Piper Jaffray Companies Lowers Rowan Companies (RDC) to Neutral

Piper Jaffray Companies lowered shares of Rowan Companies (NYSE:RDC) from an overweight rating to a neutral rating in a report issued on Thursday, January 11th, Marketbeat Ratings reports. Piper Jaffray Companies currently has $18.00 price target on the oil and gas company’s stock.

Several other research firms have also commented on RDC. B. Riley set a $16.00 price target on shares of Rowan Companies and gave the company a buy rating in a report on Friday, January 5th. Jefferies Group set a $16.00 price target on shares of Rowan Companies and gave the company a hold rating in a report on Thursday, January 4th. ValuEngine upgraded shares of Rowan Companies from a sell rating to a hold rating in a report on Friday, December 1st. UBS Group raised their price target on shares of Rowan Companies from $15.00 to $18.00 and gave the company a buy rating in a report on Monday, November 6th. Finally, Zacks Investment Research upgraded shares of Rowan Companies from a hold rating to a buy rating and set a $16.00 price objective on the stock in a research note on Tuesday, October 17th. Three research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have issued a buy rating to the company. Rowan Companies presently has an average rating of Hold and an average target price of $16.54.

Rowan Companies (RDC) traded up $0.28 on Thursday, hitting $16.20. 2,195,157 shares of the company traded hands, compared to its average volume of 2,773,436. The company has a debt-to-equity ratio of 0.47, a current ratio of 5.80 and a quick ratio of 5.80. Rowan Companies has a twelve month low of $9.02 and a twelve month high of $20.25. The firm has a market capitalization of $2,030.00, a PE ratio of -31.76 and a beta of 1.89.

Rowan Companies (NYSE:RDC) last released its earnings results on Wednesday, November 1st. The oil and gas company reported ($0.16) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.42) by $0.26. Rowan Companies had a negative net margin of 4.76% and a negative return on equity of 0.61%. The business had revenue of $291.60 million for the quarter, compared to analysts’ expectations of $281.51 million. During the same period last year, the company earned $0.30 earnings per share. The company’s quarterly revenue was down 23.1% on a year-over-year basis. research analysts expect that Rowan Companies will post -0.63 earnings per share for the current year.

Institutional investors have recently added to or reduced their stakes in the business. Wedbush Securities Inc. acquired a new position in Rowan Companies in the third quarter worth $135,000. Smith Salley & Associates acquired a new position in Rowan Companies in the third quarter worth $146,000. LMR Partners LLP acquired a new position in Rowan Companies in the third quarter worth $165,000. Sciencast Management LP boosted its holdings in Rowan Companies by 10.0% in 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 during the period. Finally, Pacad Investment Ltd. acquired a new position in Rowan Companies in the second quarter worth $138,000.

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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.

Analyst Recommendations for Rowan Companies (NYSE:RDC)

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