Atwood Oceanics, Inc. (ATW) Bonds Drop 3.5% During Trading
An issue of Atwood Oceanics, Inc. (NYSE:ATW) bonds fell 3.5% against their face value during trading on Tuesday. The high-yield debt issue has a 6.5% coupon and will mature on February 1, 2020. The debt is now trading at $95.75 and was trading at $99.65 one week ago. Price changes in a company’s bonds in credit markets sometimes anticipate parallel changes in its stock price.
A number of analysts have commented on the stock. DNB Markets upgraded shares of Atwood Oceanics from a “sell” rating to a “hold” rating in a research note on Friday, May 19th. ValuEngine upgraded shares of Atwood Oceanics from a “hold” rating to a “buy” rating in a research note on Friday, June 2nd. Clarkson Capital upgraded shares of Atwood Oceanics from a “neutral” rating to a “buy” rating and set a $12.00 price target for the company in a research note on Friday, May 12th. Zacks Investment Research lowered shares of Atwood Oceanics from a “hold” rating to a “sell” rating in a research note on Monday, April 17th. Finally, Jefferies Group LLC set a $10.00 price target on shares of Atwood Oceanics and gave the company a “hold” rating in a research note on Wednesday, May 17th. Three equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $11.50.
Shares of Atwood Oceanics, Inc. (NYSE ATW) traded down 7.45% during trading on Monday, hitting $7.08. 6,349,713 shares of the company were exchanged. The company has a 50 day moving average of $8.23 and a 200-day moving average of $9.35. Atwood Oceanics, Inc. has a 1-year low of $6.12 and a 1-year high of $15.37. The stock has a market capitalization of $570.07 million, a PE ratio of 5.72 and a beta of 2.36.
Atwood Oceanics (NYSE:ATW) last released its quarterly earnings data on Thursday, August 3rd. The offshore driller reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.01. Atwood Oceanics had a positive return on equity of 2.25% and a negative net margin of 3.06%. The company had revenue of $117.20 million for the quarter, compared to analysts’ expectations of $125.89 million. During the same period last year, the firm posted $1.53 earnings per share. Atwood Oceanics’s revenue was down 48.6% compared to the same quarter last year. On average, analysts forecast that Atwood Oceanics, Inc. will post ($0.25) earnings per share for the current year.
Several large investors have recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in Atwood Oceanics during the fourth quarter valued at approximately $13,233,000. Teachers Advisors LLC boosted its position in shares of Atwood Oceanics by 14.6% in the fourth quarter. Teachers Advisors LLC now owns 141,784 shares of the offshore driller’s stock valued at $1,862,000 after buying an additional 18,077 shares during the last quarter. Capstone Asset Management Co. boosted its position in shares of Atwood Oceanics by 3.8% in the first quarter. Capstone Asset Management Co. now owns 35,099 shares of the offshore driller’s stock valued at $334,000 after buying an additional 1,270 shares during the last quarter. Fox Run Management L.L.C. purchased a new position in shares of Atwood Oceanics during the first quarter valued at about $360,000. Finally, Louisiana State Employees Retirement System boosted its position in shares of Atwood Oceanics by 26.0% in the first quarter. Louisiana State Employees Retirement System now owns 30,500 shares of the offshore driller’s stock valued at $291,000 after buying an additional 6,300 shares during the last quarter. 91.97% of the stock is currently owned by institutional investors.
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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