Rowan Cos. (RDC) Sees Large Volume Increase
Rowan Cos. (NYSE:RDC) shares saw an uptick in trading volume on Tuesday . 4,779,319 shares traded hands during mid-day trading, an increase of 59% from the previous session’s volume of 3,005,482 shares.The stock last traded at $13.50 and had previously closed at $14.51.
Several brokerages have recently weighed in on RDC. Jefferies Group cut their price objective on Rowan Cos. from $21.00 to $16.00 in a report on Thursday, May 5th. FBR & Co restated a “buy” rating on shares of Rowan Cos. in a report on Thursday, May 5th. Zacks Investment Research lowered Rowan Cos. from a “hold” rating to a “sell” rating in a report on Wednesday, July 13th. Stephens upgraded Rowan Cos. from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $18.00 to $23.00 in a report on Tuesday, July 12th. Finally, Clarkson Capital restated a “neutral” rating on shares of Rowan Cos. in a report on Monday, April 11th. Five investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and ten have given a buy rating to the company. Rowan Cos. has an average rating of “Hold” and an average target price of $18.83.
The company’s 50 day moving average is $17.19 and its 200-day moving average is $15.89. The stock has a market capitalization of $1.76 billion and a P/E ratio of 18.89.
Rowan Cos. (NYSE:RDC) last announced 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. During the same quarter in the previous year, the business posted $0.68 EPS. The business had revenue of $611.90 million for the quarter, compared to analyst estimates of $470.98 million. The business’s revenue for the quarter was up 20.3% on a year-over-year basis. Equities analysts predict that Rowan Cos. will post $1.95 earnings per share for the current fiscal year.
A number of large investors have made changes to their positions in the company. Principal Financial Group Inc. boosted its stake in shares of Rowan Cos. by 2.9% in the fourth quarter. Principal Financial Group Inc. now owns 401,800 shares of the company’s stock worth $6,810,000 after buying an additional 11,265 shares during the period. California Public Employees Retirement System boosted its stake in shares of 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 during the period. Morgan Stanley boosted its stake in shares of 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 during the period. Liberty Mutual Group Asset Management Inc. boosted its stake in shares of Rowan Cos. by 50.5% in the fourth quarter. Liberty Mutual Group Asset Management Inc. now owns 79,874 shares of the company’s stock worth $1,354,000 after buying an additional 26,818 shares during the period. Finally, Systematic Financial Management LP acquired a new stake in shares of Rowan Cos. during the fourth quarter worth $1,619,000.
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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