Shares of Rowan Cos. (NYSE:RDC) dropped 5.5% during trading on Friday . The company traded as low as $13.54 and last traded at $13.65, with a volume of 1,733,512 shares changing hands. The stock had previously closed at $14.45.

RDC has been the topic of a number of research reports. Nomura set a $14.00 target price on shares of Rowan Cos. and gave the company a “hold” rating in a report on Tuesday, August 16th. Citigroup Inc. restated a “neutral” rating on shares of Rowan Cos. in a report on Wednesday, August 3rd. Bank of America Corp. restated an “underperform” rating on shares of Rowan Cos. in a report on Monday, June 13th. Zacks Investment Research cut shares of Rowan Cos. from a “hold” rating to a “sell” rating in a report on Wednesday, July 13th. Finally, Stephens upgraded shares of Rowan Cos. from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $18.00 to $23.00 in a report on Tuesday, July 12th. Five analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and ten have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $18.38.

The stock has a market capitalization of $1.71 billion and a PE ratio of 7.61. The company’s 50-day moving average price is $15.77 and its 200-day moving average price is $16.02.

Rowan Cos. (NYSE:RDC) last released 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. During the same period last year, the business earned $0.68 earnings per share. The company earned $611.90 million during the quarter, compared to analysts’ expectations of $470.98 million. The firm’s revenue for the quarter was up 20.3% on a year-over-year basis. Analysts predict that Rowan Cos. will post $1.69 earnings per share for the current fiscal year.

Several large investors have recently added to or reduced their stakes in the company. Comerica Bank increased its stake in 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 period. Systematic Financial Management LP purchased a new stake in Rowan Cos. during the fourth quarter worth approximately $1,619,000. I.G. Investment Management LTD. increased 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 period. Finally, Morgan Stanley increased 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 period.

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.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.