Rowan Companies PLC (NYSE:RDC)’s share price fell 7.9% on Wednesday following a dissappointing earnings announcement. The company traded as low as $12.01 and last traded at $12.16. 5,319,042 shares were traded during trading, an increase of 82% from the average session volume of 2,923,926 shares. The stock had previously closed at $13.20.
The oil and gas company reported ($0.31) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.26) by ($0.05). Rowan Companies had a negative return on equity of 0.61% and a negative net margin of 4.76%. The company had revenue of $296.70 million for the quarter, compared to the consensus estimate of $270.28 million. During the same quarter last year, the business earned $0.08 EPS. Rowan Companies’s revenue was down 15.7% on a year-over-year basis.
A number of research firms have commented on RDC. Piper Jaffray Companies set a $17.00 price objective on Rowan Companies and gave the stock a “hold” rating in a research note on Wednesday, February 14th. ValuEngine upgraded Rowan Companies from a “sell” rating to a “hold” rating in a research note on Friday, December 1st. Jefferies Group set a $16.00 price objective on Rowan Companies and gave the stock a “hold” rating in a research note on Thursday, January 4th. Zacks Investment Research lowered Rowan Companies from a “buy” rating to a “hold” rating in a research note on Friday, November 17th. Finally, DNB Markets upgraded Rowan Companies from a “hold” rating to a “buy” rating and set a $15.00 price objective on the stock in a research note on Wednesday, February 14th. Three investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seven have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $15.60.
A number of hedge funds have recently modified their holdings of RDC. Macquarie Group Ltd. grew its position in Rowan Companies by 890.9% during the 4th quarter. Macquarie Group Ltd. now owns 2,846,804 shares of the oil and gas company’s stock worth $44,581,000 after acquiring an additional 2,559,509 shares during the last quarter. State Street Corp grew its position in Rowan Companies by 24.1% during the 2nd quarter. State Street Corp now owns 5,078,230 shares of the oil and gas company’s stock worth $52,005,000 after acquiring an additional 986,257 shares during the last quarter. Schroder Investment Management Group grew its position in Rowan Companies by 69.1% during the 4th quarter. Schroder Investment Management Group now owns 2,342,313 shares of the oil and gas company’s stock worth $36,680,000 after acquiring an additional 957,120 shares during the last quarter. Contrarius Investment Management Ltd bought a new stake in Rowan Companies during the 3rd quarter worth $12,259,000. Finally, Millennium Management LLC grew its position in Rowan Companies by 71.6% during the 4th quarter. Millennium Management LLC now owns 1,737,951 shares of the oil and gas company’s stock worth $27,216,000 after acquiring an additional 725,265 shares during the last quarter.
The firm has a market capitalization of $1,580.00, a PE ratio of -23.84 and a beta of 1.73. The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.47.
About Rowan Companies
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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