Zacks: Brokerages Expect Rowan Companies PLC (RDC) Will Post Quarterly Sales of $275.35 Million
Equities analysts expect Rowan Companies PLC (NYSE:RDC) to report sales of $275.35 million for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for Rowan Companies PLC’s earnings. The highest sales estimate is $285.78 million and the lowest is $269.30 million. Rowan Companies PLC posted sales of $379.40 million in the same quarter last year, which suggests a negative year over year growth rate of 27.4%. The business is expected to issue its next quarterly earnings report on Tuesday, November 7th.
According to Zacks, analysts expect that Rowan Companies PLC will report full-year sales of $275.35 million for the current fiscal year, with estimates ranging from $1.10 billion to $1.26 billion. For the next year, analysts expect that the firm will post sales of $903.58 million per share, with estimates ranging from $831.21 million to $1.01 billion. Zacks’ sales averages are an average based on a survey of sell-side research firms that follow Rowan Companies PLC.
Rowan Companies PLC (NYSE:RDC) last announced its quarterly earnings results on Wednesday, August 2nd. The oil and gas company reported ($0.25) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.30) by $0.05. Rowan Companies PLC had a negative net margin of 2.62% and a positive return on equity of 0.51%. The business had revenue of $320.20 million for the quarter, compared to analyst estimates of $296.87 million. During the same quarter in the prior year, the business earned $0.75 EPS. Rowan Companies PLC’s quarterly revenue was down 47.7% on a year-over-year basis.
Several research firms have recently weighed in on RDC. Jefferies Group LLC set a $15.00 target price on Rowan Companies PLC and gave the stock a “hold” rating in a research report on Tuesday, June 6th. Barclays PLC reiterated a “hold” rating and set a $14.00 target price on shares of Rowan Companies PLC in a research report on Friday, August 4th. Seaport Global Securities downgraded Rowan Companies PLC from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $12.00 to $10.00 in a report on Wednesday, June 21st. BMO Capital Markets set a $12.00 price objective on Rowan Companies PLC and gave the company a “hold” rating in a report on Saturday, August 5th. Finally, Nomura decreased their price objective on Rowan Companies PLC from $14.00 to $13.00 and set a “neutral” rating for the company in a report on Thursday, August 3rd. Three analysts have rated the stock with a sell rating, fifteen have issued a hold rating and four have issued a buy rating to the company’s stock. Rowan Companies PLC currently has an average rating of “Hold” and an average price target of $16.50.
Rowan Companies PLC (RDC) opened at 11.41 on Friday. The company has a 50-day moving average of $10.23 and a 200-day moving average of $12.40. The firm’s market cap is $1.44 billion. Rowan Companies PLC has a 52 week low of $9.02 and a 52 week high of $21.68.
Several hedge funds have recently modified their holdings of RDC. BlackRock Inc. boosted its position in Rowan Companies PLC by 4,558.9% in the first quarter. BlackRock Inc. now owns 10,987,886 shares of the oil and gas company’s stock valued at $171,191,000 after buying an additional 10,752,038 shares during the last quarter. MARSHALL WACE ASIA Ltd purchased a new stake in Rowan Companies PLC in the first quarter valued at approximately $31,069,000. Marshall Wace North America L.P. purchased a new stake in Rowan Companies PLC in the first quarter valued at approximately $31,069,000. Northern Trust Corp boosted its position in Rowan Companies PLC by 145.7% in the second quarter. Northern Trust Corp now owns 3,151,757 shares of the oil and gas company’s stock valued at $32,274,000 after buying an additional 1,869,194 shares during the last quarter. Finally, Odey Asset Management Group Ltd purchased a new stake in Rowan Companies PLC in the second quarter valued at approximately $16,866,000.
About Rowan Companies PLC
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. As of December 31, 2016, the Company’s fleet consisted of 29 mobile offshore drilling units, including 25 self-elevating jack-up rigs and four ultra-deepwater drillships.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Rowan Companies PLC Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rowan Companies PLC and related companies with MarketBeat.com's FREE daily email newsletter.