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Here’s Why Atwood Oceanics, Inc.’s Stock Catapulted 33% in September

TheMotleyFool

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Here’s Why Atwood Oceanics, Inc.’s Stock Catapulted 33% in September

Shares of Atwood Oceanics (NYSE: ATW) rose sharply last month, ending up more than 33%. Three factors fueled that move: Higher oil prices, a new drilling contract, and a near industrywide analyst upgrade.

Crude prices took off last month, with the global oil benchmark, Brent, rising 8.8% and closing at $57.54 a barrel. That price point pushes crude closer to the level that would incentivize oil companies to increase their investments in offshore sources. That higher spending level would enable drilling contractors like Atwood to secure additional contracts for their rigs, potentially at higher rates.

Image source: Getty Images.

Source: Fool.com