Rowan Cos. (RDC) Trading Up 5.1%
Rowan Cos. (NYSE:RDC) was up 5.1% during trading on Thursday . The stock traded as high as $14.60 and last traded at $14.43, with a volume of 1,687,715 shares traded. The stock had previously closed at $13.73.
Several equities research analysts have commented on RDC shares. Royal Bank Of Canada upped their price target on Rowan Cos. from $15.00 to $20.00 and gave the stock a “sector perform” rating in a research note on Friday, April 22nd. FBR & Co restated a “buy” rating on shares of Rowan Cos. in a research note on Friday, April 22nd. Jefferies Group dropped their price target on Rowan Cos. from $21.00 to $16.00 in a research note on Thursday, May 5th. Citigroup Inc. upped their price target on Rowan Cos. from $17.00 to $18.00 and gave the stock a “neutral” rating in a research note on Monday, May 16th. Finally, Bank of America Corp. restated an “underperform” rating on shares of Rowan Cos. in a research note on Monday, June 13th. Five equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and ten have issued a buy rating to the company’s stock. Rowan Cos. currently has a consensus rating of “Hold” and an average target price of $18.38.
The stock’s 50-day moving average price is $15.98 and its 200 day moving average price is $16.02. The stock has a market capitalization of $1.81 billion and a PE ratio of 8.07.
Rowan Cos. (NYSE:RDC) last released its quarterly earnings data 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. The business earned $611.90 million during the quarter, compared to the consensus estimate of $470.98 million. The company’s quarterly revenue was up 20.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.68 earnings per share. On average, equities research analysts predict that Rowan Cos. will post $1.70 earnings per share for the current year.
Other large investors recently added to or reduced their stakes in the company. Morgan Stanley increased its stake in Rowan Cos. by 6.5% in the fourth quarter. Morgan Stanley now owns 1,067,600 shares of the company’s stock worth $18,095,000 after buying an additional 64,912 shares during the last quarter. Systematic Financial Management LP bought a new stake in Rowan Cos. during the fourth quarter worth $1,619,000. I.G. Investment Management LTD. increased its stake in 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 last quarter. Finally, Comerica Bank increased its stake 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 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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