Zephirin Group upgraded shares of Rowan Cos. (NYSE:RDC) from a hold rating to a buy rating in a research report sent to investors on Monday morning. Zephirin Group currently has $18.00 price objective on the stock.
RDC has been the subject of several other reports. Citigroup Inc. reduced their price target on Rowan Cos. from $20.00 to $15.00 and set a neutral rating for the company in a research report on Thursday, August 25th. Evercore ISI reissued a buy rating on shares of Rowan Cos. in a research report on Wednesday, June 29th. FBR & Co reissued a buy rating on shares of Rowan Cos. in a research report on Thursday, September 8th. Howard Weil started coverage on Rowan Cos. in a research report on Wednesday, September 14th. They issued a sector perform rating and a $17.00 price target for the company. Finally, Johnson Rice raised Rowan Cos. from an accumulate rating to a buy rating in a research report on Monday, June 13th. Five equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and twelve have assigned a buy rating to the stock. The stock has an average rating of Hold and a consensus target price of $17.78.
Rowan Cos. (NYSE:RDC) opened at 13.49 on Monday. The stock has a market capitalization of $1.69 billion, a PE ratio of 7.54 and a beta of 1.61. Rowan Cos. has a 12 month low of $10.67 and a 12 month high of $21.83. The firm has a 50-day moving average price of $13.41 and a 200 day moving average price of $16.09.
Rowan Cos. (NYSE:RDC) last issued its earnings results on Tuesday, August 2nd. The company reported $0.75 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.81 by $0.06. The firm had revenue of $611.90 million for 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 company’s revenue for the quarter was up 20.3% on a year-over-year basis. During the same period last year, the firm earned $0.68 earnings per share. Equities analysts anticipate that Rowan Cos. will post $1.67 earnings per share for the current year.
Several large investors have recently bought and sold shares of RDC. First Trust Advisors LP boosted its stake in Rowan Cos. by 533.1% in the second quarter. First Trust Advisors LP now owns 2,620,005 shares of the company’s stock valued at $46,269,000 after buying an additional 2,206,144 shares in the last quarter. Acadian Asset Management LLC boosted its stake in Rowan Cos. by 182.8% in the second quarter. Acadian Asset Management LLC now owns 3,211,858 shares of the company’s stock valued at $56,718,000 after buying an additional 2,075,973 shares in the last quarter. Vanguard Group Inc. boosted its stake in Rowan Cos. by 17.4% in the second quarter. Vanguard Group Inc. now owns 13,651,405 shares of the company’s stock valued at $241,084,000 after buying an additional 2,020,982 shares in the last quarter. Emerald Acquisition Ltd. bought a new stake in Rowan Cos. during the second quarter valued at approximately $22,646,000. Finally, Norges Bank acquired a new position in shares of Rowan Cos. during the fourth quarter valued at $19,512,000.
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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