Rowan Companies PLC (RDC) Rating Increased to Buy at Zacks Investment Research
Rowan Companies PLC (NYSE:RDC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The brokerage currently has a $16.00 price objective on the oil and gas company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 15.03% from the stock’s current price.
According to Zacks, “Rowan Cos offers investors stable earnings and cash flow visibility, given its technologically advanced and versatile offshore drilling fleet, strong backlog and considerable pricing power. Moreover, Rowan’s joint venture with Aramco is expected to drive higher utilizations for the drop-down rigs. Rowan’s cost-control initiatives are also noteworthy. Rowan outperformed the industry in the last three months and it has a strong earnings surprise history. Rowan’s earnings beat the Zacks Consensus Estimate in three of the four quarters with an average positive earnings surprise of 777.27%.”
Several other equities analysts have also commented on RDC. Seaport Global Securities lowered Rowan Companies PLC from a “neutral” rating to a “sell” rating and lowered their target price for the company from $12.00 to $10.00 in a report on Wednesday, June 21st. BMO Capital Markets reaffirmed a “hold” rating and set a $15.00 target price on shares of Rowan Companies PLC in a report on Thursday, June 22nd. BidaskClub lowered Rowan Companies PLC from a “sell” rating to a “strong sell” rating in a report on Friday, June 23rd. Bank of America Corporation lowered Rowan Companies PLC from a “neutral” rating to an “underperform” rating in a report on Friday, June 30th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and set a $12.00 target price (down from $15.00) on shares of Rowan Companies PLC in a report on Tuesday, July 18th. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and six have issued a buy rating to the company’s stock. Rowan Companies PLC currently has a consensus rating of “Hold” and an average price target of $16.35.
Shares of Rowan Companies PLC (RDC) traded down 3.74% during mid-day trading on Tuesday, hitting $13.39. The company had a trading volume of 1,415,255 shares. Rowan Companies PLC has a 52-week low of $9.02 and a 52-week high of $21.68. The stock’s 50-day moving average is $11.61 and its 200-day moving average is $12.06. The stock’s market cap is $1.69 billion.
Rowan Companies PLC (NYSE:RDC) last posted its earnings results on Wednesday, August 2nd. The oil and gas company reported ($0.25) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.30) by $0.05. The company had revenue of $320.20 million during the quarter, compared to analyst estimates of $296.87 million. Rowan Companies PLC had a positive return on equity of 0.51% and a negative net margin of 2.62%. The business’s revenue was down 47.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.75 earnings per share. Equities analysts forecast that Rowan Companies PLC will post ($0.95) earnings per share for the current year.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Neuberger Berman Group LLC lifted its position in Rowan Companies PLC by 0.5% in the first quarter. Neuberger Berman Group LLC now owns 10,237 shares of the oil and gas company’s stock worth $159,000 after purchasing an additional 55 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in Rowan Companies PLC by 0.4% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 18,403 shares of the oil and gas company’s stock worth $188,000 after purchasing an additional 71 shares during the period. Comerica Bank lifted its position in Rowan Companies PLC by 0.3% in the second quarter. Comerica Bank now owns 104,828 shares of the oil and gas company’s stock worth $1,182,000 after purchasing an additional 267 shares during the period. Virginia Retirement Systems ET AL lifted its position in Rowan Companies PLC by 1.7% in the second quarter. Virginia Retirement Systems ET AL now owns 23,432 shares of the oil and gas company’s stock worth $240,000 after purchasing an additional 400 shares during the period. Finally, Retirement Systems of Alabama lifted its position in Rowan Companies PLC by 0.3% in the second quarter. Retirement Systems of Alabama now owns 162,562 shares of the oil and gas company’s stock worth $1,665,000 after purchasing an additional 546 shares during the period.
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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