Rowan Cos. (RDC) Stock Price Down 4.2%
Rowan Cos. (NYSE:RDC) shares were down 4.2% during mid-day trading on Friday . The company traded as low as $16.03 and last traded at $16.13, with a volume of 1,525,456 shares trading hands. The stock had previously closed at $16.83.
A number of analysts have weighed in on the stock. Nomura Holdings Inc. assumed coverage on shares of Rowan Cos. in a research note on Friday, April 8th. They set a “neutral” rating and a $14.00 target price on the stock. Royal Bank Of Canada boosted their target price on shares of Rowan Cos. from $15.00 to $20.00 and gave the stock a “sector perform” rating in a research note on Friday, April 22nd. Bank of America Corp. reaffirmed an “underperform” rating on shares of Rowan Cos. in a research note on Monday, June 13th. Zacks Investment Research cut shares of Rowan Cos. from a “hold” rating to a “sell” rating in a research note on Wednesday, July 13th. Finally, Barclays PLC decreased their target price on shares of Rowan Cos. from $13.00 to $12.00 and set an “equal weight” rating on the stock in a research note on Monday, March 28th. Five equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and ten have given a buy rating to the company’s stock. Rowan Cos. presently has a consensus rating of “Hold” and an average price target of $18.83.
The company has a 50 day moving average of $17.86 and a 200-day moving average of $15.82. The firm has a market capitalization of $2.01 billion and a P/E ratio of 21.65.
Rowan Cos. (NYSE:RDC) last released its earnings results on Wednesday, May 4th. The company reported $0.98 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.72 by $0.26. The business had revenue of $500.20 million for the quarter, compared to the consensus estimate of $492.85 million. Rowan Cos.’s revenue for the quarter was down 8.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.99 EPS. On average, analysts anticipate that Rowan Cos. will post $2.03 EPS for the current year.
Several institutional investors have added to or reduced their stakes in the stock. Principal Financial Group Inc. raised its position in Rowan Cos. by 2.9% in the fourth quarter. Principal Financial Group Inc. now owns 401,800 shares of the company’s stock valued at $6,810,000 after buying an additional 11,265 shares in the last quarter. Renaissance Group LLC acquired a new position in Rowan Cos. during the fourth quarter valued at approximately $1,842,000. Nationwide Fund Advisors raised its position in Rowan Cos. by 2.2% in the fourth quarter. Nationwide Fund Advisors now owns 217,769 shares of the company’s stock valued at $3,691,000 after buying an additional 4,791 shares in the last quarter. California State Teachers Retirement System raised its position in Rowan Cos. by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 238,539 shares of the company’s stock valued at $4,043,000 after buying an additional 3,725 shares in the last quarter. Finally, Sei Investments Co. raised its position in Rowan Cos. by 2,258.9% in the fourth quarter. Sei Investments Co. now owns 196,567 shares of the company’s stock valued at $3,332,000 after buying an additional 188,234 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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