Atwood Oceanics, Inc Rallies as These Rising Tides Lift All Boats [The Motley Fool]
ATWOOD OCEANICS (ATW)
Last atwood oceanics earnings: 5/8 04:52 pm
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Source: The Motley Fool
Higher oil prices and bullish earnings from Transocean fuels a double-digit rally for this offshore driller. What happened Shares of Atwood Oceanics ( NYSE:ATW ) rose on Thursday, closing 11% higher for the day. Fueling the offshore driller's rally was a combination of improving oil prices and bullish comments from fellow offshore driller Transocean ( NYSE:RIG ) . So what Crude prices ended up about 1.5% on the day, closing at a 19-month high after crude oil inventories in the U.S. rose less than expected. Analysts thought that crude stocks would increase by 3.4 million barrels from last week, but they were only up 600,000 barrels according to the U.S. Energy Information Administration. That data suggests that OPEC's output cut is starting to drain global supplies. Image source: Getty Images. On top of that, leading offshore driller Transocean reported an upbeat quarter, all things considered. While revenue plunged 47.4% year over year, to $947 mill
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