Rowan Companies (RDC) Rating Lowered to Underweight at Barclays

Rowan Companies (NYSE:RDC) was downgraded by research analysts at Barclays from an “equal weight” rating to an “underweight” rating in a research note issued on Tuesday, The Fly reports.

Other equities research analysts have also recently issued research reports about the company. Zacks Investment Research raised Rowan Companies from a “hold” rating to a “buy” rating and set a $16.00 price target for the company in a report on Tuesday, October 17th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $15.00 price target on shares of Rowan Companies in a report on Sunday, October 22nd. FBR & Co reaffirmed a “buy” rating on shares of Rowan Companies in a report on Thursday, October 19th. initiated coverage on Rowan Companies in a report on Thursday, October 19th. They issued a “buy” rating and a $16.80 price target for the company. Finally, B. Riley reaffirmed a “buy” rating on shares of Rowan Companies in a report on Wednesday, November 1st. Four investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and six have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $16.54.

Rowan Companies (NYSE:RDC) opened at $16.20 on Tuesday. Rowan Companies has a fifty-two week low of $9.02 and a fifty-two week high of $20.25. The company has a market capitalization of $2,009.95, a P/E ratio of -31.15 and a beta of 1.90. The company has a current ratio of 5.80, a quick ratio of 5.80 and a debt-to-equity ratio of 0.47.

Rowan Companies (NYSE:RDC) last announced its earnings results on Wednesday, November 1st. The oil and gas company reported ($0.16) EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $291.60 million during the quarter, compared to analysts’ expectations of $281.51 million. During the same quarter in the prior year, the firm earned $0.30 earnings per share. The business’s revenue was down 23.1% compared to the same quarter last year. equities research analysts expect that Rowan Companies will post -0.63 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in RDC. BlackRock Inc. boosted its position in shares of Rowan Companies by 4,558.9% during the first quarter. BlackRock Inc. now owns 10,987,886 shares of the oil and gas company’s stock worth $171,191,000 after buying an additional 10,752,038 shares during the period. AJO LP boosted its position in shares of Rowan Companies by 235.0% during the fourth quarter. AJO LP now owns 10,894,267 shares of the oil and gas company’s stock worth $184,658,000 after buying an additional 7,642,605 shares during the period. Luminus Management LLC purchased a new position in shares of Rowan Companies during the fourth quarter worth $48,498,000. First Trust Advisors LP boosted its position in shares of Rowan Companies by 533.1% during the second quarter. First Trust Advisors LP now owns 2,620,005 shares of the oil and gas company’s stock worth $46,269,000 after buying an additional 2,206,144 shares during the period. Finally, Acadian Asset Management LLC boosted its position in shares of Rowan Companies by 182.8% during the second quarter. Acadian Asset Management LLC now owns 3,211,858 shares of the oil and gas company’s stock worth $56,718,000 after buying an additional 2,075,973 shares during the period.

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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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