Published On: Fri, Sep 23rd, 2016

Goldman Sachs Group Inc. Reaffirms Sell Rating for Atwood Oceanics, Inc. (ATW)

Atwood Oceanics, Inc. (NYSE:ATW)‘s stock had its “sell” rating restated by equities researchers at Goldman Sachs Group Inc. in a research note issued on Friday.
Other equities research analysts have also issued reports about the stock. KLR Group upgraded shares of Atwood Oceanics from an “accumulate” rating to a “buy” rating and set a $16.00 target price on the stock in a report on Tuesday, May 31st. Vetr lowered shares of Atwood Oceanics from a “strong-buy” rating to a “buy” rating and set a $14.00 target price on the stock. in a report on Thursday, June 30th. Morgan Stanley set a $19.00 target price on shares of Atwood Oceanics and gave the stock a “buy” rating in a report on Wednesday, August 3rd. Deutsche Bank AG increased their target price on shares of Atwood Oceanics from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Wednesday, August 3rd. Finally, Jefferies Group reissued a “hold” rating on shares of Atwood Oceanics in a research report on Thursday, August 11th. Five investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $10.76.

Atwood Oceanics (NYSE:ATW) traded down 6.22% on Friday, reaching $6.78. 2,304,287 shares of the company’s stock were exchanged. The firm’s 50-day moving average is $8.33 and its 200-day moving average is $9.96. Atwood Oceanics has a 12 month low of $4.82 and a 12 month high of $19.65. The firm has a market cap of $439.34 million, a PE ratio of 1.07 and a beta of 2.23.

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Atwood Oceanics (NYSE:ATW) last posted its earnings results on Monday, August 1st. The company reported $1.53 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.90 by $0.63. The company had revenue of $227.80 million for the quarter, compared to analyst estimates of $232.74 million. Atwood Oceanics had a net margin of 34.45% and a return on equity of 13.79%. The business’s revenue for the quarter was down 31.1% compared to the same quarter last year. During the same period last year, the business posted $1.73 earnings per share. On average, equities analysts forecast that Atwood Oceanics will post $4.68 earnings per share for the current year.
A number of institutional investors have recently added to or reduced their stakes in the stock. FMR LLC raised its position in Atwood Oceanics by 1.8% in the second quarter. FMR LLC now owns 9,410,000 shares of the company’s stock valued at $117,813,000 after buying an additional 165,000 shares in the last quarter. Vanguard Group Inc. raised its position in Atwood Oceanics by 1.6% in the second quarter. Vanguard Group Inc. now owns 6,290,948 shares of the company’s stock valued at $78,762,000 after buying an additional 99,998 shares in the last quarter. BlackRock Fund Advisors raised its position in Atwood Oceanics by 27.6% in the first quarter. BlackRock Fund Advisors now owns 4,112,195 shares of the company’s stock valued at $37,709,000 after buying an additional 890,165 shares in the last quarter. Key Group Holdings Cayman LTD. raised its position in Atwood Oceanics by 91.7% in the second quarter. Key Group Holdings Cayman LTD. now owns 2,800,023 shares of the company’s stock valued at $35,056,000 after buying an additional 1,339,490 shares in the last quarter. Finally, State Street Corp raised its position in Atwood Oceanics by 2.0% in the second quarter. State Street Corp now owns 2,426,876 shares of the company’s stock valued at $30,384,000 after buying an additional 47,139 shares in the last quarter.
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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