Rowan Cos. (NYSE:RDC)’s share price shot up 1.6% during trading on Thursday . The company traded as high as $18.24 and last traded at $17.48, with a volume of 1,251,700 shares traded. The stock had previously closed at $17.20.

A number of brokerages have recently commented on RDC. Deutsche Bank AG reissued a “hold” rating on shares of Rowan Cos. in a research report on Saturday, March 12th. Jefferies Group lowered their price objective on Rowan Cos. from $21.00 to $16.00 in a research report on Thursday, May 5th. Evercore ISI reissued a “buy” rating and set a $23.00 price objective (up from $22.00) on shares of Rowan Cos. in a research report on Thursday. FBR & Co reissued a “buy” rating on shares of Rowan Cos. in a research report on Thursday, May 5th. Finally, Clarkson Capital reissued a “neutral” rating on shares of Rowan Cos. in a research report on Monday, April 11th. Four analysts have rated the stock with a sell rating, sixteen have given a hold rating and nine have issued a buy rating to the stock. Rowan Cos. has a consensus rating of “Hold” and an average price target of $18.26.

The stock has a market cap of $2.14 billion and a P/E ratio of 23.08. The firm’s 50 day moving average is $17.67 and its 200-day moving average is $15.77.

Rowan Cos. (NYSE:RDC) last issued its earnings results on Wednesday, May 4th. The company reported $0.98 EPS for the quarter, topping the consensus estimate of $0.72 by $0.26. The firm earned $500.20 million during the quarter, compared to analyst estimates of $492.85 million. During the same quarter in the previous year, the business posted $0.99 EPS. Rowan Cos.’s revenue was down 8.6% compared to the same quarter last year. On average, equities research analysts forecast that Rowan Cos. will post $2.40 EPS for the current fiscal year.

A number of hedge funds and institutional investors recently added to or reduced their stakes in RDC. Dimensional Fund Advisors LP raised its position in Rowan Cos. by 31.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 8,325,463 shares of the company’s stock worth $141,115,000 after buying an additional 2,004,592 shares in the last quarter. New York State Common Retirement Fund raised its position in Rowan Cos. by 48.3% in the fourth quarter. New York State Common Retirement Fund now owns 1,780,838 shares of the company’s stock worth $30,185,000 after buying an additional 580,288 shares in the last quarter. Morgan Stanley raised its position in Rowan Cos. by 6.5% in the fourth quarter. Morgan Stanley now owns 1,067,600 shares of the company’s stock worth $18,095,000 after buying an additional 64,912 shares in the last quarter. California Public Employees Retirement System raised its position in Rowan Cos. by 27.0% in the fourth quarter. California Public Employees Retirement System now owns 527,100 shares of the company’s stock worth $8,934,000 after buying an additional 111,900 shares in the last quarter. Finally, First Trust Advisors LP raised its position in Rowan Cos. by 36.0% in the fourth quarter. First Trust Advisors LP now owns 466,705 shares of the company’s stock worth $7,911,000 after buying an additional 123,524 shares in the last quarter.

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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