Research analysts at HSBC Holdings plc began coverage on shares of Rowan Companies PLC (NYSE:RDC) in a research report issued to clients and investors on Thursday, MarketBeat reports. The brokerage set a “buy” rating and a $16.80 price target on the oil and gas company’s stock. HSBC Holdings plc’s price objective would indicate a potential upside of 28.24% from the company’s previous close.

Several other brokerages have also recently issued reports on RDC. Zacks Investment Research upgraded shares of Rowan Companies PLC from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a report on Tuesday, October 17th. BMO Capital Markets set a $12.00 target price on shares of Rowan Companies PLC and gave the company a “hold” rating in a report on Tuesday, October 17th. Deutsche Bank AG began coverage on shares of Rowan Companies PLC in a report on Tuesday, October 10th. They issued a “hold” rating and a $15.00 target price for the company. Royal Bank Of Canada set a $14.00 target price on shares of Rowan Companies PLC and gave the company a “hold” rating in a report on Sunday, October 8th. Finally, ValuEngine cut shares of Rowan Companies PLC from a “hold” rating to a “sell” rating in a report on Monday, October 2nd. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $16.04.

Rowan Companies PLC (NYSE RDC) traded down 0.83% during midday trading on Thursday, reaching $13.10. 3,730,546 shares of the company were exchanged. The firm has a 50-day moving average price of $12.08 and a 200-day moving average price of $12.03. The company’s market capitalization is $1.65 billion. Rowan Companies PLC has a 52 week low of $9.02 and a 52 week high of $21.68.

Rowan Companies PLC (NYSE:RDC) last posted its quarterly earnings results on Wednesday, August 2nd. The oil and gas company reported ($0.25) EPS for the quarter, topping the consensus estimate of ($0.30) by $0.05. Rowan Companies PLC had a negative net margin of 2.62% and a positive return on equity of 0.51%. The company had revenue of $320.20 million during the quarter, compared to analysts’ expectations of $296.87 million. During the same quarter in the previous year, the business posted $0.75 EPS. The firm’s revenue was down 47.7% on a year-over-year basis. Equities research analysts anticipate that Rowan Companies PLC will post ($0.93) earnings per share for the current fiscal year.

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A number of institutional investors have recently made changes to their positions in the business. Neuberger Berman Group LLC raised 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 worth $159,000 after buying an additional 55 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its position in Rowan Companies PLC by 0.4% during the 2nd 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 buying an additional 71 shares during the last quarter. Comerica Bank raised its position in Rowan Companies PLC by 0.3% during the 2nd quarter. Comerica Bank now owns 104,828 shares of the oil and gas company’s stock worth $1,182,000 after buying an additional 267 shares during the last quarter. Virginia Retirement Systems ET AL raised its position in Rowan Companies PLC by 1.7% during the 2nd quarter. Virginia Retirement Systems ET AL now owns 23,432 shares of the oil and gas company’s stock worth $240,000 after buying an additional 400 shares during the last quarter. Finally, Retirement Systems of Alabama raised its position in Rowan Companies PLC by 0.3% during the 2nd quarter. Retirement Systems of Alabama now owns 162,562 shares of the oil and gas company’s stock worth $1,665,000 after buying an additional 546 shares during 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.

Analyst Recommendations for Rowan Companies PLC (NYSE:RDC)

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