Rowan Cos. (NYSE:RDC) was downgraded by investment analysts at Societe Generale to a “sell” rating in a note issued to investors on Monday.
RDC has been the subject of a number of other research reports. Credit Suisse Group AG lowered Rowan Cos. from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $15.00 to $13.00 in a research report on Friday, September 23rd. Citigroup Inc. reduced their price objective on Rowan Cos. from $20.00 to $15.00 and set a “neutral” rating for the company in a research report on Thursday, August 25th. Piper Jaffray Cos. reduced their price objective on Rowan Cos. from $15.50 to $14.15 and set an “overweight” rating for the company in a research report on Friday, September 16th. FBR & Co reaffirmed a “buy” rating on shares of Rowan Cos. in a research report on Thursday, September 8th. Finally, Evercore ISI reiterated a “buy” rating on shares of Rowan Cos. in a research note on Wednesday, June 29th. Six research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and eleven have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $17.67.
Shares of Rowan Cos. (NYSE:RDC) opened at 15.16 on Monday. Rowan Cos. has a 52 week low of $10.67 and a 52 week high of $21.83. The company has a market capitalization of $1.90 billion, a price-to-earnings ratio of 8.47 and a beta of 1.53. The firm has a 50 day moving average price of $13.39 and a 200 day moving average price of $15.99.
Rowan Cos. (NYSE:RDC) last posted its quarterly earnings data on Tuesday, August 2nd. The company reported $0.75 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.81 by $0.06. Rowan Cos. had a net margin of 10.24% and a return on equity of 9.22%. The company had revenue of $611.90 million for the quarter, compared to the consensus estimate of $470.98 million. During the same period last year, the business earned $0.68 EPS. The firm’s quarterly revenue was up 20.3% on a year-over-year basis. Equities analysts forecast that Rowan Cos. will post $1.67 EPS for the current year.
Several hedge funds have recently made changes to their positions in RDC. State Street Corp raised its stake in shares of Rowan Cos. by 7.3% in the first quarter. State Street Corp now owns 3,974,323 shares of the company’s stock worth $63,988,000 after buying an additional 271,751 shares during the last quarter. OMERS ADMINISTRATION Corp purchased a new stake in shares of Rowan Cos. during the first quarter worth about $642,000. Canada Pension Plan Investment Board raised its stake in shares of Rowan Cos. by 12.7% in the first quarter. Canada Pension Plan Investment Board now owns 27,600 shares of the company’s stock worth $444,000 after buying an additional 3,100 shares during the last quarter. Acrospire Investment Management LLC purchased a new stake in shares of Rowan Cos. during the first quarter worth about $259,000. Finally, Columbia Partners L L C Investment Management raised its stake in shares of Rowan Cos. by 51.4% in the first quarter. Columbia Partners L L C Investment Management now owns 172,913 shares of the company’s stock worth $2,783,000 after buying an additional 58,706 shares during the last quarter.
Rowan Cos. 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. Its fleet consists of approximately 30 mobile offshore drilling units, including self-elevating jack-up rigs and ultra-deepwater drillships.
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