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Downgrade Alert for Atwood Oceanics (ATW)

By Amy Schwartz

Atwood Oceanics (NYSE:ATW) was downgraded from Market Perform to Underperform at BMO Capital today. The stock closed yesterday at $9.19 on volume of 4.4 million shares, above average daily volume of 4.4 million.

Atwood Oceanics, Inc. performs contract drilling of exploratory and development oil and gas wells in offshore areas, and provides related support, management, and consulting services. The Company also provides labor, supervisory, and consulting services to operator-owned platform rigs in Australia.

Potential upside of 104.9% exists for Atwood Oceanics, based on a current level of $9.19 and analysts' average consensus price target of $18.83. The stock should find resistance at its 200-day moving average (MA) of $12.83, as well as support at its 50-day MA of $8.77.

In the past 52 weeks, shares of Atwood Oceanics have traded between a low of $4.82 and a high of $35.66 and closed yesterday at $9.19, which is 91% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 2.1% while the 50-day MA has advanced 2.2%.

SmarTrend recommended that subscribers consider buying shares of Atwood Oceanics on September 29th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $8.74. Since that recommendation, shares of Atwood Oceanics have risen 4.1%. We continue to monitor ATW for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: analyst upgrades/downgrades atwood oceanics

Ticker(s): ATW