Rowan Companies PLC (NYSE:RDC) had its price objective boosted by equities researchers at UBS AG from $15.00 to $18.00 in a research report issued to clients and investors on Monday, November 6th, www.benzinga.com reports. The brokerage currently has a “buy” rating on the oil and gas company’s stock. UBS AG’s price target suggests a potential upside of 27.57% from the stock’s previous close.
A number of other equities research analysts also recently commented on the company. Jefferies Group LLC reissued a “hold” rating and issued a $12.00 target price (down previously from $15.00) on shares of Rowan Companies in a report on Tuesday, July 18th. Seaport Global Securities raised Rowan Companies from a “sell” rating to a “neutral” rating and raised their target price for the company from $10.00 to $11.00 in a report on Thursday, July 20th. Royal Bank Of Canada reaffirmed a “sell” rating and set a $13.50 price target on shares of Rowan Companies in a research note on Thursday, July 20th. Cowen Inc reiterated a “hold” rating and set a $15.00 price objective on shares of Rowan Companies in a research report on Thursday, August 3rd. Finally, Nomura reduced their price objective on Rowan Companies from $14.00 to $13.00 and set a “neutral” rating on the stock in a research note on Thursday, August 3rd. Four investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $16.52.
Rowan Companies (NYSE RDC) opened at $14.11 on Monday. Rowan Companies has a 1 year low of $9.02 and a 1 year high of $21.68. The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.47.
Several hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. boosted its stake in Rowan Companies by 4,558.9% during the 1st quarter. BlackRock Inc. now owns 10,987,886 shares of the oil and gas company’s stock valued at $171,191,000 after purchasing an additional 10,752,038 shares during the period. Northern Trust Corp lifted its position in shares of Rowan Companies by 145.7% in the 2nd quarter. Northern Trust Corp now owns 3,151,757 shares of the oil and gas company’s stock worth $32,274,000 after acquiring an additional 1,869,194 shares during the period. Odey Asset Management Group Ltd bought a new stake in shares of Rowan Companies in the 2nd quarter worth approximately $16,866,000. Key Group Holdings Cayman LTD. lifted its position in shares of Rowan Companies by 142.8% in the 2nd quarter. Key Group Holdings Cayman LTD. now owns 2,783,345 shares of the oil and gas company’s stock worth $28,501,000 after acquiring an additional 1,636,896 shares during the period. Finally, State Street Corp lifted its position in shares of Rowan Companies by 24.1% in the 2nd quarter. State Street Corp now owns 5,078,230 shares of the oil and gas company’s stock worth $52,005,000 after acquiring an additional 986,257 shares during the period.
About Rowan Companies
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. As of December 31, 2016, the Company’s fleet consisted of 29 mobile offshore drilling units, including 25 self-elevating jack-up rigs and four ultra-deepwater drillships.
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