Rowan Cos. (NYSE:RDC) Receives $17.31 Average PT from Analysts
Shares of Rowan Cos. (NYSE:RDC) have been given a consensus rating of “Hold” by the thirty-five analysts that are currently covering the company. Five investment analysts have rated the stock with a sell recommendation, fifteen have given a hold recommendation and twelve have given a buy recommendation to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $17.34.
Several brokerages have commented on RDC. Jefferies Group restated a “buy” rating and set a $18.00 price target (down from $21.00) on shares of Rowan Cos. in a research note on Thursday, August 4th. Evercore ISI restated a “buy” rating on shares of Rowan Cos. in a research note on Wednesday, June 29th. Johnson Rice upgraded Rowan Cos. from an “accumulate” rating to a “buy” rating in a research note on Monday, June 13th. JPMorgan Chase & Co. set a $19.00 price target on Rowan Cos. and gave the stock a “buy” rating in a research note on Wednesday, August 3rd. Finally, FBR & Co restated a “buy” rating on shares of Rowan Cos. in a research note on Thursday, September 8th.
A number of hedge funds have recently bought and sold shares of the stock. First Trust Advisors LP boosted its stake in Rowan Cos. by 533.1% in the second quarter. First Trust Advisors LP now owns 2,620,005 shares of the company’s stock valued at $46,269,000 after buying an additional 2,206,144 shares in the last quarter. Acadian Asset Management LLC boosted its stake in Rowan Cos. by 182.8% in the second quarter. Acadian Asset Management LLC now owns 3,211,858 shares of the company’s stock valued at $56,718,000 after buying an additional 2,075,973 shares in the last quarter. Vanguard Group Inc. boosted its stake in Rowan Cos. by 17.4% in the second quarter. Vanguard Group Inc. now owns 13,651,405 shares of the company’s stock valued at $241,084,000 after buying an additional 2,020,982 shares in the last quarter. Emerald Acquisition Ltd. acquired a new stake in Rowan Cos. during the second quarter valued at approximately $22,646,000. Finally, Norges Bank acquired a new stake in Rowan Cos. during the fourth quarter valued at approximately $19,512,000.
Shares of Rowan Cos. (NYSE:RDC) opened at 13.49 on Monday. The company’s 50-day moving average price is $13.41 and its 200 day moving average price is $16.09. Rowan Cos. has a 1-year low of $10.67 and a 1-year high of $21.83. The stock has a market cap of $1.69 billion, a PE ratio of 7.54 and a beta of 1.61.
Rowan Cos. (NYSE:RDC) last released its earnings results on Tuesday, August 2nd. The company reported $0.75 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.81 by $0.06. Rowan Cos. had a return on equity of 9.22% and a net margin of 10.24%. The business had revenue of $611.90 million for the quarter, compared to analysts’ expectations of $470.98 million. During the same quarter last year, the company posted $0.68 earnings per share. The business’s quarterly revenue was up 20.3% compared to the same quarter last year. Equities analysts forecast that Rowan Cos. will post $1.67 EPS for the current fiscal year.
About Rowan Cos.
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. Its fleet consists of approximately 30 mobile offshore drilling units, including self-elevating jack-up rigs and ultra-deepwater drillships.
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