Rowan Cos. (RDC) Shares Down 5.5%
Shares of Rowan Cos. (NYSE:RDC) fell 5.5% on Friday . The stock traded as low as $13.54 and last traded at $13.65, with a volume of 1,733,512 shares. The stock had previously closed at $14.45.
Several brokerages have weighed in on RDC. Jefferies Group dropped their price objective on shares of Rowan Cos. from $21.00 to $16.00 in a research note on Thursday, May 5th. FBR & Co reiterated a “buy” rating on shares of Rowan Cos. in a research note on Friday, April 22nd. JPMorgan Chase & Co. set a $19.00 price objective on shares of Rowan Cos. and gave the stock a “buy” rating in a research note on Wednesday, August 3rd. Evercore ISI reiterated a “buy” rating and issued a $23.00 price objective (up previously from $22.00) on shares of Rowan Cos. in a research note on Thursday, July 7th. Finally, Royal Bank Of Canada dropped their target price on shares of Rowan Cos. from $22.00 to $16.00 and set a “sector perform” rating for the company in a research report on Friday, August 12th. Five investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and ten have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $18.38.
The firm has a market cap of $1.71 billion and a PE ratio of 7.61. The firm has a 50-day moving average of $15.88 and a 200-day moving average of $16.01.
Rowan Cos. (NYSE:RDC) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $0.75 EPS for the quarter, missing the consensus estimate of $0.81 by $0.06. During the same quarter in the previous year, the business earned $0.68 earnings per share. The business had revenue of $611.90 million for the quarter, compared to analysts’ expectations of $470.98 million. The business’s quarterly revenue was up 20.3% on a year-over-year basis. Analysts forecast that Rowan Cos. will post $1.69 EPS for the current year.
Several hedge funds and institutional investors have bought and sold shares of RDC. Comerica Bank increased its position in Rowan Cos. by 1.3% in the fourth quarter. Comerica Bank now owns 92,808 shares of the company’s stock valued at $1,331,000 after buying an additional 1,228 shares during the period. I.G. Investment Management LTD. increased its position in Rowan Cos. by 2.0% in the fourth quarter. I.G. Investment Management LTD. now owns 239,969 shares of the company’s stock valued at $4,067,000 after buying an additional 4,700 shares during the period. Morgan Stanley increased 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 valued at $18,095,000 after buying an additional 64,912 shares during the period. Finally, Systematic Financial Management LP acquired a new position in Rowan Cos. during the fourth quarter valued at approximately $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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