Rowan Companies PLC (NYSE:RDC) was upgraded by investment analysts at BidaskClub from a “strong sell” rating to a “sell” rating in a report issued on Saturday.
A number of other equities analysts have also recently issued reports on the stock. Royal Bank Of Canada upgraded shares of Rowan Companies PLC from an “underperform” rating to a “sector perform” rating and upped their price objective for the stock from $13.50 to $14.00 in a research report on Friday. BMO Capital Markets set a $12.00 price objective on shares of Rowan Companies PLC and gave the stock a “hold” rating in a research report on Saturday, August 5th. Barclays PLC reiterated a “hold” rating and set a $14.00 price objective on shares of Rowan Companies PLC in a research report on Friday, August 4th. TheStreet cut shares of Rowan Companies PLC from a “c” rating to a “d” rating in a research report on Wednesday, August 2nd. Finally, Nomura lowered their price objective on shares of 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. Three research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and six have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $16.40.
Shares of Rowan Companies PLC (NYSE:RDC) traded up 1.59% during trading on Friday, hitting $9.60. The stock had a trading volume of 4,054,927 shares. Rowan Companies PLC has a one year low of $9.02 and a one year high of $21.68. The stock’s market cap is $1.21 billion. The stock’s 50-day moving average price is $10.56 and its 200 day moving average price is $13.36.
Rowan Companies PLC (NYSE:RDC) last released its quarterly earnings data on Wednesday, August 2nd. The oil and gas company reported ($0.25) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.30) by $0.05. The business had revenue of $320.20 million during the quarter, compared to analysts’ expectations of $296.87 million. Rowan Companies PLC had a negative net margin of 2.62% and a positive return on equity of 0.51%. The firm’s quarterly revenue was down 47.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.75 EPS. On average, equities analysts forecast that Rowan Companies PLC will post ($0.95) EPS for the current year.
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Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. raised its position in shares of Rowan Companies PLC by 30.3% in the second quarter. BlackRock Inc. now owns 14,315,633 shares of the oil and gas company’s stock valued at $146,590,000 after buying an additional 3,327,747 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Rowan Companies PLC by 4.7% in the first quarter. Dimensional Fund Advisors LP now owns 10,615,408 shares of the oil and gas company’s stock valued at $165,387,000 after buying an additional 477,442 shares in the last quarter. AQR Capital Management LLC raised its position in shares of Rowan Companies PLC by 19.5% in the first quarter. AQR Capital Management LLC now owns 5,702,609 shares of the oil and gas company’s stock valued at $88,847,000 after buying an additional 931,612 shares in the last quarter. State Street Corp raised its position in shares of Rowan Companies PLC by 24.1% in the second quarter. State Street Corp now owns 5,078,230 shares of the oil and gas company’s stock valued at $52,005,000 after buying an additional 986,257 shares in the last quarter. Finally, Northern Trust Corp raised its position in shares of Rowan Companies PLC by 145.7% in the second quarter. Northern Trust Corp now owns 3,151,757 shares of the oil and gas company’s stock valued at $32,274,000 after buying an additional 1,869,194 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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