Published On: Thu, Sep 8th, 2016

Atwood Oceanics Inc. (ATW) Bonds Drop 1.5% During Trading

An issue of Atwood Oceanics Inc. (NYSE:ATW) debt fell 1.5% as a percentage of its face value during trading on Wednesday. The high-yield debt issue has a 6.5% coupon and will mature on February 1, 2020. The bonds in the issue are now trading at $79.00. Price moves in a company’s debt in credit markets often anticipate parallel moves in its stock price.
A number of analysts have commented on ATW shares. Morgan Stanley set a $19.00 price target on shares of Atwood Oceanics and gave the stock a “buy” rating in a research report on Wednesday, August 3rd. Deutsche Bank AG boosted their price target on shares of Atwood Oceanics from $11.00 to $15.00 and gave the stock a “buy” rating in a research report on Wednesday, August 3rd. KLR Group upgraded shares of Atwood Oceanics from an “accumulate” rating to a “buy” rating and set a $16.00 price target on the stock in a research report on Tuesday, May 31st. Vetr downgraded shares of Atwood Oceanics from a “strong-buy” rating to a “buy” rating and set a $14.00 price target on the stock. in a research report on Thursday, June 30th. Finally, Jefferies Group set a $11.00 price target on shares of Atwood Oceanics and gave the stock a “hold” rating in a research report on Wednesday, August 3rd. Four equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, eight have given a buy rating and two have given a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $10.96.

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Shares of Atwood Oceanics Inc. (NYSE:ATW) opened at 7.87 on Thursday. The firm has a market capitalization of $509.98 million and a PE ratio of 1.24. The stock has a 50 day moving average of $9.56 and a 200-day moving average of $9.98. Atwood Oceanics Inc. has a 52 week low of $4.82 and a 52 week high of $19.65.
Atwood Oceanics (NYSE:ATW) last announced its quarterly earnings results on Monday, August 1st. The company reported $1.53 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.63. The firm earned $227.80 million during the quarter, compared to analyst estimates of $232.74 million. The business’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. Equities analysts anticipate that Atwood Oceanics Inc. will post $4.69 earnings per share for the current fiscal year.
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.

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