Rowan Companies (NYSE:RDC) was upgraded by investment analysts at Citigroup from a “neutral” rating to a “buy” rating in a report released on Friday, Marketbeat Ratings reports.

Other research analysts also recently issued research reports about the stock. B. Riley set a $16.00 price objective on shares of Rowan Companies and gave the company a “buy” rating in a research report on Thursday, June 7th. ValuEngine raised shares of Rowan Companies from a “buy” rating to a “strong-buy” rating in a research report on Thursday, June 7th. Wells Fargo & Co raised shares of Rowan Companies from a “market perform” rating to an “outperform” rating in a research report on Thursday, May 24th. Tudor Pickering raised shares of Rowan Companies from a “hold” rating to a “buy” rating in a research report on Thursday, July 12th. Finally, BMO Capital Markets set a $15.00 price objective on shares of Rowan Companies and gave the company a “hold” rating in a research report on Wednesday, July 11th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $15.05.

Shares of RDC stock opened at $14.86 on Friday. The company has a current ratio of 6.09, a quick ratio of 6.09 and a debt-to-equity ratio of 0.48. Rowan Companies has a 1 year low of $9.67 and a 1 year high of $17.33. The firm has a market capitalization of $1.80 billion, a price-to-earnings ratio of -23.22 and a beta of 1.86.

Rowan Companies (NYSE:RDC) last issued its quarterly earnings results on Wednesday, August 1st. The oil and gas company reported ($0.60) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.93) by $0.33. Rowan Companies had a negative net margin of 9.41% and a negative return on equity of 4.70%. The firm had revenue of $241.30 million for the quarter, compared to analyst estimates of $207.71 million. During the same period in the previous year, the business earned ($0.25) EPS. The company’s revenue was down 24.6% compared to the same quarter last year. research analysts expect that Rowan Companies will post -3.52 EPS for the current year.

In related news, VP Richard Jason Anderson sold 6,000 shares of Rowan Companies stock in a transaction dated Wednesday, June 20th. The shares were sold at an average price of $14.67, for a total transaction of $88,020.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.60% of the company’s stock.

Several hedge funds have recently made changes to their positions in RDC. Millennium Management LLC boosted its holdings in shares of Rowan Companies by 126.7% during the 1st quarter. Millennium Management LLC now owns 3,939,908 shares of the oil and gas company’s stock worth $45,467,000 after buying an additional 2,201,957 shares during the period. BlackRock Inc. boosted its holdings in shares of Rowan Companies by 8.4% during the 2nd quarter. BlackRock Inc. now owns 14,089,013 shares of the oil and gas company’s stock worth $228,524,000 after buying an additional 1,093,323 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Rowan Companies by 8.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 10,666,456 shares of the oil and gas company’s stock worth $123,091,000 after buying an additional 795,237 shares during the period. Point72 Asset Management L.P. bought a new stake in shares of Rowan Companies during the 2nd quarter worth about $10,730,000. Finally, Renaissance Technologies LLC bought a new stake in shares of Rowan Companies during the 2nd quarter worth about $9,743,000. 97.84% of the stock is owned by institutional investors and hedge funds.

Rowan Companies Company Profile

Rowan Companies plc provides offshore oil and gas contract drilling services to the oil and gas industry. The company operates through Deepwater, Jack-ups, and ARO segments. The Deepwater segment operates 4 ultra-deepwater drillships. The Jack-ups segment operates 23 self-elevating jack-up rigs. The ARO segment operates 5 self-elevating jack-up rigs.

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Analyst Recommendations for Rowan Companies (NYSE:RDC)

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