Rowan Companies PLC (RDC) PT Set at $10.00 by Cowen and Company
Rowan Companies PLC (NYSE:RDC) has been given a $10.00 price objective by research analysts at Cowen and Company in a report released on Wednesday. The brokerage presently has a “hold” rating on the oil and gas company’s stock. Cowen and Company’s price target points to a potential downside of 24.47% from the company’s current price.
A number of other equities research analysts have also recently issued reports on the company. Barclays PLC reiterated a “hold” rating and issued a $14.00 target price on shares of Rowan Companies PLC in a research note on Friday, August 4th. HSBC Holdings plc started coverage on Rowan Companies PLC in a research note on Thursday. They issued a “buy” rating and a $16.80 target price on the stock. FBR & Co reiterated a “buy” rating on shares of Rowan Companies PLC in a research note on Thursday. BMO Capital Markets set a $12.00 target price on Rowan Companies PLC and gave the company a “hold” rating in a research note on Saturday, August 5th. Finally, Seaport Global Securities cut Rowan Companies PLC from a “neutral” rating to a “sell” rating and cut their target price for the company from $12.00 to $10.00 in a research note on Wednesday, June 21st. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $16.10.
Shares of Rowan Companies PLC (RDC) traded down 0.23% during trading on Wednesday, reaching $13.21. 4,392,449 shares of the company’s stock traded hands. The company has a 50 day moving average of $11.89 and a 200-day moving average of $12.04. The company’s market capitalization is $1.67 billion. Rowan Companies PLC has a 1-year low of $9.02 and a 1-year high of $21.68.
Rowan Companies PLC (NYSE:RDC) last announced its quarterly earnings data on Wednesday, August 2nd. The oil and gas company reported ($0.25) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.30) by $0.05. Rowan Companies PLC had a positive return on equity of 0.51% and a negative net margin of 2.62%. The firm had revenue of $320.20 million for the quarter, compared to analysts’ expectations of $296.87 million. During the same period last year, the business posted $0.75 earnings per share. The firm’s revenue for the quarter was down 47.7% on a year-over-year basis. Equities analysts predict that Rowan Companies PLC will post ($0.95) earnings per share for the current year.
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A number of large investors have recently added to or reduced their stakes in the stock. Dynamic Technology Lab Private Ltd acquired a new position in Rowan Companies PLC during the second quarter worth about $284,000. Sterling Capital Management LLC acquired a new position in Rowan Companies PLC during the second quarter worth about $922,000. Kalos Management Inc. grew its holdings in Rowan Companies PLC by 4.2% during the second quarter. Kalos Management Inc. now owns 24,829 shares of the oil and gas company’s stock worth $254,000 after acquiring an additional 993 shares during the period. Ameritas Investment Partners Inc. grew its holdings in Rowan Companies PLC by 27.7% during the second quarter. Ameritas Investment Partners Inc. now owns 47,237 shares of the oil and gas company’s stock worth $484,000 after acquiring an additional 10,243 shares during the period. Finally, Nomura Holdings Inc. acquired a new position in Rowan Companies PLC during the second quarter worth about $615,000.
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.
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