Shares of Rowan Cos. (NYSE:RDC) dropped 4.9% during mid-day trading on Tuesday . The company traded as low as $14.21 and last traded at $14.22, with a volume of 1,138,669 shares changing hands. The stock had previously closed at $14.96.

RDC has been the topic of a number of recent research reports. Royal Bank Of Canada lifted their target price on Rowan Cos. from $15.00 to $20.00 and gave the company a “sector perform” rating in a research report on Friday, April 22nd. Evercore ISI reiterated a “buy” rating on shares of Rowan Cos. in a report on Wednesday, June 29th. Raymond James Financial Inc. cut Rowan Cos. from an “outperform” rating to a “market perform” rating in a report on Tuesday, July 26th. Jefferies Group reiterated a “buy” rating and set a $21.00 price target (up previously from $16.00) on shares of Rowan Cos. in a report on Friday, May 6th. Finally, Citigroup Inc. reiterated a “hold” rating on shares of Rowan Cos. in a report on Thursday, May 19th. Five investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and ten have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $18.65.

The company has a market capitalization of $1.70 billion and a P/E ratio of 7.556. The stock has a 50-day moving average of $16.58 and a 200 day moving average of $15.95.

Rowan Cos. (NYSE:RDC) last issued its earnings results on Tuesday, August 2nd. The company reported $0.75 EPS for the quarter, missing analysts’ consensus estimates of $0.81 by $0.06. During the same quarter in the previous year, the firm posted $0.68 EPS. The company had revenue of $611.90 million for the quarter, compared to the consensus estimate of $470.98 million. The firm’s revenue for the quarter was up 20.3% compared to the same quarter last year. Analysts predict that Rowan Cos. will post $1.90 EPS for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in the stock. Dimensional Fund Advisors LP boosted 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 during the last quarter. Systematic Financial Management LP purchased a new position in Rowan Cos. during the fourth quarter worth about $1,619,000. Morgan Stanley boosted 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 during the last quarter. Liberty Mutual Group Asset Management Inc. boosted its position in 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 last quarter. Finally, Principal Financial Group Inc. boosted 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 worth $6,810,000 after buying an additional 11,265 shares during 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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