Zacks Investment Research cut shares of Atwood Oceanics, Inc. (NYSE:ATW) from a buy rating to a hold rating in a research note issued to investors on Monday.

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. “

A number of other research analysts have also recently weighed in on ATW. Jefferies Group LLC set a $10.00 price objective on shares of Atwood Oceanics and gave the company a hold rating in a report on Tuesday, April 11th. Wood & Company raised shares of Atwood Oceanics from an accumulate rating to a buy rating in a report on Friday, April 28th. Barclays PLC reaffirmed an underweight rating and issued a $7.00 price objective (down previously from $11.00) on shares of Atwood Oceanics in a report on Monday, May 1st. Clarkson Capital raised shares of Atwood Oceanics from a neutral rating to a buy rating and set a $12.00 price objective for the company in a report on Friday, May 12th. Finally, DNB Markets raised shares of Atwood Oceanics from a sell rating to a hold rating in a report on Friday, May 19th. Three investment analysts have rated the stock with a sell rating, seventeen have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Atwood Oceanics presently has a consensus rating of Hold and an average target price of $11.67.

Atwood Oceanics (NYSE ATW) opened at 7.86 on Monday. Atwood Oceanics has a one year low of $6.12 and a one year high of $15.37. The company has a 50-day moving average of $8.37 and a 200 day moving average of $9.54. The company has a market cap of $632.88 million, a P/E ratio of 6.35 and a beta of 2.37.

Atwood Oceanics (NYSE:ATW) last released its quarterly earnings data on Monday, May 8th. The offshore driller reported $0.37 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.66. Atwood Oceanics had a net margin of 11.40% and a return on equity of 4.35%. The company had revenue of $167.71 million during the quarter, compared to analysts’ expectations of $130.51 million. During the same quarter in the previous year, the company earned $1.89 earnings per share. The firm’s revenue for the quarter was down 43.4% on a year-over-year basis. Analysts anticipate that Atwood Oceanics will post ($0.27) earnings per share for the current year.

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Institutional investors have recently bought and sold shares of the company. Everence Capital Management Inc. acquired a new position in Atwood Oceanics during the first quarter worth $104,000. Brandes Investment Partners LP acquired a new position in Atwood Oceanics during the first quarter worth $117,000. State of Alaska Department of Revenue raised its position in Atwood Oceanics by 77.5% in the second quarter. State of Alaska Department of Revenue now owns 14,660 shares of the offshore driller’s stock worth $119,000 after buying an additional 6,400 shares during the last quarter. Municipal Employees Retirement System of Michigan raised its position in Atwood Oceanics by 6.2% in the second quarter. Municipal Employees Retirement System of Michigan now owns 17,670 shares of the offshore driller’s stock worth $144,000 after buying an additional 1,030 shares during the last quarter. Finally, Eqis Capital Management Inc. raised its position 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 worth $163,000 after buying an additional 3,416 shares during the last quarter. Hedge funds and other institutional investors own 91.97% 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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Analyst Recommendations for Atwood Oceanics (NYSE:ATW)

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