Rowan Companies (RDC) Downgraded by JPMorgan Chase & Co. to Neutral

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JPMorgan Chase & Co. lowered shares of Rowan Companies (NYSE:RDC) from an overweight rating to a neutral rating in a report released on Friday, The Fly reports.

Several other brokerages also recently weighed in on RDC. TheStreet upgraded shares of Rowan Companies from a d+ rating to a c- rating in a research note on Friday, October 5th. Credit Suisse Group upgraded shares of Rowan Companies from a neutral rating to an outperform rating and increased their target price for the stock from $16.00 to $20.00 in a research note on Monday, September 24th. HSBC downgraded shares of Rowan Companies from a buy rating to a hold rating and set a $17.00 target price for the company. in a research note on Friday, September 21st. Royal Bank of Canada upgraded shares of Rowan Companies from a sector perform rating to an outperform rating in a research note on Thursday, September 20th. Finally, Tudor Pickering upgraded shares of Rowan Companies from a hold rating to a buy rating in a research note on Thursday, July 12th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of Buy and an average target price of $15.72.

NYSE RDC traded up $0.32 during trading hours on Friday, hitting $18.92. The company had a trading volume of 5,934,639 shares, compared to its average volume of 2,947,856. The company has a debt-to-equity ratio of 0.48, a current ratio of 6.09 and a quick ratio of 6.09. Rowan Companies has a 1-year low of $10.94 and a 1-year high of $20.87. The company has a market capitalization of $2.39 billion, a PE ratio of -29.56 and a beta of 1.80.

Rowan Companies (NYSE:RDC) last announced its earnings results on Wednesday, August 1st. The oil and gas company reported ($0.60) earnings per share for the quarter, topping the consensus estimate of ($0.93) by $0.33. Rowan Companies had a negative net margin of 9.41% and a negative return on equity of 4.70%. The business had revenue of $241.30 million during the quarter, compared to the consensus estimate of $207.71 million. During the same quarter in the prior year, the firm earned ($0.25) earnings per share. The business’s quarterly revenue was down 24.6% compared to the same quarter last year. On average, research analysts expect that Rowan Companies will post -3.55 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently bought and sold shares of RDC. Millennium Management LLC raised its holdings in Rowan Companies by 126.7% during the first quarter. Millennium Management LLC now owns 3,939,908 shares of the oil and gas company’s stock worth $45,467,000 after purchasing an additional 2,201,957 shares in the last quarter. BlackRock Inc. raised its holdings in Rowan Companies by 8.4% during the second quarter. BlackRock Inc. now owns 14,089,013 shares of the oil and gas company’s stock worth $228,524,000 after purchasing an additional 1,093,323 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in Rowan Companies during the second quarter worth about $10,730,000. Renaissance Technologies LLC purchased a new position in Rowan Companies during the second quarter worth about $9,743,000. Finally, Richard Bernstein Advisors LLC purchased a new position in Rowan Companies during the second quarter worth about $8,065,000. 97.83% of the stock is owned by hedge funds and other institutional investors.

Rowan Companies Company Profile

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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