Rowan Cos. (RDC) Bond Prices Rise 1.9%
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.
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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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