Rowan Companies PLC (NYSE:RDC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday, October 17th. The brokerage currently has a $16.00 target price on the oil and gas company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 7.53% from the company’s current price.
According to Zacks, “Rowan Cos offers investors stable earnings and cash flow visibility, given its technologically advanced and versatile offshore drilling fleet, strong backlog and considerable pricing power. Moreover, Rowan’s joint venture with Aramco is expected to drive higher utilizations for the drop-down rigs. Rowan’s cost-control initiatives are also noteworthy. Rowan outperformed the industry in the last three months and it has a strong earnings surprise history. Rowan’s earnings beat the Zacks Consensus Estimate in three of the four quarters with an average positive earnings surprise of 777.27%.”
A number of other equities research analysts have also issued reports on the stock. Seaport Global Securities lowered shares of Rowan Companies PLC from a “neutral” rating to a “sell” rating and decreased their target price for the company from $12.00 to $10.00 in a research note on Wednesday, June 21st. BMO Capital Markets restated a “hold” rating and set a $15.00 price target on shares of Rowan Companies PLC in a report on Thursday, June 22nd. BidaskClub downgraded shares of Rowan Companies PLC from a “sell” rating to a “strong sell” rating in a report on Friday, June 23rd. Bank of America Corporation downgraded shares of Rowan Companies PLC from a “neutral” rating to an “underperform” rating in a report on Friday, June 30th. Finally, Jefferies Group LLC restated a “hold” rating and set a $12.00 price objective (down previously from $15.00) on shares of Rowan Companies PLC in a report on Tuesday, July 18th. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have given a buy rating to the company. Rowan Companies PLC presently has a consensus rating of “Hold” and an average price target of $16.52.
Rowan Companies PLC (NYSE:RDC) traded up $0.80 on Tuesday, reaching $14.88. 2,854,331 shares of the company traded hands, compared to its average volume of 3,356,201. Rowan Companies PLC has a 52-week low of $9.02 and a 52-week high of $21.68. The company has a current ratio of 5.80, a quick ratio of 5.80 and a debt-to-equity ratio of 0.47.
Rowan Companies PLC (NYSE:RDC) last posted its quarterly earnings data on Wednesday, November 1st. The oil and gas company reported ($0.16) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.42) by $0.26. The business had revenue of $291.60 million for the quarter, compared to analyst estimates of $281.51 million. Rowan Companies PLC had a negative net margin of 4.76% and a negative return on equity of 0.61%. The business’s revenue for the quarter was down 23.1% on a year-over-year basis. During the same quarter last year, the business earned $0.30 earnings per share. sell-side analysts predict that Rowan Companies PLC will post -0.82 earnings per share for the current fiscal year.
A number of institutional investors have recently made changes to their positions in the business. BlackRock Inc. grew its stake in Rowan Companies PLC by 30.3% during the second quarter. BlackRock Inc. now owns 14,315,633 shares of the oil and gas company’s stock worth $146,590,000 after buying an additional 3,327,747 shares in the last quarter. AQR Capital Management LLC boosted its stake in shares of Rowan Companies PLC by 19.5% in the 1st quarter. AQR Capital Management LLC now owns 5,702,609 shares of the oil and gas company’s stock valued at $88,847,000 after purchasing an additional 931,612 shares in the last quarter. State Street Corp boosted its stake in shares of Rowan Companies PLC by 24.1% in the 2nd quarter. State Street Corp now owns 5,078,230 shares of the oil and gas company’s stock valued at $52,005,000 after purchasing an additional 986,257 shares in the last quarter. Northern Trust Corp boosted its stake in shares of Rowan Companies PLC by 145.7% in the 2nd quarter. Northern Trust Corp now owns 3,151,757 shares of the oil and gas company’s stock valued at $32,274,000 after purchasing an additional 1,869,194 shares in the last quarter. Finally, Key Group Holdings Cayman LTD. boosted its stake in shares of Rowan Companies PLC 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 valued at $28,501,000 after purchasing an additional 1,636,896 shares in the last quarter.
Rowan Companies PLC 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. 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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