Atwood Oceanics Inc. (NYSE:ATW) shares dropped 3.9% on Wednesday . The company traded as low as $7.83 and last traded at $7.86, with a volume of 1,568,282 shares changing hands. The stock had previously closed at $8.18.

ATW has been the subject of a number of research analyst reports. Vetr upgraded Atwood Oceanics from a “sell” rating to a “hold” rating and set a $9.33 price objective for the company in a research report on Tuesday, May 3rd. Jefferies Group lowered Atwood Oceanics from a “buy” rating to a “hold” rating and raised their price objective for the company from $9.00 to $12.00 in a research report on Monday, May 9th. Royal Bank Of Canada raised their price objective on Atwood Oceanics from $10.00 to $12.00 and gave the company a “sector perform” rating in a research report on Monday, May 9th. Simmons restated an “overweight” rating and set a $19.00 price objective (up previously from $18.00) on shares of Atwood Oceanics in a research report on Tuesday, May 10th. Finally, Citigroup Inc. raised their price objective on Atwood Oceanics from $10.00 to $11.00 and gave the company a “neutral” rating in a research report on Monday, May 16th. Four research analysts have rated the stock with a sell rating, sixteen have given a hold rating, eight have given a buy rating and two have given a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $11.24.

The stock has a market cap of $511.92 million and a price-to-earnings ratio of 1.25. The stock has a 50-day moving average of $10.16 and a 200-day moving average of $9.94.

Atwood Oceanics (NYSE:ATW) last posted its earnings results on Monday, August 1st. The company reported $1.53 EPS for the quarter, beating the Zacks’ consensus estimate of $0.90 by $0.63. The company earned $227.80 million during the quarter, compared to analysts’ expectations of $232.74 million. During the same period last year, the business earned $1.73 earnings per share. The company’s quarterly revenue was down 31.1% on a year-over-year basis. On average, equities research analysts anticipate that Atwood Oceanics Inc. will post $4.63 EPS for the current fiscal year.

A hedge fund recently raised its stake in Atwood Oceanics stock. Morgan Stanley increased its position in shares of Atwood Oceanics Inc. (NYSE:ATW) by 154.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. 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 2.05% of Atwood Oceanics worth $13,554,000 as of its most recent filing with the SEC.

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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