Rowan Companies PLC (RDC) Given Consensus Rating of “Hold” by Analysts
Shares of Rowan Companies PLC (NYSE:RDC) have earned an average rating of “Hold” from the twenty-five research firms that are currently covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a sell recommendation, thirteen have issued a hold recommendation and eight have issued a buy recommendation on the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $16.55.
Several analysts recently weighed in on the company. ValuEngine lowered Rowan Companies from a “hold” rating to a “sell” rating in a report on Monday, October 2nd. BMO Capital Markets set a $12.00 price target on Rowan Companies and gave the company a “hold” rating in a report on Tuesday, October 17th. FBR & Co restated a “buy” rating on shares of Rowan Companies in a report on Thursday, October 19th. BidaskClub upgraded Rowan Companies from a “strong sell” rating to a “sell” rating in a report on Saturday, August 26th. Finally, Cowen set a $10.00 price target on Rowan Companies and gave the company a “hold” rating in a report on Wednesday, October 18th.
Hedge funds have recently added to or reduced their stakes in the business. Wedbush Securities Inc. purchased a new stake in Rowan Companies in the third quarter worth $135,000. Smith Salley & Associates purchased a new stake in Rowan Companies in the third quarter worth $146,000. LMR Partners LLP purchased a new stake in Rowan Companies in the third quarter worth $165,000. Sciencast Management LP increased its stake in Rowan Companies by 10.0% in the second quarter. Sciencast Management LP now owns 13,094 shares of the oil and gas company’s stock worth $134,000 after purchasing an additional 1,190 shares during the period. Finally, Pacad Investment Ltd. purchased a new stake in Rowan Companies in the second quarter worth $138,000.
Rowan Companies (NYSE:RDC) last released its quarterly earnings results on Wednesday, November 1st. The oil and gas company reported ($0.16) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.42) by $0.26. Rowan Companies had a negative return on equity of 0.61% and a negative net margin of 4.76%. The company had revenue of $291.60 million for the quarter, compared to analyst estimates of $281.51 million. During the same quarter in the prior year, the firm posted $0.30 EPS. Rowan Companies’s quarterly revenue was down 23.1% compared to the same quarter last year. sell-side analysts forecast that Rowan Companies will post -0.67 EPS for the current year.
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About Rowan Companies
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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