Rowan Companies PLC (RDC) Raised to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Rowan Companies PLC (NYSE:RDC) from a hold rating to a buy rating in a research note published on Thursday morning. Zacks Investment Research currently has $16.00 price objective on the oil and gas company’s stock.
According to Zacks, “Rowan Companies offers investors stable earnings and cash flow visibility, given its technologically advanced and versatile offshore drilling fleet, strong backlog and considerable pricing power. Moreover, Rowan’s joint venture with Aramco is expected to drive higher utilizations for the drop-down rigs. Rowan’s cost-control initiatives are also noteworthy. The contract driller managed to lower direct operating expenses by almost 16% over the last nine months. We also appreciate the company’s strengthening balance sheet given that its long-term debt load has been declining since 2015. These positive developments are reflected in the company’s price chart. Over the last six months, Rowan has rallied 3.7%, outperforming the 9.3% decline of the Zacks Oil Drilling industry.”
A number of other analysts have also recently weighed in on RDC. Seaport Global Securities upgraded shares of Rowan Companies PLC from a sell rating to a neutral rating and raised their target price for the stock from $10.00 to $11.00 in a report on Thursday, July 20th. Royal Bank Of Canada restated a sell rating and set a $13.50 target price on shares of Rowan Companies PLC in a report on Thursday, July 20th. Cowen and Company restated a hold rating and set a $15.00 target price on shares of Rowan Companies PLC in a report on Thursday, August 3rd. Nomura reduced their target price on shares of Rowan Companies PLC from $14.00 to $13.00 and set a neutral rating for the company in a report on Thursday, August 3rd. Finally, TheStreet cut shares of Rowan Companies PLC from a c rating to a d rating in a report on Wednesday, August 2nd. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have issued a buy rating to the stock. Rowan Companies PLC presently has a consensus rating of Hold and an average price target of $16.52.
Shares of Rowan Companies PLC (NYSE:RDC) traded up $0.11 during trading hours on Thursday, reaching $13.87. 3,636,439 shares of the company were exchanged, compared to its average volume of 3,293,192. Rowan Companies PLC has a 1 year low of $9.02 and a 1 year high of $21.68. The company has a quick ratio of 5.80, a current 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) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.42) by $0.26. The firm had revenue of $291.60 million during the quarter, compared to analysts’ expectations of $281.51 million. Rowan Companies PLC had a negative net margin of 4.76% and a negative return on equity of 0.61%. The firm’s revenue for the quarter was down 23.1% compared to the same quarter last year. During the same period last year, the firm posted $0.30 earnings per share. sell-side analysts anticipate that Rowan Companies PLC will post -0.74 EPS for the current year.
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Several institutional investors have recently added to or reduced their stakes in RDC. BlackRock Inc. raised its holdings in shares of Rowan Companies PLC by 4,558.9% during 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 purchasing an additional 10,752,038 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Rowan Companies PLC by 145.7% during 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 purchasing an additional 1,869,194 shares in the last quarter. Odey Asset Management Group Ltd bought a new position in shares of Rowan Companies PLC during the 2nd quarter valued at $16,866,000. Key Group Holdings Cayman LTD. raised its holdings in shares of Rowan Companies PLC by 142.8% during 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 purchasing an additional 1,636,896 shares in the last quarter. Finally, State Street Corp raised its holdings in shares of Rowan Companies PLC by 24.1% during 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 purchasing an additional 986,257 shares in the last quarter.
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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