Rowan Companies PLC Receives Neutral Rating from Zacks (RDC)
Rowan Companies PLC (NYSE:RDC)‘s stock had its “neutral” rating restated by Zacks in a research report issued to clients and investors on Friday, StockRatingsNetwork.com reports. They currently have a $40.00 price target on the stock. Zacks‘ price objective suggests a potential upside of 4.44% from the stock’s previous close.
Zacks‘ analyst wrote, “We are maintaining our long-term Neutral recommendation on Rowan Companies plc. Second quarter revenues and earnings beat the respective Zacks Consensus Estimate, due mainly to higher average day rates, increased activity from fleet additions and higher utilization of existing rigs between periods. In an important milestone, Rowan contracted one of its ultra-deepwater drillship, Rowan Reliance, for a three-year period. The company’s backlog is at an all-time high and provides ample visibility into its future prospects. However, we remain concerned about the volatile macro backdrop, along with operational hindrances that could put pressure on the company’s performance in the upcoming quarters. As such, we see a restricted upside potential for Rowan’s shares and expect the company to perform on par with the industry. “
Rowan Companies PLC (NYSE:RDC) traded down 1.04% during mid-day trading on Friday, hitting $37.90. The stock had a trading volume of 666,911 shares. Rowan Companies PLC has a 52 week low of $30.05 and a 52 week high of $39.40. The stock’s 50-day moving average is $35.87 and its 200-day moving average is $34.5. The company has a market cap of $4.708 billion and a P/E ratio of 20.51.
Rowan Companies PLC (NYSE:RDC) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.01. The company had revenue of $408.90 million for the quarter, compared to the consensus estimate of $399.84 million. During the same quarter in the prior year, the company posted $0.51 earnings per share. The company’s quarterly revenue was up 16.5% on a year-over-year basis. On average, analysts predict that Rowan Companies PLC will post $2.21 earnings per share for the current fiscal year.
Other equities research analysts have also recently issued reports about the stock. Analysts at Wunderlich initiated coverage on shares of Rowan Companies PLC (NYSE:RDC) in a research note to investors on Wednesday, September 4th. They set a “buy” rating and a $51.00 price target on the stock. They noted that the move was a valuation call. Separately, analysts at JPMorgan Chase & Co. upgraded shares of Rowan Companies PLC (NYSE:RDC) from a “neutral” rating to an “overweight” rating in a research note to investors on Wednesday, September 4th. They now have a $39.00 price target on the stock, up previously from $37.00. Finally, analysts at Jefferies Group cut their EPS estimates on shares of Rowan Companies PLC (NYSE:RDC) in a research note on Tuesday. They now have a $42.00 price target on the stock.
Thirteen investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $40.09.
Rowan Companies plc, formerly Rowan Companies, Inc, is a provider of international and domestic offshore contract drilling services.
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