Rowan Companies PLC (NYSE:RDC) Receives “Hold” Rating from Cowen and Company

Cowen and Company reaffirmed their hold rating on shares of Rowan Companies PLC (NYSE:RDC) in a research note issued to investors on Thursday morning. Cowen and Company currently has a $15.00 price target on the oil and gas company’s stock.

A number of other equities analysts have also commented on RDC. Jefferies Group LLC restated a hold rating and issued a $12.00 price objective (down from $15.00) on shares of Rowan Companies PLC in a research report on Tuesday, July 18th. Credit Suisse Group restated a hold rating and issued a $21.00 price objective on shares of Rowan Companies PLC in a research report on Friday, April 21st. Seaport Global Securities upgraded shares of Rowan Companies PLC from a sell rating to a neutral rating and raised their price objective for the company from $10.00 to $11.00 in a research report on Thursday, July 20th. BidaskClub upgraded shares of Rowan Companies PLC from a strong sell rating to a sell rating in a research report on Tuesday, June 13th. Finally, Bank of America Corporation lowered shares of Rowan Companies PLC from a neutral rating to an underperform rating in a research report on Friday, June 30th. Four equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have given a buy rating to the company. The stock has an average rating of Hold and an average target price of $16.37.

Shares of Rowan Companies PLC (NYSE:RDC) opened at 11.45 on Thursday. The firm’s market capitalization is $1.45 billion. The firm has a 50-day moving average of $11.13 and a 200 day moving average of $14.40. Rowan Companies PLC has a 12-month low of $9.74 and a 12-month high of $21.68.

Rowan Companies PLC (NYSE:RDC) last released its quarterly earnings data on Wednesday, August 2nd. The oil and gas company reported ($0.25) EPS for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.05. Rowan Companies PLC had a negative net margin of 2.62% and a positive return on equity of 0.51%. The company had revenue of $320.20 million during the quarter, compared to analyst estimates of $296.87 million. During the same period last year, the business earned $0.75 earnings per share. Rowan Companies PLC’s revenue was down 47.7% compared to the same quarter last year. On average, equities research analysts expect that Rowan Companies PLC will post ($0.92) earnings per share for the current year.

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Several hedge funds and other institutional investors have recently bought and sold shares of RDC. UBS Asset Management Americas Inc. increased its position in Rowan Companies PLC by 150.4% in the first 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 buying an additional 121,050 shares during the period. Louisiana State Employees Retirement System increased its position in Rowan Companies PLC by 2.3% in the first quarter. Louisiana State Employees Retirement System now owns 31,700 shares of the oil and gas company’s stock valued at $494,000 after buying an additional 700 shares during the period. Fox Run Management L.L.C. acquired a new position in Rowan Companies PLC during the first quarter valued at approximately $659,000. Principal Financial Group Inc. increased its position in Rowan Companies PLC by 3.4% in the first quarter. Principal Financial Group Inc. now owns 518,215 shares of the oil and gas company’s stock valued at $8,074,000 after buying an additional 17,065 shares during the period. Finally, Oregon Public Employees Retirement Fund increased its position in Rowan Companies PLC by 1.4% in the first quarter. Oregon Public Employees Retirement Fund now owns 43,948 shares of the oil and gas company’s stock valued at $685,000 after buying an additional 600 shares during the period.

About Rowan Companies PLC

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.