Q1 2017 Earnings Forecast for Rowan Cos. Issued By Jefferies Group (RDC)
Rowan Cos. (NYSE:RDC) – Analysts at Jefferies Group reduced their Q1 2017 earnings per share estimates for Rowan Cos. in a report released on Wednesday. Jefferies Group analyst E. Royes now expects that the brokerage will post earnings per share of $0.09 for the quarter, down from their previous estimate of $0.13. Jefferies Group has a “Buy” rating and a $17.00 price objective on the stock.
A number of other equities analysts also recently weighed in on the stock. Nomura set a $14.00 price target on shares of Rowan Cos. and gave the stock a “hold” rating in a report on Tuesday, August 16th. Evercore ISI reissued a “buy” rating on shares of Rowan Cos. in a report on Wednesday, June 29th. Credit Suisse Group AG downgraded shares of Rowan Cos. from an “outperform” rating to a “neutral” rating and cut their price target for the stock from $15.00 to $13.00 in a report on Friday, September 23rd. Raymond James Financial Inc. downgraded shares of Rowan Cos. from an “outperform” rating to a “market perform” rating in a report on Tuesday, July 26th. Finally, Howard Weil initiated coverage on shares of Rowan Cos. in a report on Wednesday, September 14th. They issued a “sector perform” rating and a $17.00 price target on the stock. Five investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and eleven have given a buy rating to the company. Rowan Cos. currently has an average rating of “Hold” and an average price target of $17.67.
Rowan Cos. (NYSE:RDC) opened at 15.16 on Thursday. The firm has a market capitalization of $1.90 billion, a price-to-earnings ratio of 8.47 and a beta of 1.61. Rowan Cos. has a 12 month low of $10.67 and a 12 month high of $21.83. The stock’s 50 day moving average is $13.39 and its 200-day moving average is $15.99.
Rowan Cos. (NYSE:RDC) last announced its earnings results on Tuesday, August 2nd. The company reported $0.75 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.81 by $0.06. Rowan Cos. had a return on equity of 9.22% and a net margin of 10.24%. The company had revenue of $611.90 million for the quarter, compared to analyst estimates of $470.98 million. During the same quarter in the previous year, the company posted $0.68 earnings per share. Rowan Cos.’s revenue for the quarter was up 20.3% on a year-over-year basis.
A number of hedge funds and other institutional investors have recently modified their holdings of RDC. Vanguard Group Inc. boosted its position in shares of Rowan Cos. by 17.4% in the second quarter. Vanguard Group Inc. now owns 13,651,405 shares of the company’s stock worth $241,084,000 after buying an additional 2,020,982 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Rowan Cos. by 9.7% in the second quarter. Dimensional Fund Advisors LP now owns 10,630,685 shares of the company’s stock worth $187,740,000 after buying an additional 941,800 shares during the period. BlackRock Fund Advisors raised its stake in Rowan Cos. by 4.6% in the second quarter. BlackRock Fund Advisors now owns 4,694,950 shares of the company’s stock worth $82,913,000 after buying an additional 204,975 shares during the period. State Street Corp raised its stake in Rowan Cos. by 7.9% in the second quarter. State Street Corp now owns 4,289,351 shares of the company’s stock worth $75,746,000 after buying an additional 315,028 shares during the period. Finally, BlackRock Institutional Trust Company N.A. raised its stake in Rowan Cos. by 0.8% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 3,695,912 shares of the company’s stock worth $65,270,000 after buying an additional 30,810 shares during the period.
Rowan Cos. 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. Its fleet consists of approximately 30 mobile offshore drilling units, including self-elevating jack-up rigs and ultra-deepwater drillships.
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