Just How Negative is Scotia Howard Weil Following Their Downgrade of Atwood Oceanics (NYSE:ATW)?


Atwood Oceanics (NYSE:ATW) Receives a Downgrade

The Rating of Atwood Oceanics (NYSE:ATW) shares have been downgraded by Scotia Howard Weil from a Sector Outperform rating to a Sector Perform rating in an analyst research report distributed on Monday morning.

From a total of 24 analysts covering Atwood Oceanics (NYSE:ATW) stock, 9 rate it a ”Buy”, 5 a “Sell”, and 17 a ”Hold”. This means that 29% of the ratings are positive. The highest target price is $40 while the lowest target price is $11. The mean of all analyst targets is $19 with a 77.59% above today’s ($12.14) stock price. Atwood Oceanics was the topic of 17 analyst reports since August 3, 2015 according to the firm StockzIntelligence Inc. Barclays Capital upgraded shares on December 4 to “Equal-Weight” rating. Credit Suisse maintained shares with “Neutral” rating and $18 target share price in a report from a September 4. RBC Capital Markets maintained ATW stock in a recent report from November 11 with “Sector Perform” rating. Vetr downgraded the rating on September 1. Vetr has a “Buy” rating and a $17.64 price target on shares. Finally, Macquarie Research maintained the stock with “Neutral” rating in a report issued on an October 2.

Approximately 921,126 shares of stock traded hands. Atwood Oceanics, Inc. (NYSE:ATW) has declined 61.50% since May 11, 2015 and is downtrending. It has underperformed by 57.09% the S&P500.

The overall sentiment of institutions has decreased to 0.93 in Q2 2015. Its down 0.30, from 1.23 in 2015Q2. The ratio turned negative, as 43 institutions have sold all the shares of Atwood Oceanics, Inc. that they owned while 89 funds have taken shares off the table. 27 funds have purchased shares for the first time while 96 added to their positions. These institutions now hold 83.56 million shares or 16.52% more than the 71.71 million shares they owned in 2015Q2.

The Fund Zpr Investment Management currently is holding shares equating to 3.24% of its total portfolio in Atwood Oceanics, Inc. representing a total of 179,427 shares. Another fund,Key Group Holdings (Cayman) Ltd., is holding a total of 2.69 million shares equating to 2.89% of their holdings. Additionally, Van Den Berg Management I Inc has a 1.20 million share stake in Atwood Oceanics, Inc. which represents 2.28% of their total portfolio. The Fund, Robotti Robert, based out of New York, has also built up a stake in the stock, which represents a total of 1.26% of their total portfolio. Finally Breithorn Capital Management, a fund which is based in the state of New York reported a total holdings of 102,460 shares.

Insider activity is a very important aspect to track on any stock. Going back to September 8, 2015, shareholders of Atwood Oceanics, Inc. have witnessed 1 buying transaction, and a total of 0 sales equating to a net activity of approximately $84,279 . Saltiel Robert J. bought 5,000 shares worth approximately $84,279.

Atwood Oceanics, Inc. is a global offshore drilling contractor engaged in the drilling and completion of exploratory and developmental gas and oil wells. The company has a market cap of $853.72 million. The Firm has a fleet of approximately 13 mobile offshore drilling units located around the world. It has 1.82 P/E ratio. The Company’s fleet includes Ultra-Deepwater Rigs, Deepwater Semisubmersibles and Jackups.

According to Zacks Investment Research, “Atwood Oceanics, Inc., its international operating subsidiary, Atwood Oceanics Pacific Limited and related subsidiaries are engaged in the business of international offshore drilling and completion of exploratory and developmental oil and gas wells as well as related support, management, and consulting services. Enhancing shareholder value through safe, quality operations is at the core of all of the Atwood Group’s activities.”