Rowan Cos. (RDC) Shares Up 3.6%
Rowan Cos. (NYSE:RDC) shot up 3.6% on Thursday . The company traded as high as $14.16 and last traded at $14.08, with a volume of 2,677,021 shares traded. The stock had previously closed at $13.59.
A number of equities research analysts have recently commented on the stock. Jefferies Group reaffirmed a “buy” rating on shares of Rowan Cos. in a research note on Sunday, July 10th. Zacks Investment Research lowered shares of Rowan Cos. from a “hold” rating to a “sell” rating in a research note on Wednesday, July 13th. Royal Bank Of Canada reduced their price objective on shares of Rowan Cos. from $22.00 to $16.00 and set a “sector perform” rating on the stock in a research note on Friday. Iberia Capital lowered shares of Rowan Cos. from an “outperform” rating to a “sector perform” rating and set a $19.00 price objective on the stock. in a research note on Tuesday, July 5th. Finally, Citigroup Inc. reaffirmed a “neutral” rating on shares of Rowan Cos. in a research note on Wednesday, August 3rd. 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. Rowan Cos. presently has an average rating of “Hold” and an average price target of $18.48.
The firm has a 50-day moving average price of $16.28 and a 200 day moving average price of $15.95. The firm has a market capitalization of $1.71 billion and a PE ratio of 7.61.
Rowan Cos. (NYSE:RDC) last announced its earnings results on Tuesday, August 2nd. The company reported $0.75 EPS for the quarter, missing the Zacks’ consensus estimate of $0.81 by $0.06. The firm had revenue of $611.90 million for the quarter, compared to analysts’ expectations of $470.98 million. The company’s quarterly revenue was up 20.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.68 EPS. Equities research analysts expect that Rowan Cos. will post $1.74 EPS for the current fiscal year.
A number of institutional investors have recently made changes to their positions in the company. Comerica Bank boosted its position in shares of Rowan Cos. by 1.3% in the fourth quarter. Comerica Bank now owns 92,808 shares of the company’s stock worth $1,331,000 after buying an additional 1,228 shares during the last quarter. Systematic Financial Management LP purchased a new position in shares of Rowan Cos. during the fourth quarter worth about $1,619,000. I.G. Investment Management LTD. boosted its position in shares of Rowan Cos. by 2.0% in the fourth quarter. I.G. Investment Management LTD. now owns 239,969 shares of the company’s stock worth $4,067,000 after buying an additional 4,700 shares during the last quarter. Principal Financial Group Inc. boosted its position 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 last quarter. Finally, Morgan Stanley boosted its position 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 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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