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UPDATE: Global Hunter Securities Upgrades Atwood Oceanics to Buy; Cost Guidance Overhang Has Passed

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Global Hunter Securities raised its rating on Atwood Oceanics (NYSE: ATW) from Accumulate to Buy and raised its price target from $54 to $56.

Global Hunter Securities noted, "Another quarter has come and gone with ATW again doing an excellent job maintaining rig uptime in the upper echelon of its peer group, leading to a beat. However, P&L guidance was worse than we and the market had anticipated, which has forced us to reduce estimates. We still expect FQ1:13 will mark the inflection point for earnings, with results improving thereafter on less yard time and newbuilds in the field. We are upgrading our rating on ATW to Buy from Accumulate, as the cost guidance which we were concerned about is now behind us, and increasing our price target to $56 from $54."

Atwood Oceanics closed at $44.83 on Friday.

Latest Ratings for ATW

DateFirmActionFromTo
Feb 2015BMO CapitalInitiates Coverage onMarket Perform
Feb 2015Stephens & Co.UpgradesEqualweightOverweight
Feb 2015Nordea EquityDowngradesHoldSell

View More Analyst Ratings for ATW
View the Latest Analyst Ratings

Posted-In: Global Hunter SecuritiesAnalyst Color Upgrades Intraday Update Analyst Ratings

 

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