Rowan Cos. (RDC) Shares Down 3.4%
Rowan Cos. (NYSE:RDC) dropped 3.4% during trading on Wednesday . The stock traded as low as $16.73 and last traded at $16.96, with a volume of 2,000,937 shares changing hands. The stock had previously closed at $17.56.
RDC has been the topic of several recent analyst reports. Deutsche Bank AG restated a “hold” rating on shares of Rowan Cos. in a research note on Saturday, March 12th. Seaport Global Securities upgraded shares of Rowan Cos. from a “neutral” rating to a “buy” rating and boosted their target price for the company from $12.00 to $19.00 in a research note on Monday, March 14th. Citigroup Inc. boosted their target price on shares of Rowan Cos. from $14.00 to $17.00 and gave the company a “hold” rating in a research note on Wednesday, March 16th. Cowen and Company reduced their target price on shares of Rowan Cos. from $16.00 to $14.00 in a research note on Monday, March 21st. Finally, Barclays PLC reduced their target price on shares of Rowan Cos. from $13.00 to $12.00 and set an “equal weight” rating on the stock in a research note on Monday, March 28th. Four research analysts have rated the stock with a sell rating, sixteen have given a hold rating and nine have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $18.26.
The company has a market capitalization of $2.18 billion and a P/E ratio of 23.44. The company’s 50 day moving average is $17.68 and its 200-day moving average is $15.78.
Rowan Cos. (NYSE:RDC) last posted its quarterly earnings data on Wednesday, May 4th. The company reported $0.98 EPS for the quarter, topping the Zacks’ consensus estimate of $0.72 by $0.26. The company earned $500.20 million during the quarter, compared to analyst estimates of $492.85 million. During the same period in the prior year, the firm earned $0.99 earnings per share. Rowan Cos.’s revenue was down 8.6% compared to the same quarter last year. On average, analysts forecast that Rowan Cos. will post $2.40 earnings per share for the current year.
Other large investors have modified their holdings of the company. Comerica Bank increased its stake in shares of 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 last quarter. 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 worth $1,354,000 after buying an additional 26,818 shares during the last quarter. Systematic Financial Management LP acquired a new stake in shares of Rowan Cos. during the fourth quarter worth $1,619,000. Renaissance Group LLC acquired a new stake in shares of Rowan Cos. during the fourth quarter worth $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 worth $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.
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