Rowan Cos. (RDC) Stock Price Up 3.6%
Rowan Cos. (NYSE:RDC) rose 3.6% during trading on Thursday . The stock traded as high as $14.16 and last traded at $14.08, with a volume of 2,677,021 shares changing hands. The stock had previously closed at $13.59.
RDC has been the subject of several recent research reports. Royal Bank Of Canada increased their price target on Rowan Cos. from $15.00 to $20.00 and gave the company a “sector perform” rating in a report on Friday, April 22nd. Evercore ISI reaffirmed a “buy” rating on shares of Rowan Cos. in a report on Wednesday, June 29th. Raymond James Financial Inc. cut Rowan Cos. from an “outperform” rating to a “market perform” rating in a report on Tuesday, July 26th. Jefferies Group reaffirmed a “buy” rating and issued a $21.00 price target (up previously from $16.00) on shares of Rowan Cos. in a report on Friday, May 6th. Finally, Citigroup Inc. reaffirmed a “hold” rating on shares of Rowan Cos. in a report on Thursday, May 19th. Five research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and ten have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $18.65.
The stock has a market cap of $1.75 billion and a price-to-earnings ratio of 7.80. The company has a 50 day moving average price of $16.45 and a 200-day moving average price of $15.93.
Rowan Cos. (NYSE:RDC) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported $0.75 earnings per share for the quarter, missing analysts’ consensus estimates of $0.81 by $0.06. During the same period last year, the business posted $0.68 earnings per share. The company had revenue of $611.90 million for the quarter, compared to analysts’ expectations of $470.98 million. The company’s revenue for the quarter was up 20.3% compared to the same quarter last year. On average, equities analysts forecast that Rowan Cos. will post $1.78 EPS for the current fiscal year.
A number of hedge funds have made changes to their positions in the company. Comerica Bank boosted 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 period. Liberty Mutual Group Asset Management Inc. boosted 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 period. Systematic Financial Management LP acquired a new stake in shares of Rowan Cos. during the fourth quarter worth $1,619,000. I.G. Investment Management LTD. boosted its stake in shares of Rowan Cos. by 2.0% in the fourth quarter. I.G. Investment Management LTD. now owns 239,969 shares of the company’s stock worth $4,067,000 after buying an additional 4,700 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in shares of Rowan Cos. by 2.9% in the fourth quarter. Principal Financial Group Inc. now owns 401,800 shares of the company’s stock worth $6,810,000 after buying an additional 11,265 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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