Rowan Companies (RDC) Stock Price Down 5.7%

Rowan Companies PLC (NYSE:RDC) dropped 5.7% during trading on Wednesday . The stock traded as low as $13.94 and last traded at $14.20. Approximately 3,333,918 shares changed hands during mid-day trading, a decline of 2% from the average daily volume of 3,407,053 shares. The stock had previously closed at $15.06.

RDC has been the topic of several recent analyst reports. Zacks Investment Research upgraded shares of Rowan Companies from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a research note on Tuesday, October 17th. BidaskClub upgraded shares of Rowan Companies from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 26th. UBS upgraded shares of Rowan Companies from a “neutral” rating to a “buy” rating and boosted their target price for the company from $11.00 to $15.00 in a research note on Monday, September 25th. B. Riley restated a “buy” rating on shares of Rowan Companies in a research note on Wednesday, November 1st. Finally, FBR & Co restated a “buy” rating on shares of Rowan Companies in a research note on Thursday, October 19th. Three research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $16.52.

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 (NYSE:RDC) last issued its quarterly 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. The business had revenue of $291.60 million for the quarter, compared to the consensus estimate of $281.51 million. Rowan Companies had a negative net margin of 4.76% and a negative return on equity of 0.61%. The firm’s quarterly revenue was down 23.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.30 EPS. sell-side analysts expect that Rowan Companies PLC will post -0.72 EPS for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the stock. LS Investment Advisors LLC raised its holdings in Rowan Companies by 24.8% during the 2nd quarter. LS Investment Advisors LLC now owns 10,330 shares of the oil and gas company’s stock worth $106,000 after purchasing an additional 2,050 shares during the last quarter. Sciencast Management LP raised its holdings in Rowan Companies by 10.0% during the 2nd 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 last quarter. Wedbush Securities Inc. bought a new stake in Rowan Companies during the 3rd quarter worth about $135,000. Pacad Investment Ltd. bought a new stake in Rowan Companies during the 2nd quarter worth about $138,000. Finally, Smith Salley & Associates bought a new stake in Rowan Companies during the 3rd quarter worth about $146,000.

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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.

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