An issue of Atwood Oceanics, Inc. (NYSE:ATW) bonds rose 1% as a percentage of their face value during trading on Wednesday. The high-yield debt issue has a 6.5% coupon and is set to mature on February 1, 2020. The debt is now trading at $98.50. Price moves in a company’s bonds in credit markets often anticipate parallel moves in its share price.

ATW has been the subject of several research analyst reports. Raymond James Financial, Inc. raised Atwood Oceanics from an “underperform” rating to a “market perform” rating in a research note on Wednesday, May 31st. Clarkson Capital raised Atwood Oceanics from a “neutral” rating to a “buy” rating and set a $12.00 price target for the company in a research note on Friday, May 12th. Piper Jaffray Companies set a $10.00 price target on Atwood Oceanics and gave the stock a “hold” rating in a research note on Monday, August 21st. Wood & Company raised Atwood Oceanics from an “underperform” rating to a “market perform” rating in a research note on Wednesday, May 31st. Finally, DNB Markets raised Atwood Oceanics from a “sell” rating to a “hold” rating in a research note on Friday, May 19th. Four equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $11.40.

Atwood Oceanics, Inc. (ATW) opened at 6.57 on Friday. Atwood Oceanics, Inc. has a one year low of $5.91 and a one year high of $15.37. The company’s 50-day moving average price is $7.20 and its 200-day moving average price is $8.50. The stock’s market cap is $528.61 million.

Atwood Oceanics (NYSE:ATW) last announced its quarterly earnings results on Thursday, August 3rd. The offshore driller reported ($0.05) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.06) by $0.01. Atwood Oceanics had a negative net margin of 3.06% and a positive return on equity of 2.25%. The firm had revenue of $117.20 million during the quarter, compared to the consensus estimate of $125.89 million. During the same quarter last year, the firm earned $1.53 EPS. The firm’s revenue for the quarter was down 48.6% compared to the same quarter last year. Analysts forecast that Atwood Oceanics, Inc. will post ($0.44) EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Brandes Investment Partners LP purchased a new stake in shares of Atwood Oceanics during the first quarter valued at about $117,000. State of Alaska Department of Revenue increased its stake in shares of Atwood Oceanics by 77.5% in the second quarter. State of Alaska Department of Revenue now owns 14,660 shares of the offshore driller’s stock valued at $119,000 after buying an additional 6,400 shares during the last quarter. Piedmont Investment Advisors LLC purchased a new stake in shares of Atwood Oceanics during the second quarter valued at about $133,000. Municipal Employees Retirement System of Michigan increased its stake in shares of Atwood Oceanics by 6.2% in the second quarter. Municipal Employees Retirement System of Michigan now owns 17,670 shares of the offshore driller’s stock valued at $144,000 after buying an additional 1,030 shares during the last quarter. Finally, Eqis Capital Management Inc. increased its stake in shares of Atwood Oceanics by 24.9% in the first quarter. Eqis Capital Management Inc. now owns 17,121 shares of the offshore driller’s stock valued at $163,000 after buying an additional 3,416 shares during the last quarter. 91.97% of the stock is owned by hedge funds and other institutional investors.

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About Atwood Oceanics

Atwood Oceanics, Inc is an offshore drilling company engaged in the drilling and completion of exploration and development wells for the global oil and gas industry. The Company owns various types of drilling rigs, such as Ultra-Deepwater Rigs, Deepwater Semisubmersibles and Jackups. Its Ultra-deepwater Rigs and Deepwater Semisubmersibles include Atwood Achiever, Atwood Archer, Atwood Admiral, Atwood Advantage, Atwood Condor, Atwood Eagle and Atwood Osprey.

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