Rowan Companies PLC (RDC) Shares Gap Down to $12.85
Rowan Companies PLC (NYSE:RDC) gapped down prior to trading on Monday . The stock had previously closed at $13.23, but opened at $12.85. Rowan Companies PLC shares last traded at $12.69, with a volume of 2,619,531 shares.
Several equities analysts have commented on RDC shares. Nomura lowered their price objective on Rowan Companies PLC from $14.00 to $13.00 and set a “neutral” rating for the company in a research report on Thursday, August 3rd. Bank of America Corporation downgraded shares of Rowan Companies PLC from a “neutral” rating to an “underperform” rating in a research report on Friday, June 30th. Seaport Global Securities downgraded shares of Rowan Companies PLC from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $12.00 to $10.00 in a research report on Wednesday, June 21st. BidaskClub lowered shares of Rowan Companies PLC from a “sell” rating to a “strong sell” rating in a research note on Friday, June 23rd. Finally, BMO Capital Markets reiterated a “hold” rating and issued a $15.00 price target on shares of Rowan Companies PLC in a research note on Thursday, June 22nd. Four equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating and five have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $16.41.
The company has a 50 day moving average price of $10.65 and a 200 day moving average price of $12.14. The company’s market capitalization is $1.61 billion.
Rowan Companies PLC (NYSE:RDC) last announced its earnings results on Wednesday, August 2nd. The oil and gas company reported ($0.25) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.30) by $0.05. Rowan Companies PLC had a positive return on equity of 0.51% and a negative net margin of 2.62%. The company had revenue of $320.20 million for the quarter, compared to analyst estimates of $296.87 million. During the same period in the prior year, the company posted $0.75 EPS. The firm’s quarterly revenue was down 47.7% compared to the same quarter last year. Equities research analysts anticipate that Rowan Companies PLC will post ($0.94) EPS for the current fiscal year.
Hedge funds have recently modified their holdings of the company. Great West Life Assurance Co. Can increased its holdings in shares of Rowan Companies PLC by 6.9% during the first quarter. Great West Life Assurance Co. Can now owns 109,692 shares of the oil and gas company’s stock valued at $1,707,000 after acquiring an additional 7,068 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Rowan Companies PLC by 5.0% in the 1st quarter. Bank of New York Mellon Corp now owns 2,330,321 shares of the oil and gas company’s stock valued at $36,306,000 after purchasing an additional 111,480 shares during the last quarter. Comerica Bank raised its position in shares of Rowan Companies PLC by 4.3% in the 1st quarter. Comerica Bank now owns 104,561 shares of the oil and gas company’s stock valued at $1,464,000 after purchasing an additional 4,333 shares during the last quarter. Swiss National Bank raised its position in shares of Rowan Companies PLC by 1.6% in the 1st quarter. Swiss National Bank now owns 196,000 shares of the oil and gas company’s stock valued at $3,054,000 after purchasing an additional 3,100 shares during the last quarter. Finally, UBS Asset Management Americas Inc. raised its position in shares of Rowan Companies PLC by 150.4% in the 1st quarter. UBS Asset Management Americas Inc. now owns 201,515 shares of the oil and gas company’s stock valued at $3,140,000 after purchasing an additional 121,050 shares during the last quarter.
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Rowan Companies PLC 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. As of December 31, 2016, the Company’s fleet consisted of 29 mobile offshore drilling units, including 25 self-elevating jack-up rigs and four ultra-deepwater drillships.
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