Rowan Companies (RDC) Sets New 52-Week High at $19.30

Shares of Rowan Companies PLC (NYSE:RDC) hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $19.30 and last traded at $18.51, with a volume of 218768 shares trading hands. The stock had previously closed at $19.16.

Several brokerages have recently issued reports on RDC. Credit Suisse Group raised shares of Rowan Companies from a “neutral” rating to an “outperform” rating and boosted their price objective for the company from $16.00 to $20.00 in a research note on Monday. HSBC cut shares of Rowan Companies from a “buy” rating to a “hold” rating and set a $17.00 price objective for the company. in a research note on Friday, September 21st. Royal Bank of Canada raised shares of Rowan Companies from a “sector perform” rating to an “outperform” rating in a research note on Thursday, September 20th. BTIG Research began coverage on shares of Rowan Companies in a research note on Monday, September 17th. They set a “hold” rating for the company. Finally, B. Riley set a $20.00 price objective on shares of Rowan Companies and gave the company a “buy” rating in a research note on Friday, September 7th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus price target of $15.68.

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 $2.40 billion, a price-to-earnings ratio of -28.78 and a beta of 1.86.

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, beating the Thomson Reuters’ consensus estimate of ($0.93) by $0.33. The business had revenue of $241.30 million for the quarter, compared to analyst estimates of $207.71 million. Rowan Companies had a negative net margin of 9.41% and a negative return on equity of 4.70%. The business’s quarterly revenue was down 24.6% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.25) EPS. research analysts forecast that Rowan Companies PLC will post -3.55 earnings per share for the current year.

Several large investors have recently bought and sold shares of RDC. Principal Financial Group Inc. lifted its holdings in Rowan Companies by 0.6% in the 1st quarter. Principal Financial Group Inc. now owns 493,388 shares of the oil and gas company’s stock worth $5,694,000 after buying an additional 3,013 shares in the last quarter. Thrivent Financial for Lutherans lifted its holdings in Rowan Companies by 1.7% in the 1st quarter. Thrivent Financial for Lutherans now owns 216,308 shares of the oil and gas company’s stock worth $2,496,000 after buying an additional 3,582 shares in the last quarter. Riverhead Capital Management LLC lifted its holdings in Rowan Companies by 25.1% in the 2nd quarter. Riverhead Capital Management LLC now owns 18,931 shares of the oil and gas company’s stock worth $307,000 after buying an additional 3,800 shares in the last quarter. Legal & General Group Plc lifted its holdings in Rowan Companies by 2.0% in the 2nd quarter. Legal & General Group Plc now owns 200,963 shares of the oil and gas company’s stock worth $3,259,000 after buying an additional 3,867 shares in the last quarter. Finally, Meadow Creek Investment Management LLC lifted its holdings in Rowan Companies by 25.0% in the 2nd quarter. Meadow Creek Investment Management LLC now owns 25,636 shares of the oil and gas company’s stock worth $416,000 after buying an additional 5,134 shares in the last quarter. Institutional investors and hedge funds 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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