Atwood Oceanics (ATW) is Downgraded by Jefferies to Hold

Atwood Oceanics (ATW) was Downgraded by Jefferies to ” Hold”. Earlier the firm had a rating of “Buy ” on the company shares. Jefferies advised their investors in a research report released on May 9, 2016.

Many Wall Street Analysts have commented on Atwood Oceanics. Shares were Downgraded by Barclays on Mar 28, 2016 to ” Underweight” and Lowered the Price Target to $ 6 from a previous price target of $7 .Atwood Oceanics was Downgraded by Goldman to ” Sell” on Mar 11, 2016. Atwood Oceanics was Initiated by Citigroup to “Neutral” on Feb 29, 2016.

On the company’s financial health, Atwood Oceanics reported $1.89 EPS for the quarter, beating the analyst consensus estimate by $ 0.30 according to the earnings call on May 5, 2016. Analyst had a consensus of $1.59. The company had revenue of $296.40 million for the quarter, compared to analysts expectations of $291.31 million. The company’s revenue was down -15.4 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.89 EPS.

Atwood Oceanics opened for trading at $8.85 and hit $11.84 on the upside on Friday, eventually ending the session at $11.52, with a gain of 33.33% or 2.88 points. The heightened volatility saw the trading volume jump to 1,58,83,141 shares. Company has a market cap of $746 M.

In a different news, on Feb 5, 2016, Robert J. Saltiel (CEO) purchased 10,000 shares at $7.31 per share price. According to the SEC, on Jan 12, 2015, Barry Michael Smith (Sr. VP – Technical Services) sold 818 shares at $26.53 per share price. On Jan 12, 2015, Mark W. Smith (VP, CAO & Controller) sold 568 shares at $26.53 per share price, according to the Form-4 filing with the securities and exchange commission.

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. Its segment Offshore Contract Drilling Services consists of mobile offshore drilling units and related equipment comprising its offshore rig fleet. Its segment conducts offshore contract drilling operations located in the United States Gulf of Mexico the Mediterranean Sea offshore West Africa offshore Southeast Asia and offshore Australia. The Company’s projects are Atwood Advantage Atwood Achiever Atwood Admiral and Atwood Archer. The Atwood Advantage Atwood Achiever Atwood Admiral and Atwood Archer are DP-3 dynamically-positioned dual derrick ultra-deepwater drillships rated to operate in water depths approximately up to 12000 feet.

Atwood Oceanics

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