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How Atwood Oceanics Looks Following Fiscal 4Q16

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Part 6
How Atwood Oceanics Looks Following Fiscal 4Q16 PART 6 OF 6

Analysts Saying Bye Bye to ‘Buy’ Recommendations for ATW

Consensus rating

The market has given a consensus “hold” rating to Atwood Oceanics (ATW). Of the 31 analysts covering the stock, only one analyst has given it a “buy” recommendation, 12 analysts have recommended a “sell,” and 18 analysts have a “hold” rating. The stock has a consensus target price of $8.07, which implies an upside potential of 3%.

Analysts Saying Bye Bye to &#8216;Buy&#8217; Recommendations for ATW

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Changing sentiments

From the start of the year, Atwood’s “buy” recommendations have fallen. In January, out of 31 analysts, seven analysts gave “buy” recommendations. In July, “buy” recommendations fell to five. In October, only three analysts gave the stock a “buy.” And now, in mid-November, only one analyst has given it a “buy” recommendation. From the start of the year, the number of analysts giving “sell” recommendations has risen to 12 from five.

Recent downgrades

  • Barclays downgraded the stock to “underweight” from “equal weight.”
  • Iberia Capital downgraded the stock to “sector perform” from “sector outperform.”
  • In October, Morgan Stanley downgraded the stock to “equal weight” from “overweight.” Also, BMO Capital Markets downgraded it to “underperform” from “market perform.” Arctic Securities downgraded the stock to “sell” from “hold.”

Peers’ recommendations

Analysts’ recommendations for other offshore drilling companies (OIH) were as follows:

  • Transocean (RIG): 11% of analysts recommend a “buy,” 43% a “hold,” and 46% a “sell”
  • Seadrill (SDRL): 0% of analysts recommend a “buy,” 22% a “hold,” and 78% a “sell”
  • Ocean Rig (ORIG): 0% of analysts recommend a “buy,” 12% a “hold,” and 88% a “sell”
  • Noble (NE): ~13% gave the company a “buy,” 54% gave it a “hold,” and 33% gave it a “sell”
  • Rowan Companies (RDC), 22% gave it a “buy,” 65% gave it a “hold,” and 14% gave it a “sell”
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