Atwood Oceanics Inc. (NYSE:ATW) shares dropped 3.7% during mid-day trading on Monday . The company traded as low as $8.35 and last traded at $8.50, with a volume of 2,309,721 shares changing hands. The stock had previously closed at $8.83.

ATW has been the subject of a number of research analyst reports. Deutsche Bank AG increased their target price on shares of Atwood Oceanics from $11.00 to $15.00 and gave the company a “buy” rating in a report on Wednesday, August 3rd. Wood & Company raised shares of Atwood Oceanics to a “strong-buy” rating in a report on Thursday, July 7th. Jefferies Group set a $11.00 price target on shares of Atwood Oceanics and gave the company a “hold” rating in a research report on Wednesday, August 3rd. Vetr upgraded shares of Atwood Oceanics from a “sell” rating to a “hold” rating and set a $9.33 price target on the stock in a research report on Tuesday, May 3rd. Finally, RBC Capital Markets reiterated a “sector perform” rating and issued a $11.00 price target (down from $14.00) on shares of Atwood Oceanics in a research report on Sunday, August 14th. Four research analysts have rated the stock with a sell rating, sixteen have given a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $11.32.

The firm has a 50-day moving average of $10.99 and a 200 day moving average of $9.79. The company has a market capitalization of $546.26 million and a P/E ratio of 1.33.

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 firm earned $227.80 million during the quarter, compared to the consensus estimate of $232.74 million. During the same period in the previous year, the company posted $1.73 EPS. The firm’s revenue for the quarter was down 31.1% compared to the same quarter last year. On average, equities research analysts predict that Atwood Oceanics Inc. will post $4.64 earnings per share for the current year.

A hedge fund recently raised its stake in Atwood Oceanics stock. Morgan Stanley boosted its stake in Atwood Oceanics Inc. (NYSE:ATW) by 154.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,324,986 shares of the company’s stock after buying an additional 804,553 shares during the period. Morgan Stanley owned approximately 2.05% of Atwood Oceanics worth $13,554,000 at the end of the most recent quarter.

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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