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UPDATE: Williams Financial Group Reiterates Buy Rating, Raises PT on Atwood Oceanics

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In a report published Monday, Williams Financial Group reiterated its Buy rating on Atwood Oceanics (NYSE: ATW), and raised its price target from $63.00 to $65.00.

Williams Financial Group noted, “ATW again reported EPS well above both WFG and the Street with EPS of $1.10 (WFG at $0.98, Street at $0.92). Higher than expected revenue and below guidance OPEX produced better margin than we modeled, fueling the beat. The company reiterated annual OPEX even with added costs from an early start on the Atwood Orca (shipyard efficiencies should allow startup 60 days ahead of schedule). Company focus remains on UDW growth with the likelihood of another drillship (with exercise of the remaining option) likely favored over return of cash to shareholders. We are increasing our price target to $65 and reiterating our Buy rating.”

Atwood Oceanics closed on Friday at $53.66.

Latest Ratings for ATW

DateFirmActionFromTo
Jul 2016Seaport GlobalDowngradesReduceSell
Jun 2016Johnson RiceDowngradesBuyHold
May 2016KLR GroupUpgradesAccumulateBuy

View More Analyst Ratings for ATW
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Posted-In: Williams Financial GroupAnalyst Color Price Target Analyst Ratings

 

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