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.
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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