Rowan Cos. (RDC) Trading Up 1.6%
Rowan Cos. (NYSE:RDC) was up 1.6% on Thursday . The stock traded as high as $18.24 and last traded at $17.48, with a volume of 1,251,700 shares changing hands. The stock had previously closed at $17.20.
Several equities research analysts recently weighed in on RDC shares. Deutsche Bank AG reissued a “hold” rating on shares of Rowan Cos. in a report on Saturday, March 12th. Seaport Global Securities raised Rowan Cos. from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $12.00 to $19.00 in a report on Monday, March 14th. Citigroup Inc. lifted their target price on Rowan Cos. from $14.00 to $17.00 and gave the stock a “hold” rating in a report on Wednesday, March 16th. Cowen and Company cut their target price on Rowan Cos. from $16.00 to $14.00 in a report on Monday, March 21st. Finally, Barclays PLC cut their target price on Rowan Cos. from $13.00 to $12.00 and set an “equal weight” rating on the stock in a report on Monday, March 28th. Four research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and nine have assigned a buy rating to the stock. Rowan Cos. has a consensus rating of “Hold” and an average target price of $18.26.
The stock has a 50 day moving average of $17.70 and a 200-day moving average of $15.78. The company has a market cap of $2.16 billion and a PE ratio of 23.24.
Rowan Cos. (NYSE:RDC) last announced its earnings results on Wednesday, May 4th. The company reported $0.98 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.72 by $0.26. The business had revenue of $500.20 million for the quarter, compared to the consensus estimate of $492.85 million. Rowan Cos.’s revenue for the quarter was down 8.6% on a year-over-year basis. During the same period in the prior year, the business posted $0.99 EPS. Analysts forecast that Rowan Cos. will post $2.35 EPS for the current year.
Other institutional investors have made changes to their positions in the company. Liberty Mutual Group Asset Management Inc. increased its position 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 in the last quarter. 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 valued at $1,331,000 after buying an additional 1,228 shares during the period. Systematic Financial Management LP purchased a new stake in shares of Rowan Cos. during the fourth quarter valued at $1,619,000. Renaissance Group LLC purchased a new stake in shares of Rowan Cos. during the fourth quarter valued at $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 period.
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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