Rowan Cos. to Post FY2017 Earnings of ($0.50) Per Share, Credit Agricole SA Forecasts (RDC)
Rowan Cos. (NYSE:RDC) – Research analysts at Credit Agricole SA increased their FY2017 earnings per share (EPS) estimates for Rowan Cos. in a report issued on Tuesday. Credit Agricole SA analyst D. Havens now anticipates that the brokerage will post earnings of ($0.50) per share for the year, up from their prior forecast of ($0.60).
A number of other equities research analysts also recently commented on the company. Raymond James Financial Inc. downgraded Rowan Cos. from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 26th. JPMorgan Chase & Co. set a $19.00 price objective on Rowan Cos. and gave the company a “buy” rating in a research report on Wednesday, August 3rd. Deutsche Bank AG lifted their price objective on Rowan Cos. from $16.00 to $20.00 and gave the company a “hold” rating in a research report on Wednesday, August 3rd. Citigroup Inc. reaffirmed a “neutral” rating on shares of Rowan Cos. in a research report on Wednesday, August 3rd. Finally, Jefferies Group reaffirmed a “buy” rating and issued a $18.00 price objective (down previously from $21.00) on shares of Rowan Cos. in a research report on Thursday, August 4th. Five equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and ten have given a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $16.41.
Shares of Rowan Cos. (NYSE:RDC) traded up 3.8925% during midday trading on Friday, reaching $15.7501. The company’s stock had a trading volume of 4,876,421 shares. The firm’s 50 day moving average is $14.44 and its 200 day moving average is $15.49. Rowan Cos. has a 52 week low of $10.67 and a 52 week high of $20.98. The firm has a market capitalization of $1.98 billion, a price-to-earnings ratio of 4.2430 and a beta of 1.58.
Rowan Cos. (NYSE:RDC) last issued its quarterly earnings results on Tuesday, November 1st. The company reported $0.30 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.02) by $0.32. Rowan Cos. had a return on equity of 7.52% and a net margin of 23.15%. The company had revenue of $379.40 million for the quarter, compared to the consensus estimate of $362.38 million. During the same quarter in the prior year, the business earned $0.89 EPS. Rowan Cos.’s revenue was down 30.4% on a year-over-year basis.
Large investors have recently added to or reduced their stakes in the company. LS Investment Advisors LLC increased its stake in Rowan Cos. by 75.6% in the second quarter. LS Investment Advisors LLC now owns 7,582 shares of the company’s stock worth $134,000 after buying an additional 3,265 shares during the period. IBM Retirement Fund increased its stake in Rowan Cos. by 1.0% in the second quarter. IBM Retirement Fund now owns 12,690 shares of the company’s stock worth $224,000 after buying an additional 124 shares during the period. First Quadrant L P CA increased its stake in shares of Rowan Cos. by 355.3% in the second quarter. First Quadrant L P CA now owns 31,870 shares of the company’s stock worth $563,000 after buying an additional 24,870 shares during the period. Acadian Asset Management LLC increased its stake in shares of Rowan Cos. by 182.8% in the second quarter. Acadian Asset Management LLC now owns 3,211,858 shares of the company’s stock worth $56,718,000 after buying an additional 2,075,973 shares during the period. Finally, Nikko Asset Management Americas Inc. increased its stake in shares of Rowan Cos. by 25.8% in the second quarter. Nikko Asset Management Americas Inc. now owns 293,000 shares of the company’s stock worth $5,221,000 after buying an additional 60,000 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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