Jefferies Group Analysts Boost Earnings Estimates for Rowan Companies PLC (RDC)

Rowan Companies PLC (NYSE:RDC) – Investment analysts at Jefferies Group boosted their FY2017 earnings estimates for Rowan Companies PLC in a research note issued on Monday. Jefferies Group analyst E. Royes now anticipates that the oil and gas company will post earnings per share of ($0.65) for the year, up from their prior estimate of ($0.80). Jefferies Group has a “Hold” rating and a $12.00 price target on the stock. Jefferies Group also issued estimates for Rowan Companies PLC’s FY2018 earnings at ($2.45) EPS.

Rowan Companies PLC (NYSE:RDC) last announced its quarterly earnings results on Wednesday, August 2nd. The oil and gas company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.30) by $0.05. Rowan Companies PLC had a negative net margin of 2.62% and a positive return on equity of 0.51%. The company had revenue of $320.20 million for the quarter, compared to analyst estimates of $296.87 million. During the same period in the previous year, the firm posted $0.75 EPS. The firm’s revenue was down 47.7% on a year-over-year basis.

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A number of other research analysts have also recently commented on RDC. BMO Capital Markets set a $12.00 price target on shares of Rowan Companies PLC and gave the company a “hold” rating in a research report on Saturday, August 5th. Nomura cut their target price on shares of Rowan Companies PLC from $14.00 to $13.00 and set a “neutral” rating on the stock in a report on Thursday, August 3rd. Cowen and Company restated a “hold” rating and issued a $15.00 target price on shares of Rowan Companies PLC in a report on Thursday, August 3rd. TheStreet cut shares of Rowan Companies PLC from a “c” rating to a “d” rating in a report on Wednesday, August 2nd. Finally, Barclays PLC restated a “hold” rating and issued a $14.00 target price on shares of Rowan Companies PLC in a report on Friday, August 4th. Four analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $16.37.

Shares of Rowan Companies PLC (NYSE:RDC) opened at 9.13 on Wednesday. The company’s market capitalization is $1.15 billion. The firm’s 50-day moving average is $10.78 and its 200-day moving average is $13.73. Rowan Companies PLC has a 12-month low of $9.05 and a 12-month high of $21.68.

Several large investors have recently added to or reduced their stakes in RDC. LS Investment Advisors LLC increased its position in shares of Rowan Companies PLC by 24.8% in the second quarter. LS Investment Advisors LLC now owns 10,330 shares of the oil and gas company’s stock worth $106,000 after buying an additional 2,050 shares during the period. Sciencast Management LP increased its position in shares of Rowan Companies PLC by 10.0% in the second quarter. Sciencast Management LP now owns 13,094 shares of the oil and gas company’s stock worth $134,000 after buying an additional 1,190 shares during the period. Pacad Investment Ltd. bought a new position in shares of Rowan Companies PLC during the second quarter worth about $138,000. Prescott Group Capital Management L.L.C. bought a new position in shares of Rowan Companies PLC during the second quarter worth about $143,000. Finally, Neuberger Berman Group LLC increased its position in shares of Rowan Companies PLC by 0.5% in the first quarter. Neuberger Berman Group LLC now owns 10,237 shares of the oil and gas company’s stock worth $159,000 after buying an additional 55 shares during the period.

Rowan Companies PLC 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.

Earnings History and Estimates for Rowan Companies PLC (NYSE:RDC)

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