Analysts at Oppenheimer & Co reiterate their "outperform" rating on Atwood Oceanics Inc ATW, while raising their estimates for the company. The target price for ATW is set to $35.
According to Oppenheimer & Co, Atwood announced a new contract for the 400 jackup at Atwood Beacon at a dayrate of $115K, starting in late September. This marks the second contract in the last couple of weeks for this rig. "The rate represents an increase over both the current $110K dayrate and our forecast of $96K, demonstrating a firming market for premium (>300') jackups,” the analysts say.
“Atwood remains a top pick given its limited exposure to the challenging Gulf of Mexico region, solid deepwater backlog, and attractive valuation,” the analysts add.
Oppenheimer & Co has raised its EPS estimate for FY11 from $4.28 to $4.33.
More Analyst Ratings here
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in