Scotia Howard Weill initiated coverage on shares of Atwood Oceanics Inc. (NYSE:ATW) in a research note released on Wednesday morning. The brokerage issued a sector perform rating and a $8.50 price target on the stock.

Analyst Recommendations for Atwood Oceanics (NYSE:ATW)

Several other equities research analysts have also recently weighed in on the company. Wood & Company raised Atwood Oceanics to a strong-buy rating in a research report on Thursday, July 7th. Royal Bank Of Canada reduced their price objective on Atwood Oceanics from $14.00 to $11.00 and set a sector perform rating for the company in a research report on Friday, August 12th. Citigroup Inc. reduced their price objective on Atwood Oceanics from $12.00 to $10.00 and set a neutral rating for the company in a research report on Thursday, August 25th. Vetr raised Atwood Oceanics from a buy rating to a strong-buy rating and set a $14.00 price objective for the company in a research report on Wednesday, July 6th. Finally, KLR Group raised Atwood Oceanics from an accumulate rating to a buy rating and set a $16.00 price objective for the company in a research report on Tuesday, May 31st. Six research analysts have rated the stock with a sell rating, fifteen have given a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $10.76.

Atwood Oceanics (NYSE:ATW) opened at 6.52 on Wednesday. The stock’s 50 day moving average is $8.61 and its 200 day moving average is $10.03. Atwood Oceanics has a one year low of $4.82 and a one year high of $19.65. The firm has a market cap of $422.50 million, a P/E ratio of 1.03 and a beta of 2.23.

Atwood Oceanics (NYSE:ATW) last announced its earnings results on Monday, August 1st. The company reported $1.53 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.90 by $0.63. The firm earned $227.80 million during the quarter, compared to analysts’ expectations of $232.74 million. Atwood Oceanics had a return on equity of 13.79% and a net margin of 34.45%. The company’s revenue was down 31.1% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.73 earnings per share. On average, equities research analysts expect that Atwood Oceanics will post $4.68 earnings per share for the current year.

Institutional investors have recently modified their holdings of the company. Meeder Asset Management Inc. boosted its position in shares of Atwood Oceanics by 251.9% in the first quarter. Meeder Asset Management Inc. now owns 78,860 shares of the company’s stock worth $723,000 after buying an additional 56,451 shares during the period. Canada Pension Plan Investment Board boosted its position in shares of Atwood Oceanics by 1,871.1% in the first quarter. Canada Pension Plan Investment Board now owns 293,700 shares of the company’s stock worth $2,693,000 after buying an additional 278,800 shares during the period. Huntington Asset Advisors Inc. bought a new position in shares of Atwood Oceanics during the first quarter worth about $183,000. Royce & Associates LP bought a new position in shares of Atwood Oceanics during the first quarter worth about $1,246,000. Finally, Advisor Partners LLC bought a new position in shares of Atwood Oceanics during the first quarter worth about $115,000.

Atwood Oceanics Company Profile

Atwood Oceanics, Inc is a global offshore drilling contractor engaged in the drilling and completion of exploratory and developmental oil and gas wells. The Company has a fleet of approximately 13 mobile offshore drilling units located around the world. The Company’s fleet includes Ultra-Deepwater Rigs, Deepwater Semisubmersibles and Jackups.

5 Day Chart for NYSE:ATW

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