Atwood Oceanics (ATW) Stock Popping on Earnings Beat
NEW YORK (TheStreet) -- Shares of Atwood Oceanics (ATW) are gaining by 14.39% to $19.40 in early afternoon trading on Tuesday, after the offshore drilling contractor reported better than expected financial results for the fiscal 2015 fourth quarter.
The company reported net income of $2.32 per diluted share on revenue of $363.2 million for the three month period ended September 30.
Analysts surveyed by Zacks Investment Research had been expecting earnings of $1.91 per share on revenue of $348 million for the most recent quarter.
For the full 2015 fiscal year net income was $6.65 per diluted share on revenue of $1.4 billion.
Based in Houston, Atwood Oceanics is a leading offshore drilling company engaged in the drilling and completion of exploration and development wells for the global oil and gas industry.
Separately, 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, compelling growth in net income and notable return on equity. However, as a counter to these strengths, we also find weaknesses including weak operating cash flow and a generally disappointing performance in the stock itself.
You can view the full analysis from the report here: ATW
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