BMO Capital Markets Reiterates “$12.00” Price Target for Rowan Companies PLC (NYSE:RDC)

Rowan Companies PLC (NYSE:RDC) has been assigned a $12.00 price target by equities researchers at BMO Capital Markets in a research report issued to clients and investors on Saturday. The brokerage currently has a “hold” rating on the oil and gas company’s stock. BMO Capital Markets’ price objective points to a potential upside of 4.80% from the stock’s previous close.

A number of other equities research analysts also recently weighed in on RDC. Jefferies Group LLC reissued a “hold” rating and set a $17.00 target price (down previously from $20.00) on shares of Rowan Companies PLC in a report on Tuesday, April 11th. Credit Suisse Group reissued a “hold” rating and set a $21.00 target price on shares of Rowan Companies PLC in a report on Friday, April 21st. Fearnley Fonds raised Rowan Companies PLC to a “buy” rating in a report on Friday, April 28th. Barclays PLC dropped their target price on Rowan Companies PLC from $19.00 to $16.00 and set an “equal weight” rating for the company in a report on Monday, May 1st. Finally, Deutsche Bank AG dropped their target price on Rowan Companies PLC from $17.00 to $16.00 and set a “hold” rating for the company in a report on Wednesday, May 3rd. Four analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $16.37.

Rowan Companies PLC (NYSE RDC) opened at 11.45 on Friday. Rowan Companies PLC has a 52 week low of $9.74 and a 52 week high of $21.68. The stock has a 50 day moving average of $11.13 and a 200-day moving average of $14.40. The firm’s market cap is $1.45 billion.

Rowan Companies PLC (NYSE:RDC) last posted its earnings results on Wednesday, August 2nd. The oil and gas company reported ($0.25) earnings per share for the quarter, topping the Zacks’ 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 during the quarter, compared to the consensus estimate of $296.87 million. During the same quarter last year, the firm earned $0.75 earnings per share. The company’s revenue was down 47.7% on a year-over-year basis. Analysts expect that Rowan Companies PLC will post ($0.92) earnings per share for the current year.

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Several hedge funds have recently added to or reduced their stakes in the company. BNP Paribas Arbitrage SA boosted its stake in Rowan Companies PLC by 109.6% in the second quarter. BNP Paribas Arbitrage SA now owns 65,405 shares of the oil and gas company’s stock valued at $670,000 after buying an additional 34,200 shares during the period. Comerica Bank boosted its stake in Rowan Companies PLC by 0.3% in the second quarter. Comerica Bank now owns 104,828 shares of the oil and gas company’s stock valued at $1,182,000 after buying an additional 267 shares during the period. Dupont Capital Management Corp boosted its stake in Rowan Companies PLC by 574.8% in the second quarter. Dupont Capital Management Corp now owns 304,008 shares of the oil and gas company’s stock valued at $3,113,000 after buying an additional 258,955 shares during the period. Rhumbline Advisers boosted its stake in Rowan Companies PLC by 26.7% in the second quarter. Rhumbline Advisers now owns 285,312 shares of the oil and gas company’s stock valued at $2,922,000 after buying an additional 60,193 shares during the period. Finally, Arizona State Retirement System boosted its stake in Rowan Companies PLC by 1.9% in the second quarter. Arizona State Retirement System now owns 53,200 shares of the oil and gas company’s stock valued at $545,000 after buying an additional 1,000 shares during the period.

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.