Shares of Atwood Oceanics Inc. (NYSE:ATW) saw strong trading volume on Wednesday . 3,842,408 shares were traded during mid-day trading, a decline of 5% from the previous session’s volume of 4,026,837 shares.The stock last traded at $11.86 and had previously closed at $12.49.

Several equities research analysts have recently issued reports on the stock. Simmons restated an “overweight” rating and issued a $19.00 target price (up previously from $18.00) on shares of Atwood Oceanics in a report on Tuesday, May 10th. Royal Bank Of Canada lowered their target price on shares of Atwood Oceanics from $10.00 to $7.75 and set a “sector perform” rating for the company in a report on Tuesday, March 22nd. Susquehanna raised their target price on shares of Atwood Oceanics from $6.00 to $9.00 in a report on Tuesday, April 12th. Vetr raised shares of Atwood Oceanics from a “sell” rating to a “buy” rating and set a $9.51 price target on the stock in a research note on Monday, April 18th. Finally, KLR Group raised 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 note on Tuesday, May 31st. Four analysts have rated the stock with a sell rating, sixteen have issued a hold rating, five have assigned a buy rating and two have assigned a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $10.54.

The stock has a market capitalization of $773.03 million and a PE ratio of 1.82. The firm’s 50-day moving average is $11.85 and its 200-day moving average is $9.26.

Atwood Oceanics (NYSE:ATW) last released its earnings results on Thursday, May 5th. The company reported $1.89 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.56 by $0.33. The firm had revenue of $296.40 million for the quarter, compared to analysts’ expectations of $292.90 million. During the same quarter in the previous year, the company posted $1.89 earnings per share. The firm’s quarterly revenue was down 15.4% on a year-over-year basis. On average, equities research analysts anticipate that Atwood Oceanics Inc. will post $4.57 earnings per share for the current year.

Several hedge funds have recently added to or reduced their stakes in ATW. Nationwide Fund Advisors raised its stake in Atwood Oceanics by 23.5% in the fourth quarter. Nationwide Fund Advisors now owns 365,993 shares of the company’s stock worth $3,744,000 after buying an additional 69,548 shares during the last quarter. First Trust Advisors LP raised its stake in Atwood Oceanics by 45.1% in the fourth quarter. First Trust Advisors LP now owns 376,357 shares of the company’s stock worth $3,850,000 after buying an additional 117,013 shares during the last quarter. California Public Employees Retirement System raised its stake in Atwood Oceanics by 9.6% in the fourth quarter. California Public Employees Retirement System now owns 216,300 shares of the company’s stock worth $2,213,000 after buying an additional 18,900 shares during the last quarter. South Dakota Investment Council raised its stake in Atwood Oceanics by 9.1% in the fourth quarter. South Dakota Investment Council now owns 108,400 shares of the company’s stock worth $1,109,000 after buying an additional 9,000 shares during the last quarter. Finally, New Amsterdam Partners LLC NY purchased a new stake in Atwood Oceanics during the fourth quarter worth $1,715,000.

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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