Rowan Cos. (RDC) Upgraded to Buy at Zephirin Group
Rowan Cos. (NYSE:RDC) was upgraded by research analysts at Zephirin Group from a “hold” rating to a “buy” rating in a research note issued on Monday.
A number of other analysts also recently issued reports on the company. FBR & Co restated a “buy” rating on shares of Rowan Cos. in a research report on Monday. Credit Suisse Group AG set a $15.00 price target on Rowan Cos. and gave the stock a “buy” rating in a research report on Saturday. Piper Jaffray Cos. lowered their price target on Rowan Cos. from $15.50 to $14.15 and set an “overweight” rating for the company in a research report on Friday. Scotiabank started coverage on Rowan Cos. in a research note on Wednesday, September 14th. They issued a “sector perform” rating and a $17.00 target price on the stock. Finally, Howard Weil started coverage on Rowan Cos. in a research note on Wednesday, September 14th. They issued a “sector perform” rating and a $17.00 target price on the stock. Five equities research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and twelve have issued a buy rating to the stock. Rowan Cos. currently has an average rating of “Hold” and a consensus target price of $17.78.
Shares of Rowan Cos. (NYSE:RDC) traded up 1.18% during mid-day trading on Monday, hitting $12.87. 4,048,727 shares of the stock were exchanged. The firm has a market cap of $1.61 billion, a P/E ratio of 7.19 and a beta of 1.61. Rowan Cos. has a 12 month low of $10.67 and a 12 month high of $21.83. The stock’s 50 day moving average is $13.79 and its 200 day moving average is $16.20.
Rowan Cos. (NYSE:RDC) last issued its quarterly earnings results on Tuesday, August 2nd. The company reported $0.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.81 by $0.06. The company earned $611.90 million during the quarter, compared to the consensus estimate of $470.98 million. Rowan Cos. had a return on equity of 9.22% and a net margin of 10.24%. The firm’s quarterly revenue was up 20.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.68 earnings per share. Analysts expect that Rowan Cos. will post $1.66 EPS for the current fiscal year.
Hedge funds have recently bought and sold shares of the stock. Stifel Financial Corp boosted its stake in Rowan Cos. by 4.1% in the fourth quarter. Stifel Financial Corp now owns 858,156 shares of the company’s stock worth $14,545,000 after buying an additional 33,674 shares during the period. Norges Bank acquired a new stake in Rowan Cos. during the fourth quarter worth approximately $19,512,000. Acadian Asset Management LLC boosted its stake in Rowan Cos. by 2,435.6% in the first quarter. Acadian Asset Management LLC now owns 1,135,885 shares of the company’s stock worth $18,288,000 after buying an additional 1,091,088 shares during the period. Boston Advisors LLC boosted its stake in Rowan Cos. by 1.5% in the first quarter. Boston Advisors LLC now owns 247,105 shares of the company’s stock worth $3,978,000 after buying an additional 3,645 shares during the period. Finally, Virginia Retirement System acquired a new stake in Rowan Cos. during the first quarter worth approximately $628,000.
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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