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Atwood Oceanics: Analysts’ Recent Changes

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Jul. 4 2017, Updated 10:36 a.m. ET

Recent changes

In June 2017, many analysts revised their recommendations and target price for Atwood Oceanics (ATW).

In June 2017, Susquehanna reduced the target price to $8 from 9. In the same month, Piper Jaffray downgraded the stock to “neutral” from “overweight.” Also, Barclays raised the target price to $10 from $7. All of these analysts revised the ratings after Atwood’s acquisition by Ensco was announced on May 31, 2017. To learn more about the acquisition, read Analyzing Ensco’s acquisition of Atwood.

In May, Goldman Sachs upgraded Atwood Oceanics to “neutral” from “sell” and raised the target price to $8.25 from $7.5.

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Analyst’ recommendations

According to Reuters, 23 analysts give recommendations on Atwood Oceanics. The stock has a consensus rating of three, which indicates a “hold.”

The following are consensus ratings for other offshore drilling (IYE) companies:

  • Noble (NE) – 2.97, which means a “hold”
  • Seadrill (SDRL) – 3.63, which means a “sell”
  • Diamond Offshore Drilling (DO) – 3.03, which means a “hold”

Out of the 23 analysts, one analyst gave a “strong buy,” two analysts gave a “buy,” 16 analysts gave a “hold,” four analysts gave a “sell,” and no analysts gave a “strong sell” recommendation for Atwood Oceanics.

Target price

The consensus 12-month target price for Atwood Oceanics is $9.47—slightly below the target price of $9.88 the previous month. The target price implies an upside potential of ~11% compared to its closing price on June 29, 2017.

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