Rowan Companies (RDC) Lifted to Outperform at Credit Suisse Group

Credit Suisse Group upgraded shares of Rowan Companies (NYSE:RDC) from a neutral rating to an outperform rating in a research report report published on Monday morning, MarketBeat Ratings reports. They currently have $20.00 target price on the oil and gas company’s stock, up from their previous target price of $16.00.

Other analysts have also recently issued research reports about the stock. Citigroup raised shares of Rowan Companies from a neutral rating to a buy rating and boosted their target price for the stock from $15.00 to $19.00 in a research note on Friday, September 7th. B. Riley set a $20.00 target price on shares of Rowan Companies and gave the stock a buy rating in a research note on Monday, August 13th. ValuEngine cut shares of Rowan Companies from a strong-buy rating to a buy rating in a research note on Wednesday, June 13th. Tudor Pickering raised shares of Rowan Companies from a hold rating to a buy rating in a research note on Thursday, July 12th. Finally, Societe Generale raised shares of Rowan Companies from a hold rating to a buy rating in a research note on Thursday, August 2nd. 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 given a strong buy rating to the stock. The stock has a consensus rating of Buy and an average target price of $15.68.

NYSE RDC opened at $18.22 on Monday. The firm has a market cap of $2.40 billion, a price-to-earnings ratio of -28.78 and a beta of 1.86. Rowan Companies has a fifty-two week low of $10.94 and a fifty-two week high of $19.30. The company has a current ratio of 6.09, a quick ratio of 6.09 and a debt-to-equity ratio of 0.48.

Rowan Companies (NYSE:RDC) last posted its earnings results on Wednesday, August 1st. The oil and gas company reported ($0.60) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.93) by $0.33. The firm had revenue of $241.30 million for the quarter, compared to analysts’ expectations of $207.71 million. Rowan Companies had a negative net margin of 9.41% and a negative return on equity of 4.70%. The company’s revenue was down 24.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.25) earnings per share. sell-side analysts predict that Rowan Companies will post -3.55 earnings per share for the current year.

Institutional investors have recently modified their holdings of the stock. 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 valued at $1,341,000 after acquiring an additional 48,595 shares during the last quarter. 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 valued at $2,136,000 after acquiring an additional 27,608 shares during the last quarter. LMR Partners LLP bought a new stake in Rowan Companies during the second quarter valued at $425,000. Rhumbline Advisers boosted its position in Rowan Companies by 5.2% during the second quarter. Rhumbline Advisers now owns 221,626 shares of the oil and gas company’s stock valued at $3,595,000 after acquiring an additional 10,880 shares during the last quarter. Finally, TVR Capital Management LP bought a new stake in Rowan Companies during the second quarter valued at $3,057,000. 97.83% of the stock is currently owned by institutional investors.

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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Analyst Recommendations for Rowan Companies (NYSE:RDC)

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