Rowan Companies (RDC) Stock Price Up 5.4%

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.

Rowan Companies (NYSE:RDC) last posted its earnings results on Wednesday, November 1st. The oil and gas company reported ($0.16) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.42) by $0.26. Rowan Companies had a negative return on equity of 0.61% and a negative net margin of 4.76%. The company had revenue of $291.60 million for the quarter, compared to analyst estimates of $281.51 million. During the same quarter in the previous year, the firm earned $0.30 earnings per share. The firm’s quarterly revenue was down 23.1% compared to the same quarter last year. research analysts forecast that Rowan Companies PLC will post -0.65 earnings per share for the current fiscal year.

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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