Royal Bank Of Canada upgraded shares of Rowan Companies PLC (NYSE:RDC) from an underperform rating to a sector perform rating in a report released on Friday morning. They currently have $14.00 price objective on the oil and gas company’s stock, up from their previous price objective of $13.50.
A number of other analysts have also recently weighed in on the company. BMO Capital Markets set a $12.00 price target on Rowan Companies PLC and gave the company a hold rating in a research report on Saturday, August 5th. Barclays PLC reiterated a hold rating and issued a $14.00 price target on shares of Rowan Companies PLC in a research report on Friday, August 4th. TheStreet cut Rowan Companies PLC from a c rating to a d rating in a research report on Wednesday, August 2nd. Nomura lowered their price target on Rowan Companies PLC from $14.00 to $13.00 and set a neutral rating on the stock in a research report on Thursday, August 3rd. Finally, Cowen and Company reiterated a hold rating and issued a $15.00 price target on shares of Rowan Companies PLC in a research report on Thursday, August 3rd. Three equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and six have issued a buy rating to the stock. Rowan Companies PLC presently has a consensus rating of Hold and an average target price of $16.40.
Rowan Companies PLC (RDC) traded up 1.59% during mid-day trading on Friday, reaching $9.60. 4,054,927 shares of the company traded hands. Rowan Companies PLC has a 52-week low of $9.02 and a 52-week high of $21.68. The stock’s market capitalization is $1.21 billion. The firm’s 50-day moving average is $10.56 and its 200 day moving average is $13.36.
Rowan Companies PLC (NYSE:RDC) last announced its quarterly earnings results on Wednesday, August 2nd. The oil and gas company reported ($0.25) earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $320.20 million for the quarter, compared to analysts’ expectations of $296.87 million. During the same period in the prior year, the business posted $0.75 earnings per share. The business’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 ($0.95) earnings per share for the current year.
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Institutional investors have recently modified their holdings of the stock. LS Investment Advisors LLC raised its position in shares of Rowan Companies PLC by 24.8% in the second quarter. LS Investment Advisors LLC now owns 10,330 shares of the oil and gas company’s stock valued at $106,000 after buying an additional 2,050 shares during the period. Sciencast Management LP raised its position in shares of Rowan Companies PLC by 10.0% in the second quarter. Sciencast Management LP now owns 13,094 shares of the oil and gas company’s stock valued at $134,000 after buying an additional 1,190 shares during the period. Pacad Investment Ltd. purchased a new position in shares of Rowan Companies PLC during the second quarter valued at about $138,000. Prescott Group Capital Management L.L.C. purchased a new position in shares of Rowan Companies PLC during the second quarter valued at about $143,000. Finally, Neuberger Berman Group LLC increased its stake in Rowan Companies PLC by 0.5% in the first quarter. Neuberger Berman Group LLC now owns 10,237 shares of the oil and gas company’s stock worth $159,000 after buying an additional 55 shares in the last quarter.
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.
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