Atwood Oceanics, Inc. (ATW) Rating Increased to Buy at ValuEngine
Atwood Oceanics, Inc. (NYSE:ATW) was upgraded by research analysts at ValuEngine from a “hold” rating to a “buy” rating in a research report issued on Monday.
Several other analysts also recently weighed in on ATW. Goldman Sachs Group, Inc. (The) upgraded Atwood Oceanics from a “sell” rating to a “neutral” rating and raised their target price for the company from $7.50 to $8.25 in a research note on Tuesday, May 23rd. Raymond James Financial, Inc. upgraded Atwood Oceanics from an “underperform” rating to a “market perform” rating in a research note on Wednesday, May 31st. Wood & Company upgraded Atwood Oceanics from an “underperform” rating to a “market perform” rating in a research note on Wednesday, May 31st. Barclays PLC restated an “underweight” rating and set a $10.00 target price (up from $7.00) on shares of Atwood Oceanics in a research note on Wednesday, May 31st. Finally, Seaport Global Securities upgraded Atwood Oceanics from a “sell” rating to a “neutral” rating in a research note on Friday, June 2nd. Four investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Atwood Oceanics has an average rating of “Hold” and an average target price of $11.67.
Shares of Atwood Oceanics (ATW) opened at 8.15 on Monday. Atwood Oceanics has a one year low of $5.91 and a one year high of $15.37. The firm’s 50-day moving average price is $7.02 and its 200-day moving average price is $8.21. The stock’s market capitalization is $655.73 million.
Atwood Oceanics (NYSE:ATW) last announced its quarterly earnings results 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. Atwood Oceanics had a positive return on equity of 2.25% and a negative net margin of 3.06%. The firm had revenue of $117.20 million during the quarter, compared to the consensus estimate of $125.89 million. During the same period in the prior year, the firm earned $1.53 EPS. The firm’s quarterly revenue was down 48.6% compared to the same quarter last year. Equities research analysts anticipate that Atwood Oceanics will post ($0.51) EPS for the current fiscal year.
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Hedge funds and other institutional investors have recently modified their holdings of the business. Virtu Financial LLC bought a new position in Atwood Oceanics in the second quarter worth about $176,000. Marshall Wace North America L.P. lifted its holdings in Atwood Oceanics by 255.5% in the second quarter. Marshall Wace North America L.P. now owns 850,711 shares of the offshore driller’s stock worth $6,806,000 after acquiring an additional 611,392 shares during the last quarter. Kassirer Asset Management Corp bought a new position in Atwood Oceanics in the second quarter worth about $1,223,000. Brandes Investment Partners LP bought a new position in Atwood Oceanics in the first quarter worth about $117,000. Finally, Dimensional Fund Advisors LP lifted its holdings in Atwood Oceanics by 92.4% in the first quarter. Dimensional Fund Advisors LP now owns 4,555,964 shares of the offshore driller’s stock worth $43,418,000 after acquiring an additional 2,188,009 shares during the last quarter. 91.97% of the stock is currently owned by hedge funds and other institutional investors.
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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