Rowan Cos. (RDC) Trading Up 3.8%
Rowan Cos. (NYSE:RDC)’s share price was up 3.8% on Wednesday . The stock traded as high as $13.39 and last traded at $13.24, with a volume of 1,574,860 shares trading hands. The stock had previously closed at $12.76.
Several equities analysts have weighed in on RDC shares. Citigroup Inc. cut their target price on Rowan Cos. from $20.00 to $15.00 and set a “neutral” rating on the stock in a report on Thursday, August 25th. Evercore ISI restated a “buy” rating on shares of Rowan Cos. in a report on Wednesday, June 29th. FBR & Co restated a “buy” rating on shares of Rowan Cos. in a report on Thursday, September 8th. Howard Weil started coverage on Rowan Cos. in a report on Wednesday, September 14th. They set a “sector perform” rating and a $17.00 target price on the stock. Finally, Johnson Rice upgraded Rowan Cos. from an “accumulate” rating to a “buy” rating in a report on Monday, June 13th. Five equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and twelve have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $17.78.
The company’s 50 day moving average is $13.43 and its 200 day moving average is $16.11. The firm has a market capitalization of $1.69 billion, a P/E ratio of 7.54 and a beta of 1.61.
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Rowan Cos. (NYSE:RDC) last posted its quarterly earnings results on Tuesday, August 2nd. The company reported $0.75 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.81 by $0.06. The firm had revenue of $611.90 million for the quarter, compared to analyst estimates of $470.98 million. Rowan Cos. had a return on equity of 9.22% and a net margin of 10.24%. The business’s revenue was up 20.3% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.68 EPS. On average, equities analysts forecast that Rowan Cos. will post $1.66 earnings per share for the current fiscal year.
Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Rowan Cos. by 17.4% in the second quarter. Vanguard Group Inc. now owns 13,651,405 shares of the company’s stock valued at $241,084,000 after buying an additional 2,020,982 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Rowan Cos. by 9.7% in the second quarter. Dimensional Fund Advisors LP now owns 10,630,685 shares of the company’s stock valued at $187,740,000 after buying an additional 941,800 shares in the last quarter. BlackRock Fund Advisors raised its stake in Rowan Cos. by 4.6% in the second quarter. BlackRock Fund Advisors now owns 4,694,950 shares of the company’s stock valued at $82,913,000 after buying an additional 204,975 shares in the last quarter. State Street Corp raised its stake in Rowan Cos. by 7.9% in the second quarter. State Street Corp now owns 4,289,351 shares of the company’s stock valued at $75,746,000 after buying an additional 315,028 shares in the last quarter. Finally, BlackRock Institutional Trust Company N.A. raised its stake in Rowan Cos. by 0.8% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 3,695,912 shares of the company’s stock valued at $65,270,000 after buying an additional 30,810 shares in the last quarter.
About Rowan Cos.
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. Its fleet consists of approximately 30 mobile offshore drilling units, including self-elevating jack-up rigs and ultra-deepwater drillships.
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