Zacks: Brokerages Expect Rowan Companies PLC (RDC) Will Announce Quarterly Sales of $276.42 Million
Brokerages predict that Rowan Companies PLC (NYSE:RDC) will report $276.42 million in sales for the current fiscal quarter, according to Zacks. Seven analysts have provided estimates for Rowan Companies PLC’s earnings, with estimates ranging from $269.30 million to $290.00 million. Rowan Companies PLC posted sales of $379.40 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 27.1%. The business is expected to announce its next earnings results on Tuesday, November 7th.
On average, analysts expect that Rowan Companies PLC will report full year sales of $276.42 million for the current year, with estimates ranging from $1.10 billion to $1.26 billion. For the next fiscal year, analysts anticipate that the business will report sales of $908.10 million per share, with estimates ranging from $831.21 million to $1.01 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of research firms that follow Rowan Companies PLC.
Rowan Companies PLC (NYSE:RDC) last announced its quarterly earnings results on Wednesday, August 2nd. The oil and gas company reported ($0.25) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.30) by $0.05. Rowan Companies PLC had a positive return on equity of 0.51% and a negative net margin of 2.62%. The firm had revenue of $320.20 million for the quarter, compared to analyst estimates of $296.87 million. During the same period last year, the firm posted $0.75 earnings per share. The business’s revenue for the quarter was down 47.7% on a year-over-year basis.
Several equities analysts have recently commented on RDC shares. Jefferies Group LLC reiterated a “hold” rating and set a $12.00 price objective (down from $15.00) on shares of Rowan Companies PLC in a research report on Tuesday, July 18th. ValuEngine upgraded Rowan Companies PLC from a “sell” rating to a “hold” rating in a report on Friday, September 1st. Seaport Global Securities upgraded Rowan Companies PLC from a “sell” rating to a “neutral” rating and increased their target price for the company from $10.00 to $11.00 in a report on Thursday, July 20th. Royal Bank Of Canada set a $14.00 target price on Rowan Companies PLC and gave the company a “hold” rating in a report on Sunday. Finally, TheStreet cut Rowan Companies PLC from a “c” rating to a “d” rating in a report on Wednesday, August 2nd. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $16.38.
Shares of Rowan Companies PLC (NYSE:RDC) traded down 0.90% during mid-day trading on Thursday, hitting $13.28. The stock had a trading volume of 639,417 shares. The firm has a 50 day moving average price of $11.32 and a 200-day moving average price of $12.10. Rowan Companies PLC has a 12 month low of $9.02 and a 12 month high of $21.68. The stock’s market cap is $1.68 billion.
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. LS Investment Advisors LLC lifted its stake in shares of Rowan Companies PLC by 24.8% in the 2nd quarter. LS Investment Advisors LLC now owns 10,330 shares of the oil and gas company’s stock valued at $106,000 after purchasing an additional 2,050 shares during the period. Sciencast Management LP increased its position in Rowan Companies PLC by 10.0% during the 2nd quarter. Sciencast Management LP now owns 13,094 shares of the oil and gas company’s stock valued at $134,000 after buying an additional 1,190 shares in the last quarter. Pacad Investment Ltd. bought a new position in Rowan Companies PLC during the 2nd quarter valued at approximately $138,000. Prescott Group Capital Management L.L.C. bought a new position in Rowan Companies PLC during the 2nd quarter valued at approximately $143,000. Finally, Neuberger Berman Group LLC increased its position in Rowan Companies PLC by 0.5% during the 1st quarter. Neuberger Berman Group LLC now owns 10,237 shares of the oil and gas company’s stock valued at $159,000 after buying an additional 55 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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