Nomura Reaffirms “Hold” Rating for Rowan Cos. (RDC)
Several other equities research analysts also recently commented on the company. BMO Capital Markets restated a hold rating and set a $12.00 price objective on shares of Rowan Cos. in a report on Thursday, November 3rd. Jefferies Group restated a buy rating and set a $16.00 price objective on shares of Rowan Cos. in a report on Thursday, November 3rd. Societe Generale upgraded Rowan Cos. from a sell rating to a hold rating and set a $14.00 price objective for the company in a report on Thursday, November 3rd. FBR & Co decreased their price objective on Rowan Cos. from $25.00 to $16.00 and set an outperform rating for the company in a report on Thursday, November 3rd. Finally, Citigroup Inc. boosted their price objective on Rowan Cos. from $15.00 to $16.00 and gave the company a neutral rating in a report on Monday, October 10th. Five analysts have rated the stock with a sell rating, nineteen have given a hold rating and ten have given a buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $16.41.
Shares of Rowan Cos. (NYSE:RDC) opened at 14.12 on Monday. The firm has a market cap of $1.77 billion, a P/E ratio of 3.80 and a beta of 1.58. Rowan Cos. has a 12-month low of $10.67 and a 12-month high of $21.07. The stock has a 50 day moving average price of $14.24 and a 200 day moving average price of $15.61.
Rowan Cos. (NYSE:RDC) last issued its earnings results on Tuesday, November 1st. The company reported $0.30 earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.02) by $0.32. The business earned $379.40 million during the quarter, compared to the consensus estimate of $362.38 million. Rowan Cos. had a return on equity of 7.52% and a net margin of 23.15%. The firm’s revenue for the quarter was down 30.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.89 earnings per share. On average, equities analysts expect that Rowan Cos. will post $1.81 earnings per share for the current year.
A number of large investors have recently modified their holdings of the company. Globeflex Capital L P acquired a new position in Rowan Cos. during the second quarter worth approximately $1,698,000. Nuveen Asset Management LLC boosted its position in Rowan Cos. by 490.4% in the first quarter. Nuveen Asset Management LLC now owns 293,756 shares of the company’s stock worth $4,729,000 after buying an additional 244,000 shares in the last quarter. BNP Paribas Arbitrage SA boosted its position 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 worth $1,705,000 after buying an additional 90,219 shares in the last quarter. BlackRock Group LTD boosted its position in 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 in the last quarter. Finally, James Investment Research Inc. acquired a new position in Rowan Cos. during the second quarter worth approximately $261,000.
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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