Rowan Cos. (RDC) Downgraded by Seaport Global Securities to “Neutral”
Seaport Global Securities downgraded shares of Rowan Cos. (NYSE:RDC) from a buy rating to a neutral rating in a research note issued to investors on Friday morning. Seaport Global Securities currently has $15.00 target price on the stock.
Several other equities research analysts have also commented on the stock. Societe Generale lowered shares of Rowan Cos. from a hold rating to a sell rating and cut their price target for the stock from $16.00 to $11.00 in a report on Monday, October 3rd. Jefferies Group set a $17.00 price target on shares of Rowan Cos. and gave the stock a buy rating in a report on Wednesday, September 28th. Credit Suisse Group AG lowered 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. Evercore ISI reissued a buy rating on shares of Rowan Cos. in a report on Thursday, September 22nd. Finally, Zephirin Group raised shares of Rowan Cos. from a hold rating to a buy rating and set a $18.00 price target for the company in a report on Monday, September 19th. Six analysts have rated the stock with a sell rating, eighteen have issued a hold rating and ten have given a buy rating to the company. The company has a consensus rating of Hold and a consensus price target of $17.12.
Rowan Cos. (NYSE:RDC) traded up 2.00% during midday trading on Friday, hitting $15.29. 1,161,958 shares of the stock traded hands. Rowan Cos. has a 52-week low of $10.67 and a 52-week high of $21.83. The firm has a market cap of $1.92 billion, a PE ratio of 8.54 and a beta of 1.53. The stock has a 50-day moving average of $13.53 and a 200 day moving average of $15.93.
Rowan Cos. (NYSE:RDC) last posted its earnings results on Tuesday, August 2nd. The company reported $0.75 earnings per share for the quarter, missing the consensus estimate of $0.81 by $0.06. The firm had revenue of $611.90 million for the quarter, compared to analysts’ expectations of $470.98 million. Rowan Cos. had a net margin of 10.24% and a return on equity of 9.22%. Rowan Cos.’s revenue for the quarter was up 20.3% compared to the same quarter last year. During the same period last year, the firm earned $0.68 earnings per share. Equities analysts forecast that Rowan Cos. will post $1.67 EPS for the current year.
Hedge funds have recently bought and sold shares of the company. Virginia Retirement System bought a new stake in Rowan Cos. during the first quarter worth approximately $628,000. TIAA CREF Investment Management LLC boosted its stake in Rowan Cos. by 0.9% in the first quarter. TIAA CREF Investment Management LLC now owns 978,688 shares of the company’s stock worth $15,757,000 after buying an additional 8,723 shares in the last quarter. Prudential Financial Inc. boosted its stake in Rowan Cos. by 9.0% in the first quarter. Prudential Financial Inc. now owns 640,327 shares of the company’s stock worth $10,310,000 after buying an additional 52,700 shares in the last quarter. BlackRock Inc. boosted its stake in Rowan Cos. by 137.0% in the first quarter. BlackRock Inc. now owns 115,434 shares of the company’s stock worth $1,858,000 after buying an additional 66,736 shares in the last quarter. Finally, BlackRock Group LTD raised its stake in shares of Rowan Cos. by 105.7% in the first quarter. BlackRock Group LTD now owns 130,743 shares of the company’s stock worth $2,105,000 after buying an additional 67,171 shares during the last quarter.
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.
Receive News & Stock Ratings for Rowan Cos. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rowan Cos. and related stocks with our FREE daily email newsletter.