Rowan Companies (RDC) Shares Gap Down to $18.60

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Rowan Companies PLC (NYSE:RDC) shares gapped down prior to trading on Friday . The stock had previously closed at $18.85, but opened at $18.60. Rowan Companies shares last traded at $18.79, with a volume of 300506 shares trading hands.

A number of research analysts have recently weighed in on the company. Tudor Pickering raised Rowan Companies from a “hold” rating to a “buy” rating in a report on Thursday, July 12th. BMO Capital Markets set a $15.00 target price on Rowan Companies and gave the stock a “hold” rating in a report on Wednesday, July 11th. Royal Bank of Canada raised Rowan Companies from a “sector perform” rating to an “outperform” rating in a report on Thursday, September 20th. B. Riley set a $20.00 target price on Rowan Companies and gave the stock a “buy” rating in a report on Friday, September 7th. Finally, BTIG Research started coverage on Rowan Companies in a report on Monday, September 17th. They set a “hold” rating on the stock. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. Rowan Companies presently has an average rating of “Buy” and a consensus target price of $15.72.

The firm has a market capitalization of $2.39 billion, a P/E ratio of -29.56 and a beta of 1.80. 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 (NYSE:RDC) last issued its quarterly earnings results on Wednesday, August 1st. The oil and gas company reported ($0.60) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.93) by $0.33. The company had revenue of $241.30 million for the quarter, compared to the consensus estimate of $207.71 million. Rowan Companies had a negative return on equity of 4.70% and a negative net margin of 9.41%. Rowan Companies’s revenue for the quarter was down 24.6% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.25) earnings per share. As a group, research analysts predict that Rowan Companies PLC will post -3.55 EPS for the current fiscal year.

Hedge funds have recently modified their holdings of the business. SG Americas Securities LLC boosted its position in Rowan Companies by 142.6% during the second quarter. SG Americas Securities LLC now owns 82,661 shares of the oil and gas company’s stock worth $1,341,000 after purchasing an additional 48,595 shares in the last quarter. TVR Capital Management LP purchased a new position in Rowan Companies during the second quarter worth approximately $3,057,000. Aperio Group LLC boosted its position in Rowan Companies by 26.5% during the second quarter. Aperio Group LLC now owns 131,666 shares of the oil and gas company’s stock worth $2,136,000 after purchasing an additional 27,608 shares in the last quarter. Energy Opportunities Capital Management LLC boosted its position in Rowan Companies by 127.7% during the second quarter. Energy Opportunities Capital Management LLC now owns 276,042 shares of the oil and gas company’s stock worth $4,477,000 after purchasing an additional 154,815 shares in the last quarter. Finally, LMR Partners LLP purchased a new position in Rowan Companies during the second quarter worth approximately $425,000. Institutional investors own 97.83% of the company’s stock.

About Rowan Companies (NYSE:RDC)

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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