Atwood Oceanics, Inc. (NYSE:ATW) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Friday.

According to Zacks, “Atwood Oceanics, Inc., its international operating subsidiary, Atwood Oceanics Pacific Limited and related subsidiaries are engaged in the business of international offshore drilling and completion of exploratory and developmental oil and gas wells as well as related support, management, and consulting services. Enhancing shareholder value through safe, quality operations is at the core of all of the Atwood Group’s activities. “

Other research analysts also recently issued research reports about the stock. ValuEngine upgraded shares of Atwood Oceanics from a “hold” rating to a “buy” rating in a report on Thursday, August 17th. TheStreet downgraded shares of Atwood Oceanics from a “c-” rating to a “d+” rating in a report on Monday, August 7th. Piper Jaffray Companies restated a “hold” rating and set a $9.00 price objective on shares of Atwood Oceanics in a report on Tuesday, September 19th. Jefferies Group LLC set a $10.00 price objective on shares of Atwood Oceanics and gave the stock a “hold” rating in a report on Monday, June 19th. Finally, Citigroup Inc. restated a “neutral” rating on shares of Atwood Oceanics in a report on Thursday, August 31st. Five equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Atwood Oceanics has a consensus rating of “Hold” and a consensus price target of $11.67.

Shares of Atwood Oceanics (NYSE ATW) opened at 9.32 on Friday. The stock’s 50 day moving average price is $7.78 and its 200 day moving average price is $8.20. Atwood Oceanics has a 52 week low of $5.91 and a 52 week high of $15.37. The firm’s market capitalization is $749.87 million.

Atwood Oceanics (NYSE:ATW) last posted its quarterly earnings data on Thursday, August 3rd. The offshore driller reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.01. Atwood Oceanics had a negative net margin of 3.06% and a positive return on equity of 2.25%. The company had revenue of $117.20 million for the quarter, compared to the consensus estimate of $125.89 million. During the same quarter in the previous year, the firm posted $1.53 EPS. The business’s revenue was down 48.6% compared to the same quarter last year. On average, analysts predict that Atwood Oceanics will post ($0.45) EPS for the current fiscal year.

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A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC increased its stake in Atwood Oceanics by 2.7% in the second quarter. FMR LLC now owns 11,780,701 shares of the offshore driller’s stock valued at $96,013,000 after acquiring an additional 310,669 shares during the period. BlackRock Inc. boosted its position in Atwood Oceanics by 45,068.1% in the first quarter. BlackRock Inc. now owns 9,573,385 shares of the offshore driller’s stock valued at $91,235,000 after buying an additional 9,552,190 shares in the last quarter. Vanguard Group Inc. boosted its position in Atwood Oceanics by 9.0% in the second quarter. Vanguard Group Inc. now owns 7,609,809 shares of the offshore driller’s stock valued at $62,021,000 after buying an additional 626,931 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Atwood Oceanics by 40.8% in the second quarter. Dimensional Fund Advisors LP now owns 6,416,265 shares of the offshore driller’s stock valued at $52,294,000 after buying an additional 1,860,301 shares in the last quarter. Finally, CNH Partners LLC acquired a new position in Atwood Oceanics in the second quarter valued at about $27,399,000. 91.97% 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.

Analyst Recommendations for Atwood Oceanics (NYSE:ATW)

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