Equities analysts forecast that Atwood Oceanics, Inc. (NYSE:ATW) will announce sales of $96.85 million for the current fiscal quarter, according to Zacks. Two analysts have made estimates for Atwood Oceanics’ earnings. The highest sales estimate is $101.00 million and the lowest is $92.70 million. Atwood Oceanics reported sales of $188.68 million during the same quarter last year, which suggests a negative year over year growth rate of 48.7%. The company is expected to announce its next earnings results on Friday, November 10th.
According to Zacks, analysts expect that Atwood Oceanics will report full year sales of $96.85 million for the current fiscal year, with estimates ranging from $484.60 million to $502.00 million. For the next fiscal year, analysts forecast that the business will report sales of $298.69 million per share, with estimates ranging from $272.00 million to $344.05 million. Zacks’ sales calculations are an average based on a survey of research analysts that cover Atwood Oceanics.
Atwood Oceanics (NYSE:ATW) last issued its quarterly earnings results on Thursday, August 3rd. The offshore driller reported ($0.05) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.06) by $0.01. The business had revenue of $117.20 million during the quarter, compared to the consensus estimate of $125.89 million. Atwood Oceanics had a negative net margin of 3.06% and a positive return on equity of 2.25%. The firm’s quarterly revenue was down 48.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.53 EPS.
A number of research analysts recently issued reports on the stock. Barclays PLC decreased their price objective on shares of Atwood Oceanics from $10.00 to $8.00 and set an “underweight” rating for the company in a report on Friday, August 11th. Piper Jaffray Companies cut shares of Atwood Oceanics from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $15.00 to $10.00 in a report on Monday, June 19th. BidaskClub upgraded shares of Atwood Oceanics from a “strong sell” rating to a “sell” rating in a report on Friday, August 25th. Zacks Investment Research upgraded shares of Atwood Oceanics from a “hold” rating to a “buy” rating and set a $8.75 price objective for the company in a report on Tuesday, July 25th. Finally, Wood & Company upgraded shares of Atwood Oceanics from an “underperform” rating to a “market perform” rating in a report on Wednesday, May 31st. Four analysts have rated the stock with a sell rating, sixteen have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Atwood Oceanics presently has a consensus rating of “Hold” and a consensus price target of $11.40.
Several hedge funds have recently made changes to their positions in ATW. Brandes Investment Partners LP bought a new stake in shares of Atwood Oceanics in the first quarter worth $117,000. State of Alaska Department of Revenue lifted its position in shares of Atwood Oceanics by 77.5% in the second quarter. State of Alaska Department of Revenue now owns 14,660 shares of the offshore driller’s stock worth $119,000 after purchasing an additional 6,400 shares in the last quarter. Piedmont Investment Advisors LLC bought a new stake in shares of Atwood Oceanics in the second quarter worth $133,000. Municipal Employees Retirement System of Michigan lifted its position in shares of Atwood Oceanics by 6.2% in the second quarter. Municipal Employees Retirement System of Michigan now owns 17,670 shares of the offshore driller’s stock worth $144,000 after purchasing an additional 1,030 shares in the last quarter. Finally, Eqis Capital Management Inc. lifted its position in shares of Atwood Oceanics by 24.9% in the first quarter. Eqis Capital Management Inc. now owns 17,121 shares of the offshore driller’s stock worth $163,000 after purchasing an additional 3,416 shares in the last quarter. 91.97% of the stock is currently owned by institutional investors and hedge funds.
Shares of Atwood Oceanics (NYSE:ATW) traded up 7.31% during midday trading on Friday, hitting $7.05. 3,327,358 shares of the company traded hands. The stock’s 50-day moving average is $7.18 and its 200 day moving average is $8.48. Atwood Oceanics has a 12-month low of $5.91 and a 12-month high of $15.37. The stock’s market capitalization is $567.23 million.
Atwood Oceanics Company Profile
Atwood Oceanics, Inc is an offshore drilling company engaged in the drilling and completion of exploration and development wells for the global oil and gas industry. The Company owns various types of drilling rigs, such as Ultra-Deepwater Rigs, Deepwater Semisubmersibles and Jackups. Its Ultra-deepwater Rigs and Deepwater Semisubmersibles include Atwood Achiever, Atwood Archer, Atwood Admiral, Atwood Advantage, Atwood Condor, Atwood Eagle and Atwood Osprey.
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