Rowan Cos. (RDC) Shares Up 5.1%
Rowan Cos. (NYSE:RDC) shot up 5.1% during mid-day trading on Thursday . The stock traded as high as $14.60 and last traded at $14.43, with a volume of 1,687,715 shares trading hands. The stock had previously closed at $13.73.
Several brokerages have issued reports on RDC. Iberia Capital lowered shares of Rowan Cos. from an “outperform” rating to a “sector perform” rating and set a $19.00 target price for the company. in a research report on Tuesday, July 5th. Johnson Rice upgraded shares of Rowan Cos. from an “accumulate” rating to a “buy” rating in a research report on Monday, June 13th. Bank of America Corp. reiterated an “underperform” rating on shares of Rowan Cos. in a research report on Monday, June 13th. Zacks Investment Research lowered shares of Rowan Cos. from a “hold” rating to a “sell” rating in a research report on Wednesday, July 13th. Finally, Evercore ISI reiterated a “buy” rating on shares of Rowan Cos. in a research report on Wednesday, June 29th. Five analysts have rated the stock with a sell rating, sixteen have given a hold rating and ten have assigned a buy rating to the company. Rowan Cos. has a consensus rating of “Hold” and an average price target of $18.38.
The stock has a market cap of $1.71 billion and a P/E ratio of 7.61. The stock has a 50-day moving average price of $15.77 and a 200 day moving average price of $16.02.
Rowan Cos. (NYSE:RDC) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $0.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.81 by $0.06. During the same period in the previous year, the company posted $0.68 EPS. The company earned $611.90 million during the quarter, compared to the consensus estimate of $470.98 million. The firm’s revenue was up 20.3% compared to the same quarter last year. On average, equities analysts expect that Rowan Cos. will post $1.69 earnings per share for the current year.
A number of hedge funds recently modified their holdings of RDC. Comerica Bank increased its stake 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 in the last quarter. Systematic Financial Management LP acquired a new stake in Rowan Cos. during the fourth quarter worth $1,619,000. I.G. Investment Management LTD. raised its stake 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 worth $4,067,000 after buying an additional 4,700 shares during the last quarter. Finally, Morgan Stanley raised its stake 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.
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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