Rowan Companies PLC Price Target Raised to $33.00 at Goldman Sachs (RDC)
Equities research analysts at Goldman Sachs boosted their target price on shares of Rowan Companies PLC (NYSE:RDC) from $32.50 to $33.00 in a research note issued to investors on Thursday. Goldman Sachs’ target price would indicate a potential upside of 5.94% from the stock’s previous close.
Rowan Companies PLC (NYSE:RDC) traded down 1.02% on Thursday, hitting $31.15. The stock had a trading volume of 1,272,733 shares. Rowan Companies PLC has a one year low of $29.50 and a one year high of $38.65. The stock’s 50-day moving average is $31.65 and its 200-day moving average is $32.08. The company has a market cap of $3.874 billion and a P/E ratio of 16.03. Rowan Companies PLC also was the recipient of a large drop in short interest during the month of June. As of June 13th, there was short interest totalling 6,890,954 shares, a drop of 19.0% from the May 30th total of 8,510,999 shares. Based on an average daily trading volume, of 2,198,923 shares, the days-to-cover ratio is presently 3.1 days. Approximately 5.6% of the shares of the company are sold short.
Rowan Companies PLC (NYSE:RDC) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.07. The company had revenue of $377.60 million for the quarter, compared to the consensus estimate of $375.53 million. During the same quarter in the previous year, the company posted $0.55 earnings per share. The company’s revenue for the quarter was down 4.2% on a year-over-year basis. Analysts expect that Rowan Companies PLC will post $2.27 EPS for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Zacks reiterated a “neutral” rating on shares of Rowan Companies PLC in a research note on Thursday. They now have a $33.00 price target on the stock. Separately, analysts at Jefferies Group cut their price target on shares of Rowan Companies PLC from $39.00 to $37.00 in a research note on Monday, May 19th. They now have a “buy” rating on the stock. Finally, analysts at Global Hunter Securities cut their price target on shares of Rowan Companies PLC from $33.00 to $31.00 in a research note on Wednesday, May 14th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and eight have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $38.06.
Rowan Companies plc, formerly Rowan Companies, Inc, is a provider of international and domestic offshore contract drilling services.
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