Duncan Williams Upgrades Atwood Oceanics (ATW) to Strong Buy After Q1 Release

Duncan Williams upgraded Atwood Oceanics (NYSE: ATW) from Reduce to Strong Buy. PT $60.75.

Duncan analyst says, "We are raising our rating based on the new rigs
coming online and the anticipated contract renewals...Atwood is a well run, conservative offshore drilling contractor. The company is under followed by the street, due to its small market capitalization and small stock float. We like Atwood for the company's strategy and long term outlook, and we recommend investors use the current pullback as an entry point for the stock."

"We are lowering our 2011 earnings estimate to $3.90 per share from $4.10 per share as the company expects downtime on the Aurora for a survey after its current contract ends. We are raising our 2012 earnings estimate to $4.05 per share from $3.70 per share as the company announced certain contract renewals should be coming shortly."

For more ratings news on Atwood Oceanics click here and for the rating history of Atwood Oceanics click here.

Shares of Atwood Oceanics closed at $41.23 yesterday.

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