Rowan Cos. (RDC) Given New $16.00 Price Target at Citigroup Inc.
Rowan Cos. (NYSE:RDC) had its target price upped by equities research analysts at Citigroup Inc. from $15.00 to $16.00 in a research report issued on Monday. The firm presently has a “neutral” rating on the stock. Citigroup Inc.’s price objective would indicate a potential upside of 6.74% from the company’s current price.
Other research analysts have also recently issued reports about the stock. Jefferies Group reiterated a “buy” rating on shares of Rowan Cos. in a report on Sunday, July 10th. Credit Suisse Group AG set a $15.00 target price on shares of Rowan Cos. and gave the stock a “buy” rating in a report on Saturday, September 17th. Scotiabank assumed coverage on shares of Rowan Cos. in a report on Wednesday, September 14th. They issued a “sector perform” rating and a $17.00 target price for the company. Zacks Investment Research cut shares of Rowan Cos. from a “hold” rating to a “sell” rating in a report on Wednesday, July 13th. Finally, Royal Bank Of Canada decreased 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 report on Friday, August 12th. Six research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and ten have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $17.15.
Shares of Rowan Cos. (NYSE:RDC) traded up 2.00% on Monday, hitting $15.29. 1,655,850 shares of the stock traded hands. The stock has a market cap of $1.92 billion, a price-to-earnings ratio of 8.54 and a beta of 1.53. Rowan Cos. has a 12-month low of $10.67 and a 12-month high of $21.83. The stock has a 50-day moving average price of $13.53 and a 200 day moving average price of $15.93.
Rowan Cos. (NYSE:RDC) last posted its quarterly earnings data on Tuesday, August 2nd. The company reported $0.75 earnings per share 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 business had revenue of $611.90 million for the quarter, compared to the consensus estimate of $470.98 million. During the same quarter last year, the business posted $0.68 EPS. The business’s revenue for the quarter was up 20.3% on a year-over-year basis. On average, analysts anticipate that Rowan Cos. will post $1.67 earnings per share for the current fiscal year.
Large investors have recently bought and sold shares of the company. Macquarie Group Ltd. boosted its position in shares of Rowan Cos. by 49.0% in the second quarter. Macquarie Group Ltd. now owns 271,245 shares of the company’s stock worth $4,790,000 after buying an additional 89,195 shares during the last quarter. Mason Street Advisors LLC bought a new position in shares of Rowan Cos. during the second quarter worth about $1,010,000. Royal Bank of Canada boosted its position in shares of Rowan Cos. by 121.0% in the second quarter. Royal Bank of Canada now owns 87,325 shares of the company’s stock worth $1,542,000 after buying an additional 47,807 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its position in shares of Rowan Cos. by 98.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 1,126,182 shares of the company’s stock worth $19,719,000 after buying an additional 558,459 shares during the last quarter. Finally, Amalgamated Bank boosted its position in shares of Rowan Cos. by 13.0% in the second quarter. Amalgamated Bank now owns 17,059 shares of the company’s stock worth $238,000 after buying an additional 1,968 shares during 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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