Shares of Rowan Companies PLC (NYSE:RDC) rose 5.4% on Thursday . The stock traded as high as $14.94 and last traded at $14.84. Approximately 2,492,887 shares changed hands during mid-day trading, a decline of 26% from the average daily volume of 3,349,052 shares. The stock had previously closed at $14.08.
RDC has been the subject of several recent research reports. BMO Capital Markets set a $12.00 price objective on Rowan Companies and gave the company a “hold” rating in a report on Tuesday, October 17th. ValuEngine upgraded Rowan Companies from a “sell” rating to a “hold” rating in a report on Friday, September 1st. Royal Bank of Canada set a $14.00 price objective on Rowan Companies and gave the company a “hold” rating in a report on Sunday, October 8th. FBR & Co restated a “buy” rating on shares of Rowan Companies in a report on Thursday, October 19th. Finally, B. Riley restated a “buy” rating on shares of Rowan Companies in a report on Wednesday, November 1st. Three investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have issued a buy rating to the company. Rowan Companies currently has a consensus rating of “Hold” and a consensus price target of $16.52.
The company has a quick ratio of 5.80, a current ratio of 5.80 and a debt-to-equity ratio of 0.47.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Sciencast Management LP grew its stake in shares of Rowan Companies by 10.0% during the second quarter. Sciencast Management LP now owns 13,094 shares of the oil and gas company’s stock worth $134,000 after acquiring an additional 1,190 shares during the last quarter. Wedbush Securities Inc. purchased a new stake in shares of Rowan Companies during the third quarter worth about $135,000. Pacad Investment Ltd. purchased a new stake in shares of Rowan Companies during the second quarter worth about $138,000. Smith Salley & Associates purchased a new stake in shares of Rowan Companies during the third quarter worth about $146,000. Finally, Capital Fund Management S.A. purchased a new stake in shares of Rowan Companies during the second quarter worth about $161,000.
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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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