Traders Could Strike It Big With This Offshore Driller

Atwood Oceanics broke from a quadruple-top following a period of high accumulation

   
Traders Could Strike It Big With This Offshore Driller

Atwood Oceanics (ATW) — This offshore drilling company derives most of its revenue from international operations. The company is taking an aggressive approach to building its fleet and focuses on premium assets. ATW’s day rates are high, and they just extended an option to build a third ultra-deep-water rig.

S&P estimates earnings of $5.22 per share in the current fiscal year, ended in September, versus $4.14 last year, and expects $6.66 next year. A Jeffries analyst recently reiterated a “buy” rating on the stock and raised his target to $64 from $60.

ATW just broke from a quadruple-top following a period of high accumulation. MACD is on a buy signal and the target is $66.

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chart key 300x84 Traders Could Strike It Big With This Offshore Driller

 


Article printed from InvestorPlace Media, http://investorplace.com/2013/07/trade-of-the-day-atwood-oceanics-atw/.

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