Rowan Cos. (RDC) Sees Strong Trading Volume
Rowan Cos. (NYSE:RDC) shares saw strong trading volume on Thursday . 7,497,125 shares were traded 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.
RDC has been the topic of several recent research reports. JPMorgan Chase & Co. set a $19.00 price target on shares of Rowan Cos. and gave the company a “buy” rating in a research note on Wednesday, August 3rd. Evercore ISI reiterated a “buy” rating and issued a $23.00 price target (up from $22.00) on shares of Rowan Cos. in a research note on Thursday, July 7th. Jefferies Group reiterated a “buy” rating and issued a $18.00 price target on shares of Rowan Cos. in a research note on Wednesday, August 17th. Royal Bank Of Canada lowered their price target on shares of Rowan Cos. from $22.00 to $16.00 and set a “sector perform” rating on the stock in a research note on Friday, August 12th. Finally, Citigroup Inc. lowered their price target on shares of Rowan Cos. from $20.00 to $15.00 and set a “neutral” rating on the stock in a research note on Thursday, August 25th. Five investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and ten have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $18.25.
The stock has a market capitalization of $1.59 billion and a P/E ratio of 7.07. The company’s 50-day moving average is $14.48 and its 200 day moving average is $16.05.
Rowan Cos. (NYSE:RDC) last posted its quarterly earnings data on Tuesday, August 2nd. The company reported $0.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.81 by $0.06. The company had revenue of $611.90 million for the quarter, compared to analyst estimates of $470.98 million. The business’s revenue was up 20.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.68 EPS. On average, equities analysts predict that Rowan Cos. will post $1.66 earnings per share for the current fiscal year.
An institutional investor recently raised its position in Rowan Cos. stock. I.G. Investment Management LTD. increased its position in Rowan Cos. (NYSE:RDC) by 2.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund 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 at the end of the most recent reporting 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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