Rowan Cos. (RDC) Trading Down 3.4%
Rowan Cos. (NYSE:RDC)’s share price fell 3.4% during mid-day trading on Wednesday . The company traded as low as $16.73 and last traded at $16.96, with a volume of 2,000,937 shares traded. The stock had previously closed at $17.56.
A number of research firms have issued reports on RDC. Clarkson Capital reissued a “neutral” rating on shares of Rowan Cos. in a research report on Monday, April 11th. Jefferies Group dropped their price objective on shares of Rowan Cos. from $21.00 to $16.00 in a research note on Thursday, May 5th. FBR & Co reaffirmed a “buy” rating on shares of Rowan Cos. in a research note on Thursday, May 5th. Citigroup Inc. raised their price objective on shares of Rowan Cos. from $14.00 to $17.00 and gave the stock a “hold” rating in a research note on Wednesday, March 16th. Finally, Seaport Global Securities raised shares of Rowan Cos. from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $12.00 to $19.00 in a research note on Monday, March 14th. Four equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and nine have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $18.05.
The stock has a 50 day moving average of $17.68 and a 200 day moving average of $15.76. The firm has a market cap of $2.16 billion and a P/E ratio of 23.21.
Rowan Cos. (NYSE:RDC) last released its quarterly earnings data on Wednesday, May 4th. The company reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.26. During the same quarter last year, the business earned $0.99 earnings per share. The firm earned $500.20 million during the quarter, compared to analysts’ expectations of $492.85 million. The business’s revenue for the quarter was down 8.6% compared to the same quarter last year. Equities analysts forecast that Rowan Cos. will post $2.45 earnings per share for the current year.
Several institutional investors have recently added to or reduced their stakes in the company. Comerica Bank increased its position 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. Liberty Mutual Group Asset Management Inc. increased its stake in shares of Rowan Cos. by 50.5% in the fourth quarter. Liberty Mutual Group Asset Management Inc. now owns 79,874 shares of the company’s stock valued at $1,354,000 after buying an additional 26,818 shares during the last quarter. Systematic Financial Management LP bought a new stake in shares of Rowan Cos. during the fourth quarter valued at approximately $1,619,000. Renaissance Group LLC bought a new stake in shares of Rowan Cos. during the fourth quarter valued at approximately $1,842,000. Finally, Retirement Systems of Alabama increased its stake in shares of Rowan Cos. by 1.3% in the fourth quarter. Retirement Systems of Alabama now owns 160,380 shares of the company’s stock valued at $2,718,000 after buying an additional 2,116 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.