Friday, June 27, 2008

Atwood Oceanics (ATW) - a Beautiful Breakout

TweetThis
I highlighted Atwood Oceanics (ATW) new contract earlier this week [Jun 25: Atwood Oceanics Announces New Contract] - the stock has been on fire since, and looks like the name got an upgrade yesterday
  • Shares of oil drilling contractor Atwood Oceanics Inc. set an all-time high Thursday, as the price of oil soared and after a Credit Suisse analyst upgraded the stock a day earlier.
  • On Wednesday, shares of Atwood were upgraded by Credit Suisse analyst Arun Jayaram to "Neutral" from "Underperform" following news of a contract.
  • "We believe Atwood's growth rate will be the highest in the industry for the offshore drillers," Jayaram wrote in a client note.
  • Jayaram's price target is now $120, compared with $97 previously (errr, gee thanks)
If you are a technical trader - this chart is like the Holy Grail of breakouts. I added a touch today despite my "for gosh sakes, will commodities ever sell off?" stance. Maybe my crumbling to the will of the market will cause a top to form? ;)

Long Atwood Oceanics in fund; no personal position


Disclaimer: The opinions listed on this blog are for educational purpose only. You should do your own research before making any decisions.
This blog, its affiliates, partners or authors are not responsible or liable for any misstatements and/or losses you might sustain from the content provided.

Copyright @2012 FundMyMutualFund.com