NEW YORK, NY / ACCESSWIRE / May 24, 2017 / The Dow Jones Industrial Average and the S&P 500 Index rose for the fourth consecutive session Tuesday after the White House released the details of its 2018 budget proposal. The Dow Jones gained 0.21 percent to close at 20,937.91, while the S&P 500 Index increased 0.18 percent to close at 2,398.42. President Trump's budget called for an increase in infrastructure and military spending, along with cuts to healthcare and food assistance programs. "There were no large surprises. The market is pleased with that," said Wade Balliet, Chief Investment Strategist at Bank of the West.

RDI Initiates Coverage on:

Seadrill Ltd.
https://ub.rdinvesting.com/news/?ticker=SDRL

Atwood Oceanics, Inc.
https://ub.rdinvesting.com/news/?ticker=ATW

Seadrill's shares spiked 12.40 percent to close at $0.589 a share on Tuesday. The stock traded between $0.52 and $0.66 on volume of 22.33 million shares traded. The company has a consensus "hold" rating from analysts, according to Reuters. There are currently 10 analysts covering the stock, two "buy" ratings, two "hold" ratings, 5 sell ratings and one "strong sell" rating. Seadrill is scheduled to release results for the first quarter of 2017 on Wednesday May 24th. On May 1st, the company announced that it has agreed to sell three jack-ups, West Triton, West Resolute and West Mischief, for a total consideration of $225 million. Shares of Seadrill have fallen approximately 82.69 percent year-to-date.

Access RDI's Seadrill Research Report at:
https://ub.rdinvesting.com/news/?ticker=SDRL

Atwood Oceanics' shares jumped 1.95 percent to close at $8.90 a share on Tuesday. The stock traded between $8.56 and $9.00 on volume of 2.81 million shares traded. Analysts at Goldman Sachs have recently upgraded the company's rating to "neutral" from "sell". Shares of Atwood Oceanics have fallen approximately 32.22 percent year-to-date.

"We upgrade ATW to Neutral from Sell as we now have better visibility into re- contracting prospects for ATW's four deepwater rigs. Additionally, we see ATW as an attractive M&A target for companies looking to high-grade their fleets close to the bottom of the offshore drilling cycle. ATW has a young rig fleet with average age <5years (vs. industry average of 14 years). Also, we see potential for any buyer to realize significant cost synergies from the acquisition as ATW's G&A is currently running very high ? 70% of 2018 EBITDA and 18% of normalized EBITDA," wrote Goldman Sachs analysts' Waqar Syed and Viswa Sandeep Sama.

Access RDI's Atwood Oceanics Research Report at:
https://ub.rdinvesting.com/news/?ticker=ATW

Our Actionable Research on Seadrill Ltd. (NYSE: SDRL) and Atwood Oceanics, Inc. (NYSE: ATW) can be downloaded free of charge at Research Driven Investing.

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SOURCE: RDInvesting.com