Global Hunter Securities Downgrades Atwood Oceanics (ATW) to Accumulate; Waiting For Better Entry Point
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Price: $9.32 --0%
Rating Summary:
5 Buy, 16 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
5 Buy, 16 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Global Hunter Securities downgraded Atwood Oceanics (NYSE: ATW) from Buy to Accumulate with a price target of $47.00.
Global analyst says, "We are transferring analyst coverage of ATW following the departure of our previous analyst and our recent meeting with the company's management team. To reflect revised cost and dayrate estimates, among other modeling assumptions, we are revising our F2012 and F2013 EPS estimates to $3.81 and $4.36, which are ~4% and ~12% below previous estimates. We are establishing a $47 price target, down from the prior $54, applying a ~10x multiple to our calendarized 2013 EPS estimate of $4.67. We continue to like ATW’s attractive organic growth profile, but recognize the brunt of its earnings expansion will not be recognized until F2014. At this time we believe consensus estimates for F2013 are ~11% too high, which could keep the stock in its current trading range in the near term. We are lowering our rating...favoring a more aggressive entry-point in the mid-$30s."
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 $40.96 yesterday.
Global analyst says, "We are transferring analyst coverage of ATW following the departure of our previous analyst and our recent meeting with the company's management team. To reflect revised cost and dayrate estimates, among other modeling assumptions, we are revising our F2012 and F2013 EPS estimates to $3.81 and $4.36, which are ~4% and ~12% below previous estimates. We are establishing a $47 price target, down from the prior $54, applying a ~10x multiple to our calendarized 2013 EPS estimate of $4.67. We continue to like ATW’s attractive organic growth profile, but recognize the brunt of its earnings expansion will not be recognized until F2014. At this time we believe consensus estimates for F2013 are ~11% too high, which could keep the stock in its current trading range in the near term. We are lowering our rating...favoring a more aggressive entry-point in the mid-$30s."
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 $40.96 yesterday.
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