Rowan Companies (RDC) Downgraded by JPMorgan Chase & Co. to Neutral
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.
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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