Atwood Oceanics, Inc. (ATW) Lifted to Buy at Clarkson Capital

Clarkson Capital upgraded shares of Atwood Oceanics, Inc. (NYSE:ATW) from a neutral rating to a buy rating in a report published on Friday morning. They currently have $12.00 price target on the offshore driller’s stock.

A number of other analysts have also issued reports on ATW. Vetr upgraded Atwood Oceanics from a strong sell rating to a hold rating and set a $14.10 target price for the company in a report on Thursday, January 12th. BMO Capital Markets set a $9.00 target price on Atwood Oceanics and gave the company a sell rating in a report on Thursday, January 12th. Royal Bank of Canada restated an underperform rating and issued a $13.00 target price (down previously from $15.00) on shares of Atwood Oceanics in a report on Thursday, February 2nd. Credit Suisse Group AG restated a neutral rating and issued a $8.00 target price (up previously from $6.00) on shares of Atwood Oceanics in a report on Monday, February 6th. Finally, Pareto Securities upgraded Atwood Oceanics from a hold rating to a buy rating and increased their target price for the company from $10.00 to $14.00 in a report on Tuesday, February 7th. Six equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of Hold and an average target price of $12.08.

Atwood Oceanics (NYSE:ATW) opened at 8.17 on Friday. The firm has a market capitalization of $657.81 million, a PE ratio of 6.60 and a beta of 2.26. Atwood Oceanics has a 12-month low of $6.12 and a 12-month high of $15.37. The stock has a 50 day moving average price of $8.35 and a 200-day moving average price of $10.19.

Atwood Oceanics (NYSE:ATW) last released its earnings results on Monday, May 8th. The offshore driller reported $0.37 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.29) by $0.66. The company had revenue of $167.71 million during the quarter, compared to analyst estimates of $130.51 million. Atwood Oceanics had a return on equity of 7.38% and a net margin of 27.10%. The company’s revenue for the quarter was down 43.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.89 earnings per share. On average, equities research analysts forecast that Atwood Oceanics will post ($0.40) EPS for the current year.

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Large investors have recently added to or reduced their stakes in the company. Royce & Associates LP increased its stake in Atwood Oceanics by 82.5% in the fourth quarter. Royce & Associates LP now owns 248,050 shares of the offshore driller’s stock worth $3,257,000 after buying an additional 112,141 shares during the period. Federated Investors Inc. PA increased its stake in Atwood Oceanics by 14.3% in the fourth quarter. Federated Investors Inc. PA now owns 87,928 shares of the offshore driller’s stock worth $1,154,000 after buying an additional 10,977 shares during the period. Van Den Berg Management I Inc. increased its stake in Atwood Oceanics by 11.5% in the fourth quarter. Van Den Berg Management I Inc. now owns 2,640,107 shares of the offshore driller’s stock worth $34,665,000 after buying an additional 272,901 shares during the period. Comerica Bank increased its stake in Atwood Oceanics by 6.0% in the fourth quarter. Comerica Bank now owns 64,024 shares of the offshore driller’s stock worth $887,000 after buying an additional 3,619 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. increased its stake in Atwood Oceanics by 91.7% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 428,600 shares of the offshore driller’s stock worth $3,725,000 after buying an additional 205,025 shares during the period. 90.62% of the stock is currently owned by institutional investors and hedge funds.

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.

5 Day Chart for NYSE:ATW

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