JPMorgan Chase & Co. downgraded shares of Rowan Companies (NYSE:RDC) from an overweight rating to a neutral rating in a research report released on Friday, The Fly reports.

Other analysts have also issued research reports about the stock. Societe Generale raised shares of Rowan Companies from a hold rating to a buy rating in a research report on Thursday, August 2nd. ValuEngine raised shares of Rowan Companies from a buy rating to a strong-buy rating in a research report on Friday, June 22nd. Tudor Pickering raised shares of Rowan Companies from a hold rating to a buy rating in a research report on Thursday, July 12th. BMO Capital Markets set a $15.00 price target on shares of Rowan Companies and gave the company a hold rating in a research report on Wednesday, July 11th. Finally, B. Riley set a $20.00 price target on shares of Rowan Companies and gave the company a buy rating in a research report on Monday, August 13th. One analyst has rated the stock with a sell rating, ten have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the stock. Rowan Companies currently has a consensus rating of Buy and a consensus price target of $15.72.

RDC stock traded up $0.32 during trading on Friday, hitting $18.92. The stock had a trading volume of 5,934,639 shares, compared to its average volume of 2,947,856. 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 twelve month low of $10.94 and a twelve month high of $20.87. The stock has a market cap of $2.39 billion, a price-to-earnings ratio of -29.56 and a beta of 1.80.

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

Several institutional investors have recently bought and sold shares of RDC. Millennium Management LLC increased its position in shares of Rowan Companies by 126.7% during 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 acquiring an additional 2,201,957 shares during the period. BlackRock Inc. increased its position in shares of 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 worth $228,524,000 after acquiring an additional 1,093,323 shares during the period. Point72 Asset Management L.P. purchased a new stake in shares of Rowan Companies during the second quarter worth $10,730,000. Renaissance Technologies LLC purchased a new stake in shares of Rowan Companies during the second quarter worth $9,743,000. Finally, Richard Bernstein Advisors LLC purchased a new stake in shares of Rowan Companies during the second quarter worth $8,065,000. 97.83% of the stock is currently 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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Analyst Recommendations for Rowan Companies (NYSE:RDC)

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