ValuEngine Upgrades Rowan Companies (RDC) to “Hold”
Rowan Companies (NYSE:RDC) was upgraded by equities research analysts at ValuEngine from a “sell” rating to a “hold” rating in a research report issued on Friday.
RDC has been the subject of several other research reports. Zacks Investment Research raised shares of Rowan Companies from a “hold” rating to a “buy” rating and set a $16.00 price objective for the company in a research report on Tuesday, October 17th. UBS raised shares of Rowan Companies from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $11.00 to $15.00 in a research report on Monday, September 25th. BidaskClub raised shares of Rowan Companies from a “strong sell” rating to a “sell” rating in a report on Saturday, August 26th. B. Riley reaffirmed a “buy” rating on shares of Rowan Companies in a report on Wednesday, November 1st. Finally, FBR & Co reaffirmed a “buy” rating on shares of Rowan Companies in a report on Thursday, October 19th. Three analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $16.52.
Shares of Rowan Companies (NYSE RDC) opened at $15.12 on Friday. Rowan Companies has a 52-week low of $9.02 and a 52-week high of $21.68. 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 released its quarterly earnings data on Wednesday, November 1st. The oil and gas company reported ($0.16) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.42) by $0.26. Rowan Companies had a negative net margin of 4.76% and a negative return on equity of 0.61%. The company had revenue of $291.60 million during the quarter, compared to analyst estimates of $281.51 million. During the same quarter in the prior year, the business earned $0.30 earnings per share. The business’s quarterly revenue was down 23.1% compared to the same quarter last year. analysts forecast that Rowan Companies will post -0.72 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently bought and sold shares of the business. LS Investment Advisors LLC boosted its stake in Rowan Companies by 24.8% during the 2nd quarter. LS Investment Advisors LLC now owns 10,330 shares of the oil and gas company’s stock valued at $106,000 after acquiring an additional 2,050 shares during the last quarter. Sciencast Management LP boosted its stake in Rowan Companies by 10.0% during the 2nd quarter. Sciencast Management LP now owns 13,094 shares of the oil and gas company’s stock valued at $134,000 after acquiring an additional 1,190 shares during the last quarter. Wedbush Securities Inc. bought a new position in Rowan Companies during the 3rd quarter valued at $135,000. Pacad Investment Ltd. bought a new position in Rowan Companies during the 2nd quarter valued at $138,000. Finally, Smith Salley & Associates bought a new position in Rowan Companies during the 3rd quarter valued at $146,000.
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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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