Rowan Companies PLC (RDC) Coverage Initiated at HSBC Holdings plc

Analysts at HSBC Holdings plc started coverage on shares of Rowan Companies PLC (NYSE:RDC) in a report issued on Thursday. The firm set a “buy” rating and a $16.80 price target on the oil and gas company’s stock. HSBC Holdings plc’s price target would suggest a potential upside of 28.24% from the stock’s current price.

Several other research analysts have also issued reports on the company. Royal Bank Of Canada restated a “sell” rating and issued a $13.50 price target on shares of Rowan Companies PLC in a research report on Thursday, July 20th. BidaskClub lowered Rowan Companies PLC from a “sell” rating to a “strong sell” rating in a research report on Friday, June 23rd. Jefferies Group LLC reiterated a “hold” rating and set a $12.00 target price (down from $15.00) on shares of Rowan Companies PLC in a report on Tuesday, July 18th. UBS AG upgraded Rowan Companies PLC from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $11.00 to $15.00 in a report on Monday, September 25th. Finally, BMO Capital Markets reiterated a “hold” rating and set a $15.00 target price on shares of Rowan Companies PLC in a report on Thursday, June 22nd. Four analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $16.10.

Shares of Rowan Companies PLC (RDC) traded down 0.83% during midday trading on Thursday, hitting $13.10. The stock had a trading volume of 3,730,546 shares. Rowan Companies PLC has a 52 week low of $9.02 and a 52 week high of $21.68. The stock has a 50 day moving average price of $12.08 and a 200-day moving average price of $12.03. The stock’s market capitalization is $1.65 billion.

Rowan Companies PLC (NYSE:RDC) last posted its quarterly earnings results on Wednesday, August 2nd. The oil and gas company reported ($0.25) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.30) by $0.05. Rowan Companies PLC had a negative return on equity of 2.16% and a negative net margin of 8.96%. The business had revenue of $320.20 million for the quarter, compared to analyst estimates of $296.87 million. During the same period last year, the company earned $0.75 EPS. The firm’s revenue was down 47.7% on a year-over-year basis. Equities research analysts anticipate that Rowan Companies PLC will post ($0.93) earnings per share for the current year.

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Several large investors have recently added to or reduced their stakes in RDC. UBS Asset Management Americas Inc. increased its position in shares of Rowan Companies PLC by 150.4% in the first quarter. UBS Asset Management Americas Inc. now owns 201,515 shares of the oil and gas company’s stock valued at $3,140,000 after acquiring an additional 121,050 shares during the last quarter. Ameriprise Financial Inc. increased its position in shares of Rowan Companies PLC by 3.2% in the first quarter. Ameriprise Financial Inc. now owns 359,196 shares of the oil and gas company’s stock valued at $5,596,000 after acquiring an additional 11,029 shares during the last quarter. SG Americas Securities LLC increased its position in shares of Rowan Companies PLC by 113.9% in the first quarter. SG Americas Securities LLC now owns 35,441 shares of the oil and gas company’s stock valued at $552,000 after acquiring an additional 18,872 shares during the last quarter. Neuberger Berman Group LLC increased its position in shares of Rowan Companies PLC by 0.5% in the first quarter. Neuberger Berman Group LLC now owns 10,237 shares of the oil and gas company’s stock valued at $159,000 after acquiring an additional 55 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in shares of Rowan Companies PLC by 3.4% in the first quarter. Principal Financial Group Inc. now owns 518,215 shares of the oil and gas company’s stock valued at $8,074,000 after acquiring an additional 17,065 shares during the last quarter.

About Rowan Companies PLC

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.

Analyst Recommendations for Rowan Companies PLC (NYSE:RDC)

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