Rowan Companies PLC (NYSE:RDC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday. The brokerage currently has a $16.00 target price on the oil and gas company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 15.86% from the stock’s previous close.
According to Zacks, “Rowan Companies offers investors stable earnings and cash flow visibility, given its technologically advanced and versatile offshore drilling fleet, strong backlog and considerable pricing power. Moreover, Rowan’s joint venture with Aramco is expected to drive higher utilizations for the drop-down rigs. Rowan’s cost-control initiatives are also noteworthy. The contract driller managed to lower direct operating expenses by almost 16% over the last nine months. We also appreciate the company’s strengthening balance sheet given that its long-term debt load has been declining since 2015. These positive developments are reflected in the company’s price chart. Over the last six months, Rowan has rallied 3.7%, outperforming the 9.3% decline of the Zacks Oil Drilling industry.”
A number of other research analysts have also weighed in on the company. UBS AG raised their price objective on Rowan Companies PLC from $15.00 to $18.00 and gave the company a “buy” rating in a research report on Monday, November 6th. B. Riley restated a “buy” rating on shares of Rowan Companies PLC in a research report on Wednesday, November 1st. Jefferies Group LLC restated a “hold” rating and set a $15.00 price objective on shares of Rowan Companies PLC in a research report on Friday, November 3rd. Piper Jaffray Companies restated a “buy” rating and set a $15.00 price objective on shares of Rowan Companies PLC in a research report on Sunday, October 22nd. Finally, Cowen and Company set a $10.00 price objective on Rowan Companies PLC and gave the company a “hold” rating in a research report on Wednesday, October 18th. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating and nine have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $16.52.
Rowan Companies PLC (NYSE:RDC) last posted its quarterly earnings results on Wednesday, November 1st. The oil and gas company reported ($0.16) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.42) by $0.26. The business had revenue of $291.60 million for the quarter, compared to analysts’ expectations of $281.51 million. Rowan Companies PLC had a negative return on equity of 0.61% and a negative net margin of 4.76%. The business’s quarterly revenue was down 23.1% on a year-over-year basis. During the same period last year, the firm earned $0.30 earnings per share. equities analysts anticipate that Rowan Companies PLC will post -0.8 earnings per share for the current year.
Large investors have recently modified their holdings of the stock. LS Investment Advisors LLC raised its stake in 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 in the last quarter. Wedbush Securities Inc. bought a new position in Rowan Companies PLC in the third quarter worth approximately $135,000. Smith Salley & Associates bought a new position in Rowan Companies PLC in the third quarter worth approximately $146,000. LMR Partners LLP acquired a new position in shares of Rowan Companies PLC during the third quarter worth $165,000. Finally, Sciencast Management LP increased its position in shares of Rowan Companies PLC 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 purchasing an additional 1,190 shares in the last quarter.
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.
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