Rowan Companies PLC (NYSE:RDC) – Stock analysts at Piper Jaffray Companies increased their FY2018 EPS estimates for Rowan Companies in a research report issued to clients and investors on Sunday, November 4th. Piper Jaffray Companies analyst I. Macpherson now expects that the oil and gas company will earn ($3.80) per share for the year, up from their previous forecast of ($3.84). Piper Jaffray Companies currently has a “Hold” rating and a $16.00 target price on the stock. Piper Jaffray Companies also issued estimates for Rowan Companies’ Q4 2018 earnings at ($1.18) EPS, Q1 2019 earnings at ($1.12) EPS, Q2 2019 earnings at ($0.98) EPS, Q3 2019 earnings at ($0.85) EPS, Q4 2019 earnings at ($0.83) EPS, FY2019 earnings at ($3.78) EPS, FY2020 earnings at ($2.40) EPS, FY2021 earnings at ($0.18) EPS and FY2022 earnings at ($0.12) EPS.
Several other analysts have also recently weighed in on the stock. Royal Bank of Canada upgraded shares of Rowan Companies from a “sector perform” rating to an “outperform” rating in a report on Thursday, September 20th. HSBC cut shares of Rowan Companies from a “buy” rating to a “hold” rating and set a $17.00 price target on the stock. in a report on Friday, September 21st. B. Riley set a $20.00 price target on shares of Rowan Companies and gave the company a “buy” rating in a report on Friday, September 7th. TheStreet upgraded shares of Rowan Companies from a “d+” rating to a “c-” rating in a report on Friday, October 5th. Finally, JPMorgan Chase & Co. cut shares of Rowan Companies from an “overweight” rating to a “neutral” rating in a report on Friday, October 12th. One analyst has rated the stock with a sell rating, eleven have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $15.46.
Rowan Companies (NYSE:RDC) last released its quarterly earnings results on Wednesday, October 31st. The oil and gas company reported ($1.13) earnings per share for the quarter, beating the consensus estimate of ($1.15) by $0.02. The business had revenue of $192.90 million for the quarter, compared to analysts’ expectations of $179.39 million. Rowan Companies had a negative net margin of 23.47% and a negative return on equity of 7.11%. The firm’s revenue for the quarter was down 33.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.16) earnings per share.
A number of institutional investors have recently made changes to their positions in RDC. BlackRock Inc. lifted its position in Rowan Companies by 8.4% during the second quarter. BlackRock Inc. now owns 14,089,013 shares of the oil and gas company’s stock valued at $228,524,000 after buying an additional 1,093,323 shares during the period. Fisher Asset Management LLC purchased a new position in Rowan Companies during the third quarter valued at $14,116,000. Point72 Asset Management L.P. purchased a new position in shares of Rowan Companies in the 2nd quarter worth about $10,730,000. Renaissance Technologies LLC purchased a new position in shares of Rowan Companies in the 2nd quarter worth about $9,743,000. Finally, Richard Bernstein Advisors LLC purchased a new position in shares of Rowan Companies in the 2nd quarter worth about $8,065,000. 97.57% of the stock is owned by institutional investors and hedge funds.
Rowan Companies Company Profile
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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