Rowan Companies (NYSE:RDC) was upgraded by investment analysts at Royal Bank of Canada from a “sector perform” rating to an “outperform” rating in a report released on Thursday, September 20th, Marketbeat Ratings reports.

Several other research firms have also issued reports on RDC. B. Riley set a $16.00 target price on Rowan Companies and gave the stock a “buy” rating in a research report on Thursday, June 7th. ValuEngine upgraded Rowan Companies from a “buy” rating to a “strong-buy” rating in a research report on Thursday, June 7th. Wells Fargo & Co upgraded Rowan Companies from a “market perform” rating to an “outperform” rating in a research report on Thursday, May 24th. Tudor Pickering upgraded Rowan Companies from a “hold” rating to a “buy” rating in a research report on Thursday, July 12th. Finally, BMO Capital Markets set a $15.00 price objective on Rowan Companies and gave the company a “hold” rating in a research report on Wednesday, July 11th. One analyst has rated the stock with a sell rating, ten have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $15.72.

Shares of Rowan Companies stock traded up $0.32 during trading on Thursday, reaching $18.92. The company’s stock had a trading volume of 5,934,639 shares, compared to its average volume of 2,947,856. The stock has a market capitalization of $2.39 billion, a price-to-earnings ratio of -29.56 and a beta of 1.80. Rowan Companies has a one year low of $10.94 and a one year high of $20.87. The company has a quick ratio of 6.09, a current ratio of 6.09 and a debt-to-equity ratio of 0.48.

Rowan Companies (NYSE:RDC) last announced its quarterly earnings data on Wednesday, August 1st. The oil and gas company reported ($0.60) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.93) by $0.33. The firm had revenue of $241.30 million during the quarter, compared to analysts’ expectations of $207.71 million. Rowan Companies had a negative return on equity of 4.70% and a negative net margin of 9.41%. The company’s quarterly revenue was down 24.6% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.25) EPS. As a group, sell-side analysts anticipate that Rowan Companies will post -3.55 EPS for the current year.

Several institutional investors have recently made changes to their positions in RDC. Wells Fargo & Company MN raised its stake in shares of Rowan Companies by 4.2% during the 1st quarter. Wells Fargo & Company MN now owns 217,208 shares of the oil and gas company’s stock worth $2,507,000 after purchasing an additional 8,762 shares in the last quarter. SG Americas Securities LLC raised its stake in Rowan Companies by 41.2% in the 1st quarter. SG Americas Securities LLC now owns 34,066 shares of the oil and gas company’s stock valued at $393,000 after acquiring an additional 9,935 shares during the period. Prudential Financial Inc. raised its stake in Rowan Companies by 323.9% in the 1st quarter. Prudential Financial Inc. now owns 328,353 shares of the oil and gas company’s stock valued at $3,789,000 after acquiring an additional 250,900 shares during the period. Swiss National Bank raised its stake in Rowan Companies by 3.4% in the 1st quarter. Swiss National Bank now owns 208,900 shares of the oil and gas company’s stock valued at $2,411,000 after acquiring an additional 6,900 shares during the period. Finally, Schwab Charles Investment Management Inc. raised its stake in Rowan Companies by 8.4% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 1,247,891 shares of the oil and gas company’s stock valued at $14,401,000 after acquiring an additional 96,451 shares during the period. Institutional investors own 97.83% of the company’s stock.

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.

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Analyst Recommendations for Rowan Companies (NYSE:RDC)

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