Jefferies Group Analysts Give Rowan Cos. (RDC) a $17.00 Price Target
Other analysts also recently issued reports about the company. Credit Suisse Group AG set a $15.00 price objective on Rowan Cos. and gave the company a buy rating in a research report on Saturday, September 17th. Scotiabank assumed coverage on Rowan Cos. in a research note on Wednesday, September 14th. They issued a sector perform rating and a $17.00 target price for the company. Citigroup Inc. reiterated a neutral rating on shares of Rowan Cos. in a research note on Wednesday, August 3rd. Zacks Investment Research lowered Rowan Cos. from a hold rating to a sell rating in a research note on Wednesday, July 13th. Finally, Royal Bank Of Canada dropped their target price on Rowan Cos. from $22.00 to $16.00 and set a sector perform rating for the company in a research note on Friday, August 12th. Six research analysts have rated the stock with a sell rating, seventeen have assigned a hold rating and eleven have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $17.67.
Rowan Cos. (NYSE:RDC) opened at 15.16 on Wednesday. The company’s 50-day moving average price is $13.39 and its 200-day moving average price is $15.99. The stock has a market capitalization of $1.90 billion, a PE ratio of 8.47 and a beta of 1.53. Rowan Cos. has a one year low of $10.67 and a one year high of $21.83.
Rowan Cos. (NYSE:RDC) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $0.75 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.81 by $0.06. Rowan Cos. had a net margin of 10.24% and a return on equity of 9.22%. The company earned $611.90 million during the quarter, compared to analysts’ expectations of $470.98 million. During the same quarter in the prior year, the company earned $0.68 earnings per share. The firm’s revenue was up 20.3% compared to the same quarter last year. Equities research analysts predict that Rowan Cos. will post $1.67 EPS for the current year.
Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Rowan Cos. by 17.4% in the second quarter. Vanguard Group Inc. now owns 13,651,405 shares of the company’s stock valued at $241,084,000 after buying an additional 2,020,982 shares during the period. Dimensional Fund Advisors LP raised its stake in Rowan Cos. by 9.7% in the second quarter. Dimensional Fund Advisors LP now owns 10,630,685 shares of the company’s stock valued at $187,740,000 after buying an additional 941,800 shares in the last quarter. BlackRock Fund Advisors raised its stake in Rowan Cos. by 4.6% in the second quarter. BlackRock Fund Advisors now owns 4,694,950 shares of the company’s stock valued at $82,913,000 after buying an additional 204,975 shares in the last quarter. State Street Corp raised its stake in Rowan Cos. by 7.9% in the second quarter. State Street Corp now owns 4,289,351 shares of the company’s stock valued at $75,746,000 after buying an additional 315,028 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its stake in Rowan Cos. by 0.8% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 3,695,912 shares of the company’s stock valued at $65,270,000 after buying an additional 30,810 shares in the last quarter.
About Rowan Cos.
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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