Rowan Cos. (RDC) Given New $16.00 Price Target at Citigroup Inc.
Rowan Cos. (NYSE:RDC) had its target price hoisted by equities research analysts at Citigroup Inc. from $15.00 to $16.00 in a research report issued on Monday. The brokerage currently has a “neutral” rating on the stock. Citigroup Inc.’s price target would suggest a potential upside of 6.74% from the company’s current price.
A number of other research analysts also recently issued reports on RDC. Bank of America Corp. restated an “underperform” rating on shares of Rowan Cos. in a research report on Monday, June 13th. Johnson Rice upgraded shares of Rowan Cos. from an “accumulate” rating to a “buy” rating in a research report on Monday, June 13th. Evercore ISI restated a “buy” rating on shares of Rowan Cos. in a research report on Wednesday, June 29th. Iberia Capital downgraded shares of Rowan Cos. from an “outperform” rating to a “sector perform” rating and set a $19.00 target price for the company. in a research report on Tuesday, July 5th. Finally, Jefferies Group reiterated a “buy” rating on shares of Rowan Cos. in a research report on Sunday, July 10th. Six investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and ten have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $17.15.
Rowan Cos. (NYSE:RDC) traded up 2.07% on Monday, reaching $15.30. The company had a trading volume of 1,637,107 shares. The company’s 50-day moving average price is $13.53 and its 200 day moving average price is $15.93. Rowan Cos. has a 1-year low of $10.67 and a 1-year high of $21.83. The firm has a market capitalization of $1.92 billion, a P/E ratio of 8.55 and a beta of 1.53.
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Rowan Cos. (NYSE:RDC) last posted its earnings results on Tuesday, August 2nd. The company reported $0.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.81 by $0.06. The business had revenue of $611.90 million for the quarter, compared to analyst estimates of $470.98 million. Rowan Cos. had a net margin of 10.24% and a return on equity of 9.22%. The company’s revenue for the quarter was up 20.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.68 earnings per share. On average, equities analysts forecast that Rowan Cos. will post $1.67 EPS for the current year.
Several institutional investors have recently modified their holdings of the company. LS Investment Advisors LLC raised its stake in Rowan Cos. by 75.6% in the second quarter. LS Investment Advisors LLC now owns 7,582 shares of the company’s stock worth $134,000 after buying an additional 3,265 shares during the period. Tower Research Capital LLC TRC raised its stake in Rowan Cos. by 91.3% in the second quarter. Tower Research Capital LLC TRC now owns 7,666 shares of the company’s stock worth $135,000 after buying an additional 3,658 shares during the period. Rational Advisors LLC acquired a new stake in Rowan Cos. during the second quarter worth about $143,000. Bank of Hawaii acquired a new stake in Rowan Cos. during the second quarter worth about $179,000. Finally, Smith Asset Management Group LP acquired a new stake in Rowan Cos. during the second quarter worth about $202,000.
Rowan Cos. Company Profile
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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