Rowan Companies (RDC) Downgraded by Piper Jaffray Companies to “Neutral”

Piper Jaffray Companies cut shares of Rowan Companies (NYSE:RDC) from an overweight rating to a neutral rating in a research report sent to investors on Thursday, Marketbeat Ratings reports. They currently have $18.00 price target on the oil and gas company’s stock.

A number of other equities analysts have also weighed in on the stock. B. Riley set a $16.00 price target on shares of Rowan Companies and gave the stock a buy rating in a research report on Friday, January 5th. Jefferies Group set a $16.00 price target on shares of Rowan Companies and gave the stock a hold rating in a research report on Thursday, January 4th. ValuEngine upgraded shares of Rowan Companies from a sell rating to a hold rating in a research report on Friday, December 1st. Zacks Investment Research lowered shares of Rowan Companies from a buy rating to a hold rating in a research report on Friday, November 17th. Finally, UBS Group upped their price target on shares of Rowan Companies from $15.00 to $18.00 and gave the stock a buy rating in a research report on Monday, November 6th. Three investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $16.54.

Shares of Rowan Companies (RDC) traded up $0.07 during midday trading on Thursday, reaching $17.17. 1,642,900 shares of the company traded hands, compared to its average volume of 2,922,411. The company has a debt-to-equity ratio of 0.47, a current ratio of 5.80 and a quick ratio of 5.80. The company has a market capitalization of $2,167.77, a price-to-earnings ratio of -33.02 and a beta of 1.90. Rowan Companies has a 12 month low of $9.02 and a 12 month high of $20.34.

Rowan Companies (NYSE:RDC) last announced its earnings results on Wednesday, November 1st. The oil and gas company reported ($0.16) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.42) by $0.26. The company had revenue of $291.60 million during the quarter, compared to analyst estimates of $281.51 million. Rowan Companies had a negative net margin of 4.76% and a negative return on equity of 0.61%. The firm’s quarterly revenue was down 23.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.30 earnings per share. analysts predict that Rowan Companies will post -0.63 EPS for the current fiscal year.

Hedge funds have recently added to or reduced their stakes in the company. FMR LLC lifted its holdings in shares of Rowan Companies by 140.0% in the second quarter. FMR LLC now owns 1,640,662 shares of the oil and gas company’s stock worth $16,800,000 after buying an additional 957,047 shares in the last quarter. Sterling Capital Management LLC purchased a new position in shares of Rowan Companies in the second quarter worth $922,000. Royal Bank of Canada lifted its holdings in shares of Rowan Companies by 296.6% in the second quarter. Royal Bank of Canada now owns 38,316 shares of the oil and gas company’s stock worth $392,000 after buying an additional 28,656 shares in the last quarter. Macquarie Group Ltd. lifted its holdings in shares of Rowan Companies by 5.5% in the third quarter. Macquarie Group Ltd. now owns 287,295 shares of the oil and gas company’s stock worth $3,692,000 after buying an additional 14,850 shares in the last quarter. Finally, Cubist Systematic Strategies LLC lifted its holdings in shares of Rowan Companies by 270.2% in the second quarter. Cubist Systematic Strategies LLC now owns 42,926 shares of the oil and gas company’s stock worth $440,000 after buying an additional 31,331 shares in the last quarter.

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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.

Analyst Recommendations for Rowan Companies (NYSE:RDC)

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