Rowan Cos. (RDC) Given New $16.00 Price Target at Citigroup Inc.
Rowan Cos. (NYSE:RDC) had its target price lifted by research analysts at Citigroup Inc. from $15.00 to $16.00 in a research report issued to clients and investors on Monday. The brokerage currently has a “neutral” rating on the stock. Citigroup Inc.’s price target would indicate a potential upside of 6.74% from the stock’s previous close.
A number of other research analysts have also commented on RDC. Jefferies Group restated a “buy” rating on shares of Rowan Cos. in a research note on Sunday, July 10th. Credit Suisse Group AG set a $15.00 target price on shares of Rowan Cos. and gave the company a “buy” rating in a report on Saturday, September 17th. Royal Bank Of Canada lowered their target price on shares of Rowan Cos. from $22.00 to $16.00 and set a “sector perform” rating on the stock in a report on Friday, August 12th. Zacks Investment Research downgraded shares of Rowan Cos. from a “hold” rating to a “sell” rating in a report on Wednesday, July 13th. Finally, Iberia Capital downgraded shares of Rowan Cos. from an “outperform” rating to a “sector perform” rating and set a $19.00 target price on the stock. in a report on Tuesday, July 5th. Six equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating and ten have issued a buy rating to the stock. Rowan Cos. presently has a consensus rating of “Hold” and an average price target of $17.15.
Rowan Cos. (NYSE:RDC) traded up 2.00% during mid-day trading on Monday, reaching $15.29. 1,655,850 shares of the company’s stock were exchanged. The firm’s 50-day moving average is $13.53 and its 200 day moving average is $15.93. The stock has a market capitalization of $1.92 billion, a PE ratio of 8.54 and a beta of 1.53. Rowan Cos. has a 1-year low of $10.67 and a 1-year high of $21.83.
Rowan Cos. (NYSE:RDC) last posted its quarterly earnings data on Tuesday, August 2nd. The company reported $0.75 EPS for the quarter, missing analysts’ consensus estimates of $0.81 by $0.06. The business earned $611.90 million during the quarter, compared to analyst estimates of $470.98 million. Rowan Cos. had a net margin of 10.24% and a return on equity of 9.22%. The company’s revenue for the quarter was up 20.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.68 earnings per share. Analysts forecast that Rowan Cos. will post $1.67 earnings per share for the current fiscal year.
A number of large investors have recently added to or reduced their stakes in RDC. Nuveen Asset Management LLC increased its stake in Rowan Cos. by 490.4% in the first quarter. Nuveen Asset Management LLC now owns 293,756 shares of the company’s stock valued at $4,729,000 after buying an additional 244,000 shares in the last quarter. BNP Paribas Arbitrage SA increased its stake in Rowan Cos. by 1,428.0% in the second quarter. BNP Paribas Arbitrage SA now owns 96,537 shares of the company’s stock valued at $1,705,000 after buying an additional 90,219 shares in the last quarter. BlackRock Group LTD increased its stake in Rowan Cos. by 105.7% in the first quarter. BlackRock Group LTD now owns 130,743 shares of the company’s stock valued at $2,105,000 after buying an additional 67,171 shares in the last quarter. Canada Pension Plan Investment Board increased its stake in Rowan Cos. by 12.7% in the first quarter. Canada Pension Plan Investment Board now owns 27,600 shares of the company’s stock valued at $444,000 after buying an additional 3,100 shares in the last quarter. Finally, James Investment Research Inc. acquired a new stake in Rowan Cos. during the second quarter valued at about $261,000.
About Rowan Cos.
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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