An issue of Rowan Cos. (NYSE:RDC) bonds rose 1.9% as a percentage of their face value during trading on Tuesday. The debt issue has a 5.85% coupon and is set to mature on January 15, 2044. The bonds in the issue are now trading at $69.90. Price changes in a company’s bonds in credit markets sometimes anticipate parallel changes in its stock price.

A number of research firms have issued reports on RDC. Nomura set a $14.00 target price on shares of Rowan Cos. and gave the company a “hold” rating in a research note on Tuesday, August 16th. Citigroup Inc. reiterated a “neutral” rating on shares of Rowan Cos. in a research note on Wednesday, August 3rd. FBR & Co reiterated a “buy” rating on shares of Rowan Cos. in a research note on Thursday, September 8th. Jefferies Group set a $17.00 target price on shares of Rowan Cos. and gave the company a “buy” rating in a research note on Wednesday, September 28th. Finally, Societe Generale cut shares of Rowan Cos. from a “hold” rating to a “sell” rating and reduced their target price for the company from $16.00 to $11.00 in a research note on Monday, October 3rd. Five analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and ten have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $16.41.

Rowan Cos. (NYSE:RDC) traded up 0.93% on Tuesday, reaching $16.23. 3,387,136 shares of the company’s stock were exchanged. Rowan Cos. has a 52 week low of $10.67 and a 52 week high of $20.98. The stock’s 50 day moving average is $14.52 and its 200 day moving average is $15.41. The company has a market cap of $2.04 billion, a price-to-earnings ratio of 4.37 and a beta of 1.58.

Rowan Cos. (NYSE:RDC) last released its earnings results on Tuesday, November 1st. The company reported $0.30 earnings per share (EPS) for the quarter, beating the Zacks’ 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 firm had revenue of $379.40 million for the quarter, compared to analysts’ expectations of $362.38 million. During the same quarter in the previous year, the business posted $0.89 earnings per share. The business’s revenue for the quarter was down 30.4% on a year-over-year basis. On average, equities analysts anticipate that Rowan Cos. will post $1.93 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in RDC. State Street Corp boosted its position in Rowan Cos. by 7.3% in the first quarter. State Street Corp now owns 3,974,323 shares of the company’s stock worth $63,988,000 after buying an additional 271,751 shares in the last quarter. Geode Capital Management LLC boosted its position in Rowan Cos. by 24.6% in the first quarter. Geode Capital Management LLC now owns 935,734 shares of the company’s stock worth $15,065,000 after buying an additional 184,910 shares in the last quarter. Squarepoint Ops LLC acquired a new position in Rowan Cos. during the first quarter worth about $1,427,000. BlueMountain Capital Management LLC acquired a new position in Rowan Cos. during the first quarter worth about $350,000. Finally, 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.

COPYRIGHT VIOLATION WARNING: This news story was originally reported by The Cerbat Gem and is owned by of The Cerbat Gem. If you are viewing this news story on another website, it was illegally copied and republished in violation of international trademark and copyright laws. The legal version of this news story can be viewed at https://www.thecerbatgem.com/2016/11/22/rowan-cos-rdc-bond-prices-rise-1-9.html.

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.

5 Day Chart for NYSE:RDC

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.