Why Atwood Oceanics (ATW) Could Be Positioned for a Surge
Atwood Oceanics, Inc.ATW, an offshore drilling contractor engaged in the drilling and completion of exploratory and developmental oil and gas wells worldwide, could be an interesting play for investors. That is because, not only does the stock have decent short-term momentum, but it is seeing solid activity on the earnings estimate revision front as well.
These positive earnings estimate revisions suggest that analysts are becoming more optimistic on ATW's earnings for the coming quarter and year. In fact, consensus estimates have moved sharply higher for both of these time frames over the past four weeks, suggesting that Atwood Oceanicscould be a solid choice for investors.
Current Quarter Estimates for ATW
In the past 30 days, 2 estimates have gone higher for Atwood Oceanics while none have gone lower in the same time period. The trend has been pretty favorable too, with estimates increasing from 55 cents a share 30 days ago, to 56 cents today, a move of 1.8%.
Current Year Estimates for ATW
Meanwhile, Atwood Oceanics' current year figures are also looking quite promising, with 2 estimates moving higher in the past month, compared to none lower. The consensus estimate trend has also seen a boost for this time frame, increasing from $4.6 per share 30 days ago to $4.61 per share today, an increase of 0.22%.
ATWOOD OCEANICS Price and Consensus
The stock has also started to move higher lately, adding 27.9% over the past four weeks, suggesting that investors are starting to take note of this impressive story. So investors may definitely want to consider this Zacks Rank #3 (Hold) stock to profit in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here .
Confidential from Zacks
Beyond this Tale of the Tape, would you like to see Zacks' best recommendations that are not available to the public? Our Executive VP, Steve Reitmeister, knows when key trades are about to be triggered and which of our experts has the hottest hand. Click to see them now>>