NEW YORK (TheStreet) -- Shares of Atwood Oceanics (ATW) were gaining 5.69% to $7.61 in mid-afternoon trading on Wednesday as oil prices rose.

Crude oil (WTI) was up 2.73% to $45.89 per barrel while Brent crude was higher 3.39% to $47.53 per barrel this afternoon.

Earlier today, the Energy Information Administration reported that U.S. crude inventories fell by 1.9 million barrels last week to total 502.7 million barrels.

Wall Street had projected a build of 3 million barrels for the week, Reuters reports.

Separately, Jefferies lowered its price target on Atwood stock to $8 from $11 earlier today, maintaining a "hold" rating.

The firm said that hopes for activity recovery in the oil services and equipment industry are solidifying as a 2018 event "at best."

Atwood is a Houston-based offshore drilling company.

Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings rated this stock as a "hold" with a ratings score of C.

The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself and feeble growth in the company's earnings per share.

You can view the full analysis from the report here: ATW

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