Atwood's quarterly fleet status report indicated no new contracts for two uncontracted newbuild drillships despite speculation that the company would reach an agreement with Brazil, according to Barron's.
Also weighing on the stock are oil prices, falling today to two-month lows following a surprise update on U.S. crude inventories.
The U.S. Energy Information Administration released data showing that crude stockpiles rose by 1.7 million barrels for the week ending July 22, far greater than analysts' expecations of a 2.3 million-barrel decline.
The Fed's decision this afternoon to keep interest rates unchanged is strengthening the dollar, putting additional pressure on oil prices.
Crude oil (WTI) is down 2.77% to $41.73 per barrel, while Brent crude is falling 3.34% to $43.37 per barrel.
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, notable return on equity and reasonable valuation levels. However, TheStreet Ratings finds that the stock has had a generally disappointing performance in the past year.
You can view the full analysis from the report here: ATW