Rowan Companies (NYSE:RDC) was downgraded by equities researchers at HSBC from a “buy” rating to a “hold” rating in a note issued to investors on Friday, Marketbeat.com reports. They presently have a $17.00 price target on the oil and gas company’s stock. HSBC’s price objective would indicate a potential downside of 5.56% from the stock’s previous close.

A number of other analysts have also recently commented on RDC. Wells Fargo & Co upgraded shares of Rowan Companies from a “market perform” rating to an “outperform” rating in a research note on Thursday, May 24th. ValuEngine upgraded shares of Rowan Companies from a “buy” rating to a “strong-buy” rating in a research note on Thursday, June 7th. B. Riley set a $16.00 price objective on shares of Rowan Companies and gave the company a “buy” rating in a research note on Thursday, June 7th. Citigroup lifted their price objective on shares of Rowan Companies from $13.00 to $16.00 and gave the company a “neutral” rating in a research note on Thursday, June 21st. Finally, BMO Capital Markets set a $15.00 price objective on shares of Rowan Companies and gave the company a “hold” rating in a research note on Wednesday, July 11th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $15.35.

RDC stock traded up $0.52 during trading on Friday, reaching $18.00. The company had a trading volume of 380,338 shares, compared to its average volume of 2,835,307. The stock has a market capitalization of $2.13 billion, a PE ratio of -28.07 and a beta of 1.86. The company has a quick ratio of 6.09, a current ratio of 6.09 and a debt-to-equity ratio of 0.48. Rowan Companies has a twelve month low of $10.94 and a twelve month high of $17.54.

Rowan Companies (NYSE:RDC) last released its earnings results on Wednesday, August 1st. The oil and gas company reported ($0.60) EPS for the quarter, topping analysts’ consensus estimates of ($0.93) by $0.33. The company had revenue of $241.30 million during the quarter, compared to analysts’ expectations of $207.71 million. Rowan Companies had a negative net margin of 9.41% and a negative return on equity of 4.70%. Rowan Companies’s revenue for the quarter was down 24.6% on a year-over-year basis. During the same period last year, the business earned ($0.25) EPS. equities research analysts expect that Rowan Companies will post -3.55 earnings per share for the current year.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Teza Capital Management LLC acquired a new position in shares of Rowan Companies in the 1st quarter valued at $140,000. Ahrens Investment Partners LLC acquired a new position in shares of Rowan Companies in the 1st quarter valued at $162,000. Oppenheimer & Co. Inc. acquired a new position in shares of Rowan Companies in the 2nd quarter valued at $162,000. Verition Fund Management LLC acquired a new position in shares of Rowan Companies in the 1st quarter valued at $170,000. Finally, Matarin Capital Management LLC acquired a new position in shares of Rowan Companies in the 1st quarter valued at $185,000. Institutional investors and hedge funds own 97.84% of the company’s stock.

Rowan Companies Company Profile

Rowan Companies plc provides offshore oil and gas contract drilling services to the oil and gas industry. The company operates through Deepwater, Jack-ups, and ARO segments. The Deepwater segment operates 4 ultra-deepwater drillships. The Jack-ups segment operates 23 self-elevating jack-up rigs. The ARO segment operates 5 self-elevating jack-up rigs.

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Analyst Recommendations for Rowan Companies (NYSE:RDC)

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