Rowan Companies (NYSE:RDC)‘s stock had its “hold” rating reaffirmed by equities research analysts at Cowen in a research report issued on Thursday, March 15th. They presently have a $12.00 target price on the oil and gas company’s stock. Cowen’s price target points to a potential downside of 4.76% from the stock’s previous close.
RDC has been the topic of a number of other research reports. Zacks Investment Research downgraded shares of Rowan Companies from a “buy” rating to a “hold” rating in a report on Friday, November 17th. Barclays downgraded shares of Rowan Companies from an “equal weight” rating to an “underweight” rating and set a $10.00 price objective on the stock. in a report on Tuesday, January 23rd. TheStreet raised shares of Rowan Companies from a “d+” rating to a “c” rating in a report on Wednesday, February 28th. DNB Markets raised shares of Rowan Companies from a “hold” rating to a “buy” rating and set a $15.00 price objective on the stock in a report on Wednesday, February 14th. Finally, Jefferies Group set a $16.00 price objective on shares of Rowan Companies and gave the stock a “hold” rating in a report on Thursday, January 4th. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating and seven have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $14.69.
Shares of RDC stock traded down $0.04 during trading hours on Thursday, reaching $12.60. The company had a trading volume of 2,648,324 shares, compared to its average volume of 2,640,584. Rowan Companies has a one year low of $9.02 and a one year high of $17.33. The firm has a market capitalization of $1,596.03, a PE ratio of -19.69 and a beta of 1.80. The company has a quick ratio of 6.06, a current ratio of 6.06 and a debt-to-equity ratio of 0.47.
Rowan Companies (NYSE:RDC) last announced its quarterly earnings results on Wednesday, February 28th. The oil and gas company reported ($0.31) EPS for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.05). Rowan Companies had a negative return on equity of 1.52% and a net margin of 5.67%. The company had revenue of $296.70 million during the quarter, compared to the consensus estimate of $270.28 million. During the same quarter in the prior year, the firm earned $0.08 earnings per share. The business’s revenue was down 15.7% compared to the same quarter last year. analysts anticipate that Rowan Companies will post -3.4 earnings per share for the current year.
In other news, CFO Stephen M. Butz sold 3,671 shares of Rowan Companies stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $12.99, for a total transaction of $47,686.29. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.77% of the stock is owned by insiders.
Several institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada increased its position in 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 purchasing an additional 28,656 shares during the last quarter. Crossmark Global Holdings Inc. bought a new stake in Rowan Companies in the third quarter worth $276,000. New York State Common Retirement Fund increased its position in Rowan Companies by 17.8% in the third quarter. New York State Common Retirement Fund now owns 1,005,300 shares of the oil and gas company’s stock worth $12,918,000 after purchasing an additional 151,958 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. increased its position in Rowan Companies by 7.8% in the third quarter. Los Angeles Capital Management & Equity Research Inc. now owns 476,372 shares of the oil and gas company’s stock worth $6,121,000 after purchasing an additional 34,385 shares during the last quarter. Finally, SG Americas Securities LLC increased its position in Rowan Companies by 50.8% in the third quarter. SG Americas Securities LLC now owns 36,181 shares of the oil and gas company’s stock worth $465,000 after purchasing an additional 12,193 shares during the last quarter.
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About Rowan Companies
Rowan Companies plc provides offshore oil and gas contract drilling services to the oil and gas industry. The company operates through Deepwater, Jack-ups, and ARO segments. The Deepwater segment operates 4 ultra-deepwater drillships. The Jack-ups segment operates 23 self-elevating jack-up rigs. The ARO segment operates 5 self-elevating jack-up rigs.
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