Zacks: Brokerages Anticipate Rowan Companies PLC (RDC) Will Post Quarterly Sales of $165.54 Million

Wall Street brokerages predict that Rowan Companies PLC (NYSE:RDC) will post $165.54 million in sales for the current fiscal quarter, according to Zacks. Eight analysts have made estimates for Rowan Companies’ earnings. The lowest sales estimate is $155.00 million and the highest is $179.70 million. Rowan Companies posted sales of $296.70 million in the same quarter last year, which would indicate a negative year over year growth rate of 44.2%. The firm is scheduled to announce its next quarterly earnings results on Wednesday, February 27th.

According to Zacks, analysts expect that Rowan Companies will report full-year sales of $796.48 million for the current year, with estimates ranging from $777.64 million to $825.10 million. For the next year, analysts forecast that the company will post sales of $691.66 million, with estimates ranging from $619.12 million to $789.90 million. Zacks Investment Research’s sales averages are a mean average based on a survey of research analysts that that provide coverage for Rowan Companies.

Rowan Companies (NYSE:RDC) last posted its quarterly earnings results on Wednesday, October 31st. The oil and gas company reported ($1.13) EPS for the quarter, beating the consensus estimate of ($1.15) by $0.02. Rowan Companies had a negative return on equity of 7.11% and a negative net margin of 23.47%. The firm had revenue of $192.90 million during the quarter, compared to analysts’ expectations of $179.39 million. During the same quarter in the prior year, the firm posted ($0.16) EPS. The company’s revenue for the quarter was down 33.8% on a year-over-year basis.

A number of equities analysts have recently issued reports on RDC shares. Royal Bank of Canada raised Rowan Companies from a “sector perform” rating to an “outperform” rating in a report on Thursday, September 20th. TheStreet raised Rowan Companies from a “d+” rating to a “c-” rating in a report on Friday, October 5th. HSBC cut Rowan Companies from a “buy” rating to a “hold” rating and set a $17.00 price target for the company. in a report on Friday, September 21st. JPMorgan Chase & Co. cut Rowan Companies from an “overweight” rating to a “neutral” rating in a report on Friday, October 12th. Finally, Societe Generale cut Rowan Companies from a “buy” rating to a “hold” rating in a report on Thursday, December 20th. Two research analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $14.46.

Several large investors have recently bought and sold shares of RDC. BlackRock Inc. raised its stake in shares of Rowan Companies by 8.4% in the 2nd quarter. BlackRock Inc. now owns 14,089,013 shares of the oil and gas company’s stock valued at $228,524,000 after purchasing an additional 1,093,323 shares during the period. Legal & General Group Plc grew its holdings in Rowan Companies by 2.0% during the second quarter. Legal & General Group Plc now owns 200,963 shares of the oil and gas company’s stock worth $3,259,000 after purchasing an additional 3,867 shares during the period. FMR LLC grew its holdings in Rowan Companies by 4.5% during the second quarter. FMR LLC now owns 2,209,918 shares of the oil and gas company’s stock worth $35,845,000 after purchasing an additional 95,156 shares during the period. Renaissance Technologies LLC bought a new position in Rowan Companies during the second quarter worth about $9,743,000. Finally, Point72 Asset Management L.P. bought a new position in Rowan Companies during the second quarter worth about $10,730,000. Institutional investors and hedge funds own 99.06% of the company’s stock.

Shares of RDC opened at $11.39 on Monday. Rowan Companies has a 1 year low of $7.77 and a 1 year high of $20.87. The company has a quick ratio of 2.97, a current ratio of 2.97 and a debt-to-equity ratio of 0.45. The company has a market capitalization of $1.47 billion, a PE ratio of -17.80 and a beta of 2.22.

About Rowan Companies

Rowan Companies plc provides offshore oil and gas contract drilling services to the oil and gas industry. The company operates through Deepwater, Jack-ups, and ARO segments. The Deepwater segment operates 4 ultra-deepwater drillships. The Jack-ups segment operates 23 self-elevating jack-up rigs. The ARO segment operates 5 self-elevating jack-up rigs.

See Also: Stock Split

Get a free copy of the Zacks research report on Rowan Companies (RDC)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for Rowan Companies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rowan Companies and related companies with MarketBeat.com's FREE daily email newsletter.

Comments

Leave a Reply


share news on Facebook
tweet this investment news
share on linkedin
share on StockTwits
share on reddit