Rowan Cos. (NYSE:RDC) has been assigned a $17.00 price target by analysts at Jefferies Group in a note issued to investors on Wednesday. The brokerage currently has a a “buy” rating on the stock. Jefferies Group’s price objective would indicate a potential upside of 12.14% from the stock’s current price.
Other analysts also recently issued reports about the company. Evercore ISI reissued a “buy” rating on shares of Rowan Cos. in a research note on Wednesday, June 29th. Johnson Rice raised Rowan Cos. from an “accumulate” rating to a “buy” rating in a research note on Monday, June 13th. JPMorgan Chase & Co. set a $19.00 price objective on Rowan Cos. and gave the stock a “buy” rating in a research note on Wednesday, August 3rd. FBR & Co reissued a “buy” rating on shares of Rowan Cos. in a research note on Thursday, September 8th. Finally, Credit Suisse Group AG set a $15.00 price objective on Rowan Cos. and gave the stock a “buy” rating in a research note on Saturday, September 17th. Five analysts have rated the stock with a sell rating, eighteen have issued a hold rating and eleven have assigned a buy rating to the company. Rowan Cos. has an average rating of “Hold” and a consensus price target of $17.67.
Rowan Cos. (NYSE:RDC) opened at 15.16 on Wednesday. The company has a market cap of $1.90 billion, a PE ratio of 8.47 and a beta of 1.61. Rowan Cos. has a one year low of $10.67 and a one year high of $21.83. The firm’s 50-day moving average price is $13.36 and its 200-day moving average price is $16.00.
Rowan Cos. (NYSE:RDC) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $0.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.81 by $0.06. The firm earned $611.90 million during the quarter, compared to the consensus estimate of $470.98 million. Rowan Cos. had a return on equity of 9.22% and a net margin of 10.24%. The firm’s revenue was up 20.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.68 EPS. On average, equities research analysts forecast that Rowan Cos. will post $1.67 earnings per share for the current fiscal year.
Several institutional investors have recently bought and sold shares of RDC. First Trust Advisors LP raised its position in Rowan Cos. by 533.1% in the second quarter. First Trust Advisors LP now owns 2,620,005 shares of the company’s stock worth $46,269,000 after buying an additional 2,206,144 shares during the last quarter. Acadian Asset Management LLC raised its position in Rowan Cos. by 182.8% in the second quarter. Acadian Asset Management LLC now owns 3,211,858 shares of the company’s stock worth $56,718,000 after buying an additional 2,075,973 shares during the last quarter. Vanguard Group Inc. raised its position in Rowan Cos. by 17.4% in the second quarter. Vanguard Group Inc. now owns 13,651,405 shares of the company’s stock worth $241,084,000 after buying an additional 2,020,982 shares during the last quarter. Emerald Acquisition Ltd. bought a new position in Rowan Cos. during the second quarter worth approximately $22,646,000. Finally, Dimensional Fund Advisors LP raised its position in Rowan Cos. by 9.7% in the second quarter. Dimensional Fund Advisors LP now owns 10,630,685 shares of the company’s stock worth $187,740,000 after buying an additional 941,800 shares during the last quarter.
About Rowan Cos.
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. Its fleet consists of approximately 30 mobile offshore drilling units, including self-elevating jack-up rigs and ultra-deepwater drillships.
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