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UPDATE: Goldman Sachs Upgrades Atwood Oceanics to Buy on Increased EPS Growth

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Atwood Oceanics, Inc. Positioned For Eventual Recovery (Seeking Alpha)

In a report published on Thursday, Goldman Sachs analyst Waqar Syed upgraded offshore oil and gas drilling company, Atwood Oceanics (NYSE: ATW) from Hold to Buy and raised its 12 month PT from $60 to $68 based on optimistic prospects on future EPS growth.

Syed pointed out in the report, "In 2013, we forecast that ATW's EPS will grow owing to the full-year impact of three rigs, Atwood Condor, Atwood Mako and Atwood Manta that joined the fleet in late 2012. A semisubmersible like Condor can boost EPS annually by $1.13/share while the two jackups Mako and Manta can each add $0.32/share to annual EPS. In addition, in 2013 the under-construction ultra-deepwater drillship Advantage and the under-construction jackup Orca join the fleet, partly impacting 2013E EPS but having a full-year impact in 2014."

Atwood Oceanics closed on Wednesday at $54.93.

Latest Ratings for ATW

DateFirmActionFromTo
Sep 2016Clarksons PlatouUpgradesSellNeutral
Sep 2016Scotia Howard WeilInitiates Coverage onSector Perform
Sep 2016Raymond JamesDowngradesMarket PerformUnderperform

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Posted-In: Goldman SachsAnalyst Color Upgrades Analyst Ratings

 

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