Rowan Companies PLC (RDC) Expected to Announce Earnings of -$1.08 Per Share

Equities research analysts expect Rowan Companies PLC (NYSE:RDC) to announce earnings of ($1.08) per share for the current quarter, according to Zacks. Seven analysts have made estimates for Rowan Companies’ earnings. The lowest EPS estimate is ($1.28) and the highest is ($0.80). Rowan Companies posted earnings per share of ($0.16) during the same quarter last year, which would suggest a negative year-over-year growth rate of 575%. The company is scheduled to announce its next earnings report on Wednesday, November 7th.

On average, analysts expect that Rowan Companies will report full-year earnings of ($3.55) per share for the current financial year, with EPS estimates ranging from ($3.87) to ($3.08). For the next financial year, analysts anticipate that the firm will report earnings of ($3.27) per share, with EPS estimates ranging from ($3.82) to ($2.55). Zacks Investment Research’s EPS calculations are an average based on a survey of research firms that that provide coverage for Rowan Companies.

Rowan Companies (NYSE:RDC) last announced its earnings results on Wednesday, August 1st. The oil and gas company reported ($0.60) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.93) by $0.33. The firm 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 company’s revenue for the quarter was down 24.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.25) EPS.

A number of equities research analysts have recently weighed in on the stock. B. Riley set a $20.00 target price on shares of Rowan Companies and gave the company a “buy” rating in a research note on Friday, September 7th. Citigroup raised shares of Rowan Companies from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $15.00 to $19.00 in a research note on Friday, September 7th. Barclays boosted their price objective on shares of Rowan Companies from $10.00 to $11.00 and gave the stock an “underweight” rating in a research note on Thursday, August 9th. Societe Generale raised shares of Rowan Companies from a “hold” rating to a “buy” rating in a research note on Thursday, August 2nd. Finally, Piper Jaffray Companies reissued a “hold” rating and set a $16.00 price objective on shares of Rowan Companies in a research note on Friday, July 20th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating, nine 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 price target of $15.25.

Shares of RDC traded up $0.14 during trading hours on Friday, reaching $15.94. 3,389,900 shares of the company traded hands, compared to its average volume of 2,702,802. The firm has a market capitalization of $1.89 billion, a price-to-earnings ratio of -24.69 and a beta of 1.86. 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 has a 12 month low of $10.61 and a 12 month high of $17.33.

In related news, VP Richard Jason Anderson sold 6,000 shares of the business’s stock in a transaction dated Wednesday, June 20th. The shares were sold at an average price of $14.67, for a total transaction of $88,020.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.60% of the company’s stock.

Large investors have recently bought and sold shares of the stock. Millennium Management LLC lifted its stake in shares of Rowan Companies by 126.7% in the first quarter. Millennium Management LLC now owns 3,939,908 shares of the oil and gas company’s stock worth $45,467,000 after buying an additional 2,201,957 shares in the last quarter. BlackRock Inc. lifted its stake in shares of Rowan Companies by 8.4% in the second quarter. BlackRock Inc. now owns 14,089,013 shares of the oil and gas company’s stock worth $228,524,000 after buying an additional 1,093,323 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Rowan Companies by 8.1% in the first quarter. Dimensional Fund Advisors LP now owns 10,666,456 shares of the oil and gas company’s stock worth $123,091,000 after buying an additional 795,237 shares in the last quarter. Point72 Asset Management L.P. bought a new position in shares of Rowan Companies in the second quarter worth approximately $10,730,000. Finally, Renaissance Technologies LLC bought a new position in shares of Rowan Companies in the second quarter worth approximately $9,743,000. 97.84% of the stock is currently owned by institutional investors and hedge funds.

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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