Five Stocks Catch Investors’ Attention on the Back of Financial Results

The US stock market opened lower on Tuesday amid a slight increase in oil prices and following Japan’s decision to approve a new stimulus package of 13.5 trillion yen ($132 billion).

Meanwhile, investors are keeping an eye on Tenet Healthcare Corp (NYSE:THC), Atwood Oceanics, Inc. (NYSE:ATW), Williams Companies Inc (NYSE:WMB), Williams Partners LP (NYSE:WPZ) and Integrated Device Technology Inc (NASDAQ:IDTI) today following the release of their financial results for the last quarter. Let’s take a closer look at the performance of the companies in question and analyze the hedge fund sentiment towards them.

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Tenet Healthcare Misses Estimates

Tenet Healthcare Corp (NYSE:THC)’s stock slid today after the company’s second quarter earnings fell short of analysts’ forecasts. The Texas-based healthcare company posted adjusted EPS of $0.38, less than the expected $0.52, but revenue of $4.87 billion topped the consensus estimate of $4.83 billion. Tenet Healthcare expects its full-year EPS to be in the range of $1.32-$1.67, much less than the consensus estimate of $1.93, while earnings in the third quarter are expected to lie between $0.10-$0.25 a share, down from the expectation of $0.43. Tenet Healthcare also said on Monday that it had agreed to pay $514 million to resolve a criminal investigation and civil litigation related to a kickback scandal involving an Atlanta medical clinic and three hospitals. The company also agreed to appoint a corporate monitor for three years as part of the settlement. A total of 34 funds from our database were bullish on Tenet Healthcare Corp (NYSE:THC) at the of the first quarter

Atwood Oceanics Beats Estimates

Atwood Oceanics, Inc. (NYSE:ATW) is in the news after the company beat analysts’ bottom-line forecasts for the fiscal third quarter. The offshore drilling contractor posted EPS of $1.53, versus expectations of  $0.90, while revenue of $227.8 million missed the estimates of $232.74 million. The company also said it had bought $145.8 million of its senior notes in open-market transactions with an average discount of 34.8%, and in July, it purchased $42 million of notes through a Dutch auction and it currently has $448.7 million of senior notes outstanding. At the end of March, 18 investors tracked by Insider Monkey were long Atwood Oceanics, Inc. (NYSE:ATW).

On the next page, we discuss why Williams Companies, Williams Partners LP and Integrated Device Technology making moves today.

Williams Companies and Williams Partners LP Post Quarterly Results

Shares of Williams Companies Inc (NYSE:WMB) have gained nearly 6% after the company posted its second-quarter earnings and said it would slash its dividend by 69% to $0.20 a share in order to reinvest about $1.7 billion into Williams Partners LP (NYSE:WPZ), its affiliated company. Williams Companies posted a loss of $405 million, or $0.54 a share for the quarter, compared with a profit of $114 million a year ago. Its adjusted EPS in the quarter amounted to $0.19, less than the estimated $0.22. The company said it continues to make progress on its cost cutting and restructuring measures announced in May. Williams Partners LP (NYSE:WPZ) also posted its second-quarter results, which included a net loss of $90 million or $0.49 per share, versus an income of $0.14 per share posted a year earlier. Williams Companies’ CEO Alan Armstrong said in a statement that strong performance of the company in the quarter shows that Williams is benefiting significantly from the growing natural gas demand. Mr. Armstrong said that the company expects to add about 7.6 Bcf per day of capacity to markets served by Transco through 2020. A total of 52 funds tracked by Insider Monkey owned shares of Williams Companies Inc (NYSE:WMB) at the end of March.

 Integrated Device Technology Posts Q1 Results

Integrated Device Technology Inc (NASDAQ:IDTI)’s stock has slid by more than 9% following the company reporting its fiscal 2017 first-quarter results. The semiconductor company’s EPS of $0.36 was in-line with the analysts’ consensus estimate, while revenue amounted to $192.1 million, versus the consensus estimate of $191.06 million. In a statement, Integrated Device Technology Inc (NASDAQ:IDTI) CEO, Greg Waters, said that first quarter revenue grew by 19% year-over-year due to broad strength across consumer, communications, automotive and industrial segments. As of the end of the first quarter, 29 funds among those tracked by Insider Monkey are bullish on Integrated Device Technology Inc (NASDAQ:IDTI), down from 37 funds a quarter earlier.

 

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