new position in Atwood Oceanics during the first quarter worth approximately $729,000. Finally, Mount Lucas Management LP raised its position in Atwood Oceanics by 11.1% in the first quarter. Mount Lucas Management LP now owns 70,162 shares of the company’s stock worth $643,000 after buying an additional 7,006 shares during the period.

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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