Rowan Companies PLC (NYSE:RDC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday, October 17th. The firm presently has a $16.00 price objective on the oil and gas company’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 20.48% from the stock’s previous close.
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 research firms have also recently issued reports on RDC. Deutsche Bank AG assumed coverage on shares of Rowan Companies PLC in a report on Tuesday, October 10th. They issued a “hold” rating and a $15.00 price target for the company. Royal Bank Of Canada set a $14.00 price objective on shares of Rowan Companies PLC and gave the company a “hold” rating in a report on Sunday, October 8th. ValuEngine lowered shares of Rowan Companies PLC from a “hold” rating to a “sell” rating in a research report on Monday, October 2nd. UBS AG upgraded shares of Rowan Companies PLC from a “neutral” rating to a “buy” rating and boosted their target price for the company from $11.00 to $15.00 in a report on Monday, September 25th. Finally, BidaskClub raised shares of Rowan Companies PLC from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 26th. Four equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and seven have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $16.04.
Rowan Companies PLC (NYSE RDC) traded up 0.08% during midday trading on Tuesday, hitting $13.29. 1,389,871 shares of the stock were exchanged. The stock’s market cap is $1.68 billion. Rowan Companies PLC has a 12-month low of $9.02 and a 12-month high of $21.68. The firm has a 50 day moving average of $12.28 and a 200-day moving average of $11.96.
Rowan Companies PLC (NYSE:RDC) last posted its quarterly earnings data on Wednesday, August 2nd. The oil and gas company reported ($0.25) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.30) by $0.05. Rowan Companies PLC had a negative net margin of 2.62% and a positive return on equity of 0.51%. The company had revenue of $320.20 million for the quarter, compared to analyst estimates of $296.87 million. During the same period in the prior year, the company posted $0.75 EPS. The firm’s revenue for the quarter was down 47.7% on a year-over-year basis. On average, equities analysts expect that Rowan Companies PLC will post ($0.93) earnings per share for the current year.
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A number of institutional investors have recently made changes to their positions in the business. Neuberger Berman Group LLC raised its position in Rowan Companies PLC by 0.5% during the 1st quarter. Neuberger Berman Group LLC now owns 10,237 shares of the oil and gas company’s stock worth $159,000 after buying an additional 55 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in Rowan Companies PLC by 0.4% during the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 18,403 shares of the oil and gas company’s stock worth $188,000 after buying an additional 71 shares during the last quarter. Comerica Bank raised its position in Rowan Companies PLC by 0.3% during the 2nd quarter. Comerica Bank now owns 104,828 shares of the oil and gas company’s stock worth $1,182,000 after buying an additional 267 shares during the last quarter. Virginia Retirement Systems ET AL raised its position in Rowan Companies PLC by 1.7% during the 2nd quarter. Virginia Retirement Systems ET AL now owns 23,432 shares of the oil and gas company’s stock worth $240,000 after buying an additional 400 shares during the last quarter. Finally, Retirement Systems of Alabama increased its holdings in shares of Rowan Companies PLC by 0.3% in the 2nd quarter. Retirement Systems of Alabama now owns 162,562 shares of the oil and gas company’s stock valued at $1,665,000 after purchasing an additional 546 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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