Societe Generale Lowers Rowan Cos. (RDC) to Sell
Rowan Cos. (NYSE:RDC) was downgraded by analysts at Societe Generale to a “sell” rating in a research note issued on Monday.
Several other analysts have also recently weighed in on the company. Jefferies Group reissued a “buy” rating on shares of Rowan Cos. in a report on Sunday, July 10th. Credit Suisse Group AG set a $15.00 price objective on Rowan Cos. and gave the stock a “buy” rating in a report on Saturday, September 17th. Citigroup Inc. reissued a “neutral” rating on shares of Rowan Cos. in a report on Wednesday, August 3rd. Zacks Investment Research cut Rowan Cos. from a “hold” rating to a “sell” rating in a report on Wednesday, July 13th. Finally, Iberia Capital cut Rowan Cos. from an “outperform” rating to a “sector perform” rating and set a $19.00 price objective for the company. in a report on Tuesday, July 5th. Six research analysts have rated the stock with a sell rating, seventeen have given a hold rating and eleven have issued a buy rating to the stock. 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 Monday. The firm has a market cap of $1.90 billion, a PE ratio of 8.47 and a beta of 1.53. The firm’s 50-day moving average is $13.39 and its 200 day moving average is $15.99. Rowan Cos. has a 1-year low of $10.67 and a 1-year high of $21.83.
Rowan Cos. (NYSE:RDC) last issued its earnings results on Tuesday, August 2nd. The company reported $0.75 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.81 by $0.06. Rowan Cos. had a net margin of 10.24% and a return on equity of 9.22%. The firm earned $611.90 million during the quarter, compared to analyst estimates of $470.98 million. During the same quarter in the prior year, the firm posted $0.68 EPS. The firm’s revenue for the quarter was up 20.3% on a year-over-year basis. On average, equities analysts forecast that Rowan Cos. will post $1.67 earnings per share for the current fiscal year.
Several hedge funds have recently added to or reduced their stakes in the company. First Trust Advisors LP raised its stake in Rowan Cos. by 533.1% in the second quarter. First Trust Advisors LP now owns 2,620,005 shares of the company’s stock valued at $46,269,000 after buying an additional 2,206,144 shares during the period. Acadian Asset Management LLC raised its stake in Rowan Cos. by 182.8% in the second quarter. Acadian Asset Management LLC now owns 3,211,858 shares of the company’s stock valued at $56,718,000 after buying an additional 2,075,973 shares during the period. Vanguard Group Inc. raised its stake in Rowan Cos. by 17.4% in the second quarter. Vanguard Group Inc. now owns 13,651,405 shares of the company’s stock valued at $241,084,000 after buying an additional 2,020,982 shares during the period. Emerald Acquisition Ltd. acquired a new stake in Rowan Cos. during the second quarter valued at $22,646,000. Finally, 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 valued at $187,740,000 after buying an additional 941,800 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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