Rowan Cos. (RDC) Receives $16.25 Average Target Price from Brokerages
Shares of Rowan Cos. (NYSE:RDC) have received a consensus recommendation of “Hold” from the thirty-four ratings firms that are presently covering the firm. Five analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and nine have given a buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $15.92.
Several analysts have recently weighed in on RDC shares. Credit Suisse Group AG lowered Rowan Cos. from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $15.00 to $13.00 in a report on Friday, September 23rd. Citigroup Inc. cut their price objective on Rowan Cos. from $20.00 to $15.00 and set a “neutral” rating for the company in a report on Thursday, August 25th. Piper Jaffray Cos. cut their price objective on Rowan Cos. from $15.50 to $14.15 and set an “overweight” rating for the company in a report on Friday, September 16th. FBR & Co reaffirmed a “buy” rating on shares of Rowan Cos. in a research report on Thursday, September 8th. Finally, Seaport Global Securities lowered Rowan Cos. from a “buy” rating to a “neutral” rating and set a $15.00 target price on the stock. in a research report on Friday, October 7th.
Institutional investors have recently bought and sold shares of the stock. First Trust Advisors LP boosted its position in Rowan Cos. by 533.1% in the second quarter. First Trust Advisors LP now owns 2,620,005 shares of the company’s stock valued at $46,269,000 after buying an additional 2,206,144 shares during the period. Acadian Asset Management LLC boosted its position in Rowan Cos. by 182.8% in the second quarter. Acadian Asset Management LLC now owns 3,211,858 shares of the company’s stock valued at $56,718,000 after buying an additional 2,075,973 shares during the period. Vanguard Group Inc. boosted its position in Rowan Cos. by 17.4% in the second quarter. Vanguard Group Inc. now owns 13,651,405 shares of the company’s stock valued at $241,084,000 after buying an additional 2,020,982 shares during the period. Emerald Acquisition Ltd. purchased a new position in Rowan Cos. during the second quarter valued at approximately $22,646,000. Finally, HBK Investments L P purchased a new position in Rowan Cos. during the third quarter valued at approximately $17,191,000.
Rowan Cos. (NYSE:RDC) opened at 17.82 on Monday. Rowan Cos. has a 52-week low of $10.67 and a 52-week high of $20.88. The firm’s 50-day moving average is $14.64 and its 200-day moving average is $15.37. The stock has a market capitalization of $2.24 billion, a price-to-earnings ratio of 4.80 and a beta of 1.58.
Rowan Cos. (NYSE:RDC) last announced its quarterly earnings data on Tuesday, November 1st. The company reported $0.30 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.02) by $0.32. The business earned $379.40 million during the quarter, compared to analyst estimates of $362.38 million. Rowan Cos. had a return on equity of 7.52% and a net margin of 23.15%. The company’s revenue was down 30.4% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.89 earnings per share. Analysts predict that Rowan Cos. will post $1.95 earnings per share for the current year.
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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