Atwood Oceanics Inc. (NYSE:ATW) dropped 4.6% during mid-day trading on Tuesday . The company traded as low as $9.77 and last traded at $9.82, with a volume of 5,844,963 shares trading hands. The stock had previously closed at $10.29.

ATW has been the subject of several research reports. Vetr cut shares of Atwood Oceanics from a “buy” rating to a “hold” rating and set a $9.51 target price for the company. in a research note on Monday, April 4th. Susquehanna increased their target price on shares of Atwood Oceanics from $6.00 to $9.00 in a research note on Tuesday, April 12th. Clarkson Capital cut shares of Atwood Oceanics from a “neutral” rating to a “sell” rating in a research note on Wednesday, April 27th. Jefferies Group cut shares of Atwood Oceanics from a “buy” rating to a “hold” rating and increased their target price for the company from $9.00 to $12.00 in a research note on Monday, May 9th. Finally, Royal Bank Of Canada increased their target price on shares of Atwood Oceanics from $10.00 to $12.00 and gave the company a “sector perform” rating in a research note on Monday, May 9th. Four investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $10.87.

The firm has a 50-day moving average price of $11.89 and a 200 day moving average price of $9.51. The stock has a market cap of $635.66 million and a P/E ratio of 1.50.

Atwood Oceanics (NYSE:ATW) last issued its quarterly earnings results on Monday, August 1st. The company reported $1.53 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.90 by $0.63. During the same period last year, the company posted $1.73 EPS. The firm had revenue of $227.80 million for the quarter, compared to the consensus estimate of $232.74 million. The business’s revenue was down 31.1% on a year-over-year basis. Equities analysts anticipate that Atwood Oceanics Inc. will post $4.58 EPS for the current year.

Other hedge funds have recently modified their holdings of the company. California Public Employees Retirement System increased its stake in shares of 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 period. Buckhead Capital Management LLC increased its stake in shares of Atwood Oceanics by 52.7% in the fourth quarter. Buckhead Capital Management LLC now owns 122,996 shares of the company’s stock worth $1,258,000 after buying an additional 42,455 shares during the period. First Trust Advisors LP increased its stake in shares of 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 period. Trexquant Investment LP purchased a new stake in shares of Atwood Oceanics during the fourth quarter worth $2,425,000. Finally, Morgan Stanley increased its stake in shares of Atwood Oceanics by 154.6% in the fourth quarter. Morgan Stanley now owns 1,324,986 shares of the company’s stock worth $13,554,000 after buying an additional 804,553 shares during the period.

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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