Rowan Companies (RDC) Cut to “Hold” at HSBC

HSBC downgraded shares of Rowan Companies (NYSE:RDC) from a buy rating to a hold rating in a research report released on Friday, MarketBeat reports. The firm currently has $17.00 target price on the oil and gas company’s stock.

A number of other research firms also recently issued reports on RDC. B. Riley set a $20.00 price target on shares of Rowan Companies and gave the stock a buy rating in a research report on Monday, August 13th. Barclays raised their price target on shares of Rowan Companies from $10.00 to $11.00 and gave the stock an underweight rating in a research report on Thursday, August 9th. ValuEngine upgraded shares of Rowan Companies from a buy rating to a strong-buy rating in a research report on Friday, June 22nd. Wells Fargo & Co upgraded shares of Rowan Companies from a market perform rating to an outperform rating in a research report on Saturday, June 2nd. Finally, Piper Jaffray Companies restated a hold rating and issued a $16.00 price target on shares of Rowan Companies in a research report on Friday, July 20th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of Buy and an average target price of $15.68.

NYSE RDC opened at $18.90 on Friday. Rowan Companies has a 12 month low of $10.94 and a 12 month high of $19.11. The company has a debt-to-equity ratio of 0.48, a quick ratio of 6.09 and a current ratio of 6.09. The firm has a market cap of $2.29 billion, a price-to-earnings ratio of -29.53 and a beta of 1.86.

Rowan Companies (NYSE:RDC) last posted its quarterly earnings data on Wednesday, August 1st. The oil and gas company reported ($0.60) EPS for the quarter, beating the Zacks’ 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 firm had revenue of $241.30 million for the quarter, compared to the consensus estimate of $207.71 million. During the same period in the prior year, the firm posted ($0.25) EPS. The firm’s revenue was down 24.6% compared to the same quarter last year. research analysts expect that Rowan Companies will post -3.55 EPS for the current fiscal year.

A number of large investors have recently modified their holdings of RDC. Wells Fargo & Company MN lifted its position in Rowan Companies by 4.2% in the 1st quarter. Wells Fargo & Company MN now owns 217,208 shares of the oil and gas company’s stock valued at $2,507,000 after purchasing an additional 8,762 shares during the last quarter. SG Americas Securities LLC lifted its position in Rowan Companies by 41.2% in the 1st quarter. SG Americas Securities LLC now owns 34,066 shares of the oil and gas company’s stock valued at $393,000 after purchasing an additional 9,935 shares during the last quarter. Prudential Financial Inc. lifted its position in Rowan Companies by 323.9% in the 1st quarter. Prudential Financial Inc. now owns 328,353 shares of the oil and gas company’s stock valued at $3,789,000 after purchasing an additional 250,900 shares during the last quarter. Swiss National Bank lifted its position in Rowan Companies by 3.4% in the 1st quarter. Swiss National Bank now owns 208,900 shares of the oil and gas company’s stock valued at $2,411,000 after purchasing an additional 6,900 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. lifted its position in Rowan Companies by 8.4% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 1,247,891 shares of the oil and gas company’s stock valued at $14,401,000 after purchasing an additional 96,451 shares during the last quarter. Hedge funds and other institutional investors own 97.83% of the company’s stock.

About Rowan Companies

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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