Rowan Companies PLC (RDC) Stock Price Up 5.7% on Analyst Upgrade
Rowan Companies PLC (NYSE:RDC) rose 5.7% on Tuesday after UBS AG raised their price target on the stock from $15.00 to $18.00. UBS AG currently has a buy rating on the stock. Rowan Companies PLC traded as high as $14.91 and last traded at $14.88. Approximately 2,856,385 shares changed hands during trading, a decline of 17% from the average daily volume of 3,460,000 shares. The stock had previously closed at $14.08.
RDC has been the subject of several other reports. Zacks Investment Research raised Rowan Companies PLC from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a research report on Tuesday, October 17th. BidaskClub raised Rowan Companies PLC from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 26th. FBR & Co reaffirmed a “buy” rating on shares of Rowan Companies PLC in a research report on Thursday, October 19th. Cowen and Company set a $10.00 target price on Rowan Companies PLC and gave the stock a “hold” rating in a research report on Wednesday, October 18th. Finally, Royal Bank Of Canada raised Rowan Companies PLC from an “underperform” rating to a “sector perform” rating and raised their target price for the stock from $13.50 to $14.00 in a research report on Friday, August 25th. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have given a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $16.52.
A number of institutional investors have recently modified their holdings of RDC. BlackRock Inc. increased its position in Rowan Companies PLC by 4,558.9% in the 1st 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 in the last quarter. Northern Trust Corp increased its position in Rowan Companies PLC by 145.7% in the 2nd 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 in the last quarter. Odey Asset Management Group Ltd bought a new stake in Rowan Companies PLC in the 2nd quarter valued at about $16,866,000. Key Group Holdings Cayman LTD. increased its position in Rowan Companies PLC by 142.8% in the 2nd quarter. Key Group Holdings Cayman LTD. now owns 2,783,345 shares of the oil and gas company’s stock valued at $28,501,000 after buying an additional 1,636,896 shares in the last quarter. Finally, State Street Corp increased its position in Rowan Companies PLC by 24.1% in the 2nd quarter. State Street Corp now owns 5,078,230 shares of the oil and gas company’s stock valued at $52,005,000 after buying an additional 986,257 shares in the last quarter.
The company has a current ratio of 5.80, a quick ratio of 5.80 and a debt-to-equity ratio of 0.47.
Rowan Companies PLC (NYSE:RDC) last issued its earnings results on Wednesday, November 1st. The oil and gas company reported ($0.16) EPS for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.26. The business had revenue of $291.60 million during the quarter, compared to analyst estimates of $281.51 million. Rowan Companies PLC had a negative return on equity of 0.61% and a negative net margin of 4.76%. The firm’s revenue was down 23.1% compared to the same quarter last year. During the same period in the previous year, the company posted $0.30 EPS. equities analysts anticipate that Rowan Companies PLC will post -0.82 earnings per share for the current fiscal year.
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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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