Zacks Investment Research upgraded shares of Rowan Companies PLC (NYSE:RDC) from a hold rating to a buy rating in a report issued on Thursday morning. Zacks Investment Research currently has $16.00 price objective on the oil and gas company’s stock.
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 equities analysts have also recently issued reports on the stock. UBS AG raised their target price on shares of Rowan Companies PLC from $15.00 to $18.00 and gave the stock a buy rating in a report on Monday, November 6th. B. Riley reissued a buy rating on shares of Rowan Companies PLC in a report on Wednesday, November 1st. Jefferies Group LLC reissued a hold rating and issued a $15.00 target price on shares of Rowan Companies PLC in a report on Friday, November 3rd. Piper Jaffray Companies reissued a buy rating and issued a $15.00 target price on shares of Rowan Companies PLC in a report on Sunday, October 22nd. Finally, Cowen and Company set a $10.00 price target on Rowan Companies PLC and gave the company a hold rating in a report on Wednesday, October 18th. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have issued a buy rating to the company. The company currently has a consensus rating of Hold and an average price target 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, topping the Zacks’ consensus estimate of ($0.42) by $0.26. The business had revenue of $291.60 million during the quarter, compared to the consensus estimate 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 company’s revenue for the quarter was down 23.1% compared to the same quarter last year. During the same period last year, the firm earned $0.30 earnings per share. equities analysts predict that Rowan Companies PLC will post -0.74 EPS for the current fiscal year.
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Several hedge funds have recently added to or reduced their stakes in RDC. LS Investment Advisors LLC lifted its stake in shares of Rowan Companies PLC by 24.8% in the 2nd quarter. LS Investment Advisors LLC now owns 10,330 shares of the oil and gas company’s stock valued at $106,000 after purchasing an additional 2,050 shares during the last quarter. Sciencast Management LP lifted its stake in shares of Rowan Companies PLC by 10.0% in the 2nd quarter. Sciencast Management LP now owns 13,094 shares of the oil and gas company’s stock valued at $134,000 after purchasing an additional 1,190 shares during the last quarter. Wedbush Securities Inc. acquired a new stake in shares of Rowan Companies PLC in the 3rd quarter valued at $135,000. Pacad Investment Ltd. acquired a new stake in shares of Rowan Companies PLC in the 2nd quarter valued at $138,000. Finally, Prescott Group Capital Management L.L.C. acquired a new stake in shares of Rowan Companies PLC in the 2nd quarter valued at $143,000.
About Rowan Companies PLC
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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