Rowan Companies PLC (RDC) Issues Quarterly Earnings Results, Beats Estimates By $0.26 EPS

Rowan Companies PLC (NYSE:RDC) announced its earnings results on Wednesday. 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, Bloomberg Earnings reports. 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 $291.60 million during the quarter, compared to analyst estimates of $281.51 million. During the same period in the previous year, the business earned $0.30 earnings per share. The firm’s quarterly revenue was down 23.1% compared to the same quarter last year.

Shares of Rowan Companies PLC (NYSE RDC) traded down 0.56% during trading on Wednesday, hitting $14.25. 1,848,459 shares of the stock traded hands. The stock’s market cap is $1.80 billion. The firm’s 50-day moving average price is $12.71 and its 200-day moving average price is $11.94. Rowan Companies PLC has a 12 month low of $9.02 and a 12 month high of $21.68.

Several brokerages recently issued reports on RDC. Barclays PLC reiterated a “hold” rating and issued a $14.00 target price on shares of Rowan Companies PLC in a research report on Friday, August 4th. Piper Jaffray Companies reiterated a “buy” rating and issued a $15.00 target price on shares of Rowan Companies PLC in a research report on Sunday, October 22nd. BMO Capital Markets set a $12.00 target price on shares of Rowan Companies PLC and gave the stock a “hold” rating in a research report on Saturday, August 5th. TheStreet lowered shares of Rowan Companies PLC from a “c” rating to a “d” rating in a research report on Wednesday, August 2nd. Finally, Seaport Global Securities upgraded shares of Rowan Companies PLC from a “sell” rating to a “neutral” rating and upped their target price for the stock from $10.00 to $11.00 in a research report on Thursday, July 20th. Four investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and seven have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $16.04.

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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 for Rowan Companies PLC (NYSE:RDC)

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