Jefferies maintained a Hold rating on Atwood Oceanics (NYSE: ATW), and cut the price target to $11.00 (from $13.00), following the company's 3Q earnings report. Management spoke encouragingly about opportunities on Atwood Condor and Atwood Osprey. Jefferies expects ATW is in in-tune with the market to bid aggressively to win work if the jobs in pursuit pan out.

Analyst Eduardo Royes commented, "Modest optimism about incremental work on the Condor and Osprey was encouraging, even if ultimate margin impact over the medium-term from contracts on these rigs is likely very modest versus the alternative. ATW remains relatively more attractive than peers on Normalized EBITDA, but uncertainty still about trough EBITDA in FY18/19 (and thus implicitly, financing concerns) will remain an overhang until the cycle starts to turn. Maintain Hold; lower PT to $11."

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Shares of Atwood Oceanics closed at $9.81 yesterday.