Credit Suisse Group AG downgraded shares of Rowan Cos. (NYSE:RDC) from an outperform rating to a neutral rating in a research note published on Friday morning. They currently have $13.00 price target on the stock, down from their previous price target of $15.00.
A number of other research firms also recently weighed in on RDC. Iberia Capital downgraded shares of Rowan Cos. from an outperform rating to a sector perform rating and set a $19.00 target price for the company. in a research report on Tuesday, July 5th. Bank of America Corp. reaffirmed an underperform rating on shares of Rowan Cos. in a research report on Monday, June 13th. Johnson Rice raised shares of Rowan Cos. from an accumulate rating to a buy rating in a research report on Monday, June 13th. Zacks Investment Research downgraded shares of Rowan Cos. from a hold rating to a sell rating in a research report on Wednesday, July 13th. Finally, Evercore ISI reaffirmed a buy rating on shares of Rowan Cos. in a research report on Wednesday, June 29th. Five investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and eleven have assigned a buy rating to the stock. The company has an average rating of Hold and a consensus target price of $17.67.
Rowan Cos. (NYSE:RDC) opened at 14.60 on Friday. Rowan Cos. has a 12-month low of $10.67 and a 12-month high of $21.83. The company has a market cap of $1.83 billion, a P/E ratio of 8.16 and a beta of 1.61. The stock’s 50 day moving average is $13.31 and its 200 day moving average is $16.00.
Rowan Cos. (NYSE:RDC) last released its earnings results on Tuesday, August 2nd. The company reported $0.75 earnings per share for the quarter, missing analysts’ consensus estimates of $0.81 by $0.06. The business earned $611.90 million during the quarter, compared to the consensus estimate of $470.98 million. Rowan Cos. had a net margin of 10.24% and a return on equity of 9.22%. The firm’s revenue for the quarter was up 20.3% on a year-over-year basis. During the same period last year, the business posted $0.68 EPS. On average, equities analysts forecast that Rowan Cos. will post $1.67 earnings per share for the current year.
Large investors have recently bought and sold shares of the company. LS Investment Advisors LLC increased its stake in Rowan Cos. by 75.6% in the second quarter. LS Investment Advisors LLC now owns 7,582 shares of the company’s stock valued at $134,000 after buying an additional 3,265 shares in the last quarter. Tower Research Capital LLC TRC increased its stake in Rowan Cos. by 91.3% in the second quarter. Tower Research Capital LLC TRC now owns 7,666 shares of the company’s stock valued at $135,000 after buying an additional 3,658 shares in the last quarter. Rational Advisors LLC acquired a new stake in Rowan Cos. during the second quarter valued at approximately $143,000. Bank of Hawaii acquired a new stake in Rowan Cos. during the second quarter valued at approximately $179,000. Finally, Smith Asset Management Group LP acquired a new stake in Rowan Cos. during the second quarter valued at approximately $202,000.
About Rowan Cos.
Rowan Companies plc is a provider of offshore contract drilling services to the international oil and gas industry. The Company operates through two segments: deepwater and jack-ups. Its deepwater segment consists of drillship operations. Its fleet consists of approximately 30 mobile offshore drilling units, including self-elevating jack-up rigs and ultra-deepwater drillships.
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