Rowan Companies (RDC) Upgraded to “Buy” at DNB Markets

Rowan Companies (NYSE:RDC) was upgraded by investment analysts at DNB Markets from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday, The Fly reports.

RDC has been the subject of a number of other reports. UBS Group set a $13.00 target price on shares of Rowan Companies and gave the company a “buy” rating in a research note on Thursday, December 20th. ValuEngine cut shares of Rowan Companies from a “buy” rating to a “hold” rating in a research note on Wednesday, January 2nd. TheStreet cut shares of Rowan Companies from a “c-” rating to a “d+” rating in a research note on Friday, November 30th. Royal Bank of Canada upgraded shares of Rowan Companies from a “sector perform” rating to an “outperform” rating in a research note on Thursday, September 20th. Finally, Credit Suisse Group cut shares of Rowan Companies from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $20.00 to $10.00 in a research note on Wednesday, December 19th. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $14.46.

NYSE RDC opened at $10.64 on Wednesday. The company has a quick ratio of 2.97, a current ratio of 2.97 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $1.21 billion, a price-to-earnings ratio of -16.63 and a beta of 2.22. Rowan Companies has a 12-month low of $7.77 and a 12-month high of $20.87.

Rowan Companies (NYSE:RDC) last posted its earnings results on Wednesday, October 31st. The oil and gas company reported ($1.13) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($1.15) by $0.02. The firm had revenue of $192.90 million during the quarter, compared to analysts’ expectations of $179.39 million. Rowan Companies had a negative net margin of 23.47% and a negative return on equity of 7.11%. The company’s revenue was down 33.8% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.16) earnings per share. As a group, analysts anticipate that Rowan Companies will post -3.76 EPS for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc raised its stake in Rowan Companies by 1.8% during the 3rd quarter. Vanguard Group Inc now owns 11,433,713 shares of the oil and gas company’s stock valued at $215,296,000 after purchasing an additional 201,393 shares during the last quarter. Federated Investors Inc. PA increased its holdings in Rowan Companies by 1.8% in the 3rd quarter. Federated Investors Inc. PA now owns 250,172 shares of the oil and gas company’s stock valued at $4,710,000 after buying an additional 4,512 shares during the period. Vanguard Group Inc. increased its holdings in Rowan Companies by 1.8% in the 3rd quarter. Vanguard Group Inc. now owns 11,433,713 shares of the oil and gas company’s stock valued at $215,296,000 after buying an additional 201,393 shares during the period. Legal & General Group Plc increased its holdings in Rowan Companies by 7.9% in the 3rd quarter. Legal & General Group Plc now owns 216,861 shares of the oil and gas company’s stock valued at $4,083,000 after buying an additional 15,898 shares during the period. Finally, Nordea Investment Management AB bought a new stake in Rowan Companies in the 3rd quarter valued at $5,997,000. Hedge funds and other institutional investors own 99.06% of the company’s stock.

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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