Rowan Companies PLC (RDC) Issues Earnings Results, Beats Expectations By $0.26 EPS
Rowan Companies PLC (NYSE:RDC) announced its quarterly earnings data on Wednesday. The oil and gas company reported ($0.16) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.42) by $0.26, Bloomberg Earnings reports. Rowan Companies PLC had a positive return on equity of 0.51% and a negative net margin of 2.62%. The business had revenue of $291.60 million for the quarter, compared to analysts’ expectations of $281.51 million. During the same period in the previous year, the business posted $0.30 EPS. The firm’s quarterly revenue was down 23.1% compared to the same quarter last year.
Shares of Rowan Companies PLC (RDC) traded down 2.09% during mid-day trading on Wednesday, reaching $14.03. The company’s stock had a trading volume of 1,394,166 shares. The company’s 50-day moving average price is $12.71 and its 200-day moving average price is $11.94. Rowan Companies PLC has a 12-month low of $9.02 and a 12-month high of $21.68. The stock’s market capitalization is $1.77 billion.
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A number of equities research analysts recently issued reports on the company. Zacks Investment Research upgraded Rowan Companies PLC from a “hold” rating to a “buy” rating and set a $16.00 price objective on the stock in a research note on Tuesday, October 17th. BMO Capital Markets set a $12.00 price target on Rowan Companies PLC and gave the company a “hold” rating in a research report on Tuesday, October 17th. Deutsche Bank AG began coverage on Rowan Companies PLC in a research report on Tuesday, October 10th. They set a “hold” rating and a $15.00 price target on the stock. HSBC Holdings plc began coverage on Rowan Companies PLC in a research report on Thursday, October 19th. They set a “buy” rating and a $16.80 price target on the stock. Finally, FBR & Co reiterated a “buy” rating on shares of Rowan Companies PLC in a research report on Thursday, October 19th. Four investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and seven have given a buy rating to the company’s stock. Rowan Companies PLC has a consensus rating of “Hold” and a consensus price target of $16.04.
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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