Atwood Oceanics, Inc. (ATW) has bypassed investor concerns of drilling companies reporting operating-cost guidance, as the company reported its guidance for 2013 a quarter ago and thus is outperforming some competitors, says Matt Beeby, Senior Equity Research Analyst of Oilfield Services at Williams Financial Group.
“They’re a fiscal quarter ahead, and they had already, a quarter ago, reported their guidance for the fiscal year 2013. This quarter, they came back and they basically just reiterated their guidance for operating costs. I think that’s why they have of outperformed year to date, particularly against someone like Diamond (DO),” said Beeby.
Beeby also says Atwood has been his firm’s top pick for a long time because of its other value characteristics, including its growth profile.
“Across the space, I like Atwood. That’s been the top pick for some time. They’ve got that growth profile, the year-over-year continuation of earnings growth, and they’re at a reasonably attractive value today,” Beeby said.
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