Rowan Cos. (RDC) Downgraded by Societe Generale to Sell
Societe Generale cut shares of Rowan Cos. (NYSE:RDC) from a hold rating to a sell rating in a report issued on Monday. The firm currently has $11.00 price target on the stock, down from their previous price target of $16.00.
Several other brokerages have also recently commented on RDC. Iberia Capital cut shares of Rowan Cos. from an outperform rating to a sector perform rating and set a $19.00 price target for the company. in a research report on Tuesday, July 5th. Bank of America Corp. restated an underperform rating on shares of Rowan Cos. in a report on Monday, June 13th. Johnson Rice upgraded shares of Rowan Cos. from an accumulate rating to a buy rating 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, Evercore ISI restated a buy rating on shares of Rowan Cos. in a report on Wednesday, June 29th. Six investment analysts have rated the stock with a sell rating, seventeen have given a hold rating and eleven have issued a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $17.26.
Rowan Cos. (NYSE:RDC) opened at 14.73 on Monday. The stock’s 50 day moving average is $13.43 and its 200 day moving average is $15.96. The firm has a market cap of $1.85 billion, a price-to-earnings ratio of 8.23 and a beta of 1.53. Rowan Cos. has a 52 week low of $10.67 and a 52 week high of $21.83.
Rowan Cos. (NYSE:RDC) last issued 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. Rowan Cos. had a return on equity of 9.22% and a net margin of 10.24%. The business had revenue of $611.90 million for the quarter, compared to analyst estimates of $470.98 million. During the same quarter in the prior year, the firm earned $0.68 EPS. The firm’s quarterly revenue was up 20.3% compared to the same quarter last year. Equities research analysts expect that Rowan Cos. will post $1.67 EPS for the current year.
Large investors have recently bought and sold shares of the company. LS Investment Advisors LLC boosted its stake in Rowan Cos. by 75.6% in the second quarter. LS Investment Advisors LLC now owns 7,582 shares of the company’s stock valued at $134,000 after buying an additional 3,265 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in Rowan Cos. by 91.3% in the second quarter. Tower Research Capital LLC TRC now owns 7,666 shares of the company’s stock worth $135,000 after buying an additional 3,658 shares during the period. Rational Advisors LLC bought a new position in Rowan Cos. during the second quarter worth approximately $143,000. Bank of Hawaii bought a new position in Rowan Cos. during the second quarter worth approximately $179,000. Finally, Smith Asset Management Group LP bought a new position in Rowan Cos. during the second quarter worth approximately $202,000.
Rowan Cos. Company Profile
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.
Receive News & Ratings for Rowan Cos. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rowan Cos. and related companies with MarketBeat.com's FREE daily email newsletter.