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Here’s a Reason Why Atwood Oceanics (ATW) Stock is Plummeting Today

NEW YORK (TheStreet) -- Shares of Atwood Oceanics (ATW - Get Report) are retreating by 8.68% to $10.52 in mid-morning trading on Monday, after the offshore drilling contractor's stock rating was lowered to "hold" from "buy" at Jefferies because of valuation and after oil prices weakened.

"We downgraded shares... as the premise of our rating was balance sheet improvement, which has largely played out," Jefferies analysts wrote in a note released this morning. "Shares have outperformed peers by 3,100 bps since Jan. 20 on this."

Analysts did raise their price target to $12 from $9 on the Houston-based company because of lower operating expenses and valuation, but remain concerned about medium-term contracting.

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