Rowan Companies (NYSE:RDC) has been assigned a $16.00 target price by investment analysts at B. Riley in a report issued on Friday. The brokerage presently has a “buy” rating on the oil and gas company’s stock. B. Riley’s price target would suggest a potential downside of 6.98% from the company’s current price.
RDC has been the subject of a number of other reports. Zacks Investment Research upgraded shares of 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. UBS Group raised shares of Rowan Companies from a “neutral” rating to a “buy” rating and raised their target price for the stock from $11.00 to $15.00 in a research report on Monday, September 25th. FBR & Co reissued a “buy” rating on shares of Rowan Companies in a research report on Thursday, October 19th. Cowen set a $10.00 target price on shares of Rowan Companies and gave the stock a “hold” rating in a research report on Wednesday, October 18th. Finally, Jefferies Group reissued a “hold” rating and issued a $15.00 target price on shares of Rowan Companies in a research report on Friday, November 3rd. Three equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and seven have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $16.22.
Shares of Rowan Companies (NYSE RDC) traded up $0.39 during midday trading on Friday, hitting $17.20. 2,377,600 shares of the stock were exchanged, compared to its average volume of 2,572,733. The stock has a market capitalization of $2,120.00, a P/E ratio of -33.73 and a beta of 1.89. Rowan Companies has a 1-year low of $9.02 and a 1-year high of $20.50. The company has a current ratio of 5.80, a quick ratio of 5.80 and a debt-to-equity ratio of 0.47.
Large investors have recently modified their holdings of the stock. Schwab Charles Investment Management Inc. increased its stake in Rowan Companies by 42.3% during the second quarter. Schwab Charles Investment Management Inc. now owns 2,027,910 shares of the oil and gas company’s stock valued at $20,766,000 after purchasing an additional 602,479 shares during the last quarter. Rhumbline Advisers grew its stake in shares of Rowan Companies by 26.7% in the 2nd quarter. Rhumbline Advisers now owns 285,312 shares of the oil and gas company’s stock valued at $2,922,000 after buying an additional 60,193 shares in the last quarter. Comerica Bank grew its stake in shares of Rowan Companies by 0.3% in the 2nd quarter. Comerica Bank now owns 104,828 shares of the oil and gas company’s stock valued at $1,182,000 after buying an additional 267 shares in the last quarter. BNP Paribas Arbitrage SA grew its stake in shares of Rowan Companies by 109.6% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 65,405 shares of the oil and gas company’s stock valued at $670,000 after buying an additional 34,200 shares in the last quarter. Finally, Virginia Retirement Systems ET AL grew its stake in shares of Rowan Companies by 1.7% in the 2nd quarter. Virginia Retirement Systems ET AL now owns 23,432 shares of the oil and gas company’s stock valued at $240,000 after buying an additional 400 shares in the last quarter.
WARNING: This article was first posted by American Banking and Market News and is owned by of American Banking and Market News. If you are reading this article on another publication, it was stolen and reposted in violation of US & international copyright and trademark laws. The original version of this article can be accessed at https://www.americanbankingnews.com/2018/01/05/b-riley-reiterates-16-00-price-target-for-rowan-companies-rdc.html.
Rowan Companies Company Profile
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.
