Deutsche Bank Starts Atwood Oceanics (ATW) at Hold

Deutsche Bank initiated coverage on Atwood Oceanics (NYSE: ATW) with a Hold rating and a price target of $52.00.

Analyst Mike Urban said, "ATW has a modern, diversified fleet of 15 rigs including three ultra-deepwater (UDW) units under construction. ATW is one of the better placed companies to weather the current softness in the offshore drilling market with close to 95% and 73% operating days already contracted in 2014 and 2015, respectively. Despite this strong relative position, we see the offshore drilling market continuing to weaken amidst project delays, rapidly growing supply and stubbornly high industry-wide rig downtime and costs which leads to our HOLD rating."

For an analyst ratings summary and ratings history on Atwood Oceanics click here. For more ratings news on Atwood Oceanics click here.

Shares of Atwood Oceanics closed at $50.73 yesterday.

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