Societe Generale cut shares of Rowan Cos. (NYSE:RDC) from a hold rating to a sell rating in a research report report published on Monday. The firm currently has $11.00 price target on the stock, down from their prior price target of $16.00.
Several other research analysts have also commented on the company. Nomura set a $14.00 price target on Rowan Cos. and gave the stock a hold rating in a report on Tuesday, August 16th. Evercore ISI reiterated a buy rating on shares of Rowan Cos. in a report on Wednesday, June 29th. Credit Suisse Group AG lowered Rowan Cos. from an outperform rating to a neutral rating and reduced their price target for the stock from $15.00 to $13.00 in a report on Friday, September 23rd. Raymond James Financial Inc. lowered Rowan Cos. from an outperform rating to a market perform rating in a report on Tuesday, July 26th. Finally, Howard Weil started coverage on Rowan Cos. in a report on Wednesday, September 14th. They set a sector perform rating and a $17.00 price target on the stock. Six analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and eleven have assigned a buy rating to the company. The stock has a consensus rating of Hold and a consensus price target of $17.26.
Rowan Cos. (NYSE:RDC) opened at 15.27 on Monday. The firm’s 50-day moving average is $13.47 and its 200 day moving average is $15.95. Rowan Cos. has a one year low of $10.67 and a one year high of $21.83. The company has a market capitalization of $1.92 billion, a PE ratio of 8.53 and a beta of 1.54.
Rowan Cos. (NYSE:RDC) last announced its quarterly earnings data 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 firm earned $611.90 million during the quarter, compared to analysts’ expectations of $470.98 million. Rowan Cos. had a net margin of 10.24% and a return on equity of 9.22%. The company’s revenue for the quarter was up 20.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.68 EPS. On average, equities analysts expect that Rowan Cos. will post $1.67 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently made changes to their positions in the company. IBM Retirement Fund raised its position in shares of Rowan Cos. by 1.0% in the second quarter. IBM Retirement Fund now owns 12,690 shares of the company’s stock worth $224,000 after buying an additional 124 shares in the last quarter. Insight 2811 Inc. raised its position in shares of Rowan Cos. by 1.3% in the second quarter. Insight 2811 Inc. now owns 31,820 shares of the company’s stock worth $562,000 after buying an additional 400 shares in the last quarter. State Treasurer State of Michigan raised its position in shares of Rowan Cos. by 1.0% in the second quarter. State Treasurer State of Michigan now owns 50,300 shares of the company’s stock worth $888,000 after buying an additional 500 shares in the last quarter. Utah Retirement Systems raised its position in shares of Rowan Cos. by 2.7% in the second quarter. Utah Retirement Systems now owns 22,842 shares of the company’s stock worth $403,000 after buying an additional 600 shares in the last quarter. Finally, Raymond James & Associates raised its position in shares of Rowan Cos. by 1.9% in the second quarter. Raymond James & Associates now owns 41,058 shares of the company’s stock worth $725,000 after buying an additional 779 shares in the last quarter.
Rowan Cos. Company Profile
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.
Receive News & Ratings for Rowan Cos. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rowan Cos. and related companies with MarketBeat.com's FREE daily email newsletter.