Atwood Oceanics (ATW) Stock Gives Away Tuesday's Gains, Drops Double Digits
NEW YORK (TheStreet) -- Shares of Atwood Oceanics (ATW) closed trading down 12.7% to $16.29 after rising 10% in the previous session following the release of its strong third quarter earnings results.
The deep water drilling company stock dropped today as oil prices declined in trading.
Industry standard Brent crude closed trading down 3.27% to $45.89 per barrel, while West Texas crude for December delivery was down 2.67% to $43.03.
Yesterday, the company reported earnings of $2.32 per diluted share on revenue of $363.2 million.
Analysts surveyed by Zacks were expecting earnings of $1.91 per share on revenue of $348 million in the third quarter.
TheStreet Ratings team rates ATWOOD OCEANICS as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
We rate ATWOOD OCEANICS (ATW) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, impressive record of earnings per share growth and compelling growth in net income. However, as a counter to these strengths, we find that the stock has had a generally disappointing performance in the past year.
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