Rowan Cos. (RDC) Sees Unusually-High Trading Volume
Rowan Cos. (NYSE:RDC) shares saw unusually-strong trading volume on Thursday . Approximately 7,497,125 shares changed hands during trading, an increase of 111% from the previous session’s volume of 3,551,624 shares.The stock last traded at $12.49 and had previously closed at $12.46.
Several equities research analysts have issued reports on RDC shares. Jefferies Group lowered their target price 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. lifted their target price on shares of Rowan Cos. from $17.00 to $18.00 and gave the stock a “neutral” rating in a research note on Monday, May 16th. Bank of America Corp. reaffirmed an “underperform” rating on shares of Rowan Cos. in a research note on Monday, June 13th. Finally, Johnson Rice raised shares of Rowan Cos. from an “accumulate” rating to a “buy” rating in a research note on Monday, June 13th. Five equities research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and ten have given a buy rating to the company’s stock. Rowan Cos. presently has a consensus rating of “Hold” and a consensus target price of $18.25.
The stock has a market capitalization of $1.57 billion and a price-to-earnings ratio of 6.98. The firm’s 50 day moving average is $14.62 and its 200-day moving average is $16.07.
Rowan Cos. (NYSE:RDC) last announced its earnings results on Tuesday, August 2nd. The company reported $0.75 EPS for the quarter, missing the consensus estimate of $0.81 by $0.06. During the same quarter in the prior year, the firm posted $0.68 EPS. The company earned $611.90 million during the quarter, compared to analyst estimates of $470.98 million. The business’s revenue for the quarter was up 20.3% on a year-over-year basis. On average, analysts predict that Rowan Cos. will post $1.66 EPS for the current fiscal year.
A hedge fund recently raised its stake in Rowan Cos. stock. I.G. Investment Management LTD. increased its stake in shares of Rowan Cos. (NYSE:RDC) by 2.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 239,969 shares of the company’s stock after buying an additional 4,700 shares during the period. I.G. Investment Management LTD. owned 0.19% of Rowan Cos. worth $4,067,000 as of its most recent filing with the SEC.
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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