Clarkson Capital upgraded shares of Atwood Oceanics, Inc. (NYSE:ATW) from a neutral rating to a buy rating in a research note issued to investors on Friday, May 12th. The brokerage currently has $12.00 price target on the offshore driller’s stock.
A number of other research analysts also recently weighed in on the company. Barclays PLC reissued an underweight rating and issued a $7.00 price target (down previously from $11.00) on shares of Atwood Oceanics in a research note on Monday, May 1st. Wood & Company raised Atwood Oceanics from an accumulate rating to a buy rating in a research note on Friday, April 28th. Zacks Investment Research downgraded Atwood Oceanics from a hold rating to a sell rating in a research note on Monday, April 17th. Jefferies Group LLC set a $10.00 price target on Atwood Oceanics and gave the company a hold rating in a research note on Tuesday, April 11th. Finally, Scotiabank set a $12.00 price objective on shares of Atwood Oceanics and gave the company a hold rating in a research report on Wednesday, March 22nd. Four equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $12.06.
Shares of Atwood Oceanics (ATW) traded up 0.78% during mid-day trading on Friday, hitting $9.01. The stock had a trading volume of 6,143,378 shares. The company has a 50 day moving average price of $8.74 and a 200 day moving average price of $10.41. Atwood Oceanics has a 12-month low of $6.12 and a 12-month high of $15.37. The firm has a market cap of $725.48 million, a P/E ratio of 7.28 and a beta of 2.31.
Atwood Oceanics (NYSE:ATW) last posted its quarterly earnings results on Monday, May 8th. The offshore driller reported $0.37 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.29) by $0.66. The company had revenue of $167.71 million for the quarter, compared to the consensus estimate of $130.51 million. Atwood Oceanics had a return on equity of 4.35% and a net margin of 11.40%. The firm’s quarterly revenue was down 43.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.89 EPS. Equities analysts forecast that Atwood Oceanics will post ($0.33) earnings per share for the current fiscal year.
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Hedge funds have recently bought and sold shares of the company. Everence Capital Management Inc. purchased a new stake in Atwood Oceanics during the first quarter valued at about $104,000. Brandes Investment Partners LP purchased a new stake in Atwood Oceanics during the first quarter valued at about $117,000. Bowling Portfolio Management LLC purchased a new stake in Atwood Oceanics during the fourth quarter valued at about $136,000. Municipal Employees Retirement System of Michigan boosted its stake in Atwood Oceanics by 20.9% in the first quarter. Municipal Employees Retirement System of Michigan now owns 16,640 shares of the offshore driller’s stock valued at $159,000 after buying an additional 2,880 shares in the last quarter. Finally, Eqis Capital Management Inc. boosted its stake in Atwood Oceanics by 24.9% in the first quarter. Eqis Capital Management Inc. now owns 17,121 shares of the offshore driller’s stock valued at $163,000 after buying an additional 3,416 shares in the last quarter. Institutional investors and hedge funds own 91.69% of the company’s stock.
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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