Rowan Companies (RDC) Bonds Drop 1.3% During Trading
An issue of Rowan Companies PLC (NYSE:RDC) debt fell 1.3% against its face value during trading on Wednesday. The high-yield debt issue has a 7.375% coupon and will mature on June 15, 2025. The debt is now trading at $95.10 and was trading at $96.75 one week ago. Price changes in a company’s debt in credit markets often anticipate parallel changes in its stock price.
Several research firms have recently weighed in on RDC. Susquehanna Bancshares set a $14.00 price objective on shares of Rowan Companies and gave the company a “hold” rating in a research note on Wednesday, February 14th. Piper Jaffray Companies set a $17.00 price objective on shares of Rowan Companies and gave the company a “hold” rating in a research note on Wednesday, February 14th. DNB Markets upgraded shares of Rowan Companies from a “hold” rating to a “buy” rating and set a $15.00 price objective for the company in a research note on Wednesday, February 14th. B. Riley set a $16.00 price objective on shares of Rowan Companies and gave the company a “buy” rating in a research note on Friday, January 5th. Finally, Zacks Investment Research upgraded shares of Rowan Companies from a “sell” rating to a “hold” rating in a research note on Tuesday. Three investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $15.32.
Shares of Rowan Companies PLC (NYSE:RDC) traded up $0.28 on Wednesday, hitting $12.11. The stock had a trading volume of 3,790,306 shares, compared to its average volume of 3,007,985. Rowan Companies PLC has a 12-month low of $9.02 and a 12-month high of $17.33. The company has a market capitalization of $1,526.58, a PE ratio of 21.63 and a beta of 1.81. The company has a debt-to-equity ratio of 0.47, a quick ratio of 6.06 and a current ratio of 6.06.
In other Rowan Companies news, CFO Stephen M. Butz sold 3,671 shares of the company’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $12.99, for a total value of $47,686.29. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.77% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently modified their holdings of the business. Assetmark Inc. boosted its stake in Rowan Companies by 3,057.4% in the fourth quarter. Assetmark Inc. now owns 8,525 shares of the oil and gas company’s stock worth $134,000 after buying an additional 8,255 shares in the last quarter. Investors Research Corp purchased a new stake in Rowan Companies in the fourth quarter worth approximately $177,000. Two Sigma Securities LLC purchased a new stake in Rowan Companies in the fourth quarter worth approximately $178,000. Virtu Financial LLC purchased a new stake in Rowan Companies in the fourth quarter worth approximately $184,000. Finally, LMR Partners LLP purchased a new stake in Rowan Companies in the third quarter worth approximately $165,000.
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Rowan Companies Company Profile
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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