Bank of America Corporation Lowers Rowan Companies PLC (NYSE:RDC) to Underperform

Marco Green
July 30, 2017

A number of other equities analysts also recently issued reports on the company. But even with this move, there is still plenty of room for the company to come back from a longer term perspective, and especially if we look to recent lows for the company as well.

Rowan Companies (NYSE:RDC)'s trailing twelve month revenues are $1.72 Billion, whereas its price to sales ratio for the same period is 0.87.

Why Investors anticipate Poor Future Performance for Rowan Companies plc (RDC)? Oregon Public Employees Retirement Fund has an ownership of 43,948 stocks of the oil and gas firms shares valued $685,000 after scooping up an extra 600 shares through out the previous quarter, Lastly, Principal Financial Group boosted its position in stocks of Rowan Companies by 3.4% in the Q1. The stock now has an average rating of "Hold" and a consensus target price of $16.82. The stock last traded at $11.62 which is just a bit higher than the 50 day moving average which is $11.16 and which is marginally lower than the 200 day moving average of $14.65. The average numbers of shares are traded in a security per day, during the recent 3-month period. Neuberger Berman Group LLC increased its stake in Rowan Companies PLC by 0.5% in the first quarter. LS Investment Advisors LLC now owns 10,330 shares of the oil and gas company's stock valued at $106,000 after buying an additional 2,050 shares during the last quarter. Trading volume was down 95.02% under the stocks average daily volume.

For the current quarter Rowan Companies (NYSE:RDC) has high EPS estimates of $-0.08 in contradiction of low EPS estimates of $-0.6. The oil and gas company reported $0.07 EPS for the quarter, missing analysts' consensus estimates of $0.13 by $0.06. Finally, BMO Capital Markets restated a "hold" rating and set a $15.00 target price on shares of Rowan Companies PLC in a research note on Thursday, June 22nd. Barclays PLC reduced their target price on Rowan Companies PLC from $19.00 to $16.00 and set an "equal weight" rating for the company in a research note on Monday, May 1st.

Rowan Companies (NYSE:RDC)'s revenue estimates for the current quarter are $294.12 Million according to 23 number of analysts, for the current quarter the company has high revenue estimates of $319.8 Million in contradiction of low revenue estimates of $254 Million. Finally, Meeder Asset Management Inc. purchased a new position in shares of Rowan Companies PLC during the first quarter worth approximately $189,000. Equities analysts predict that Rowan Companies PLC will post ($1.03) earnings per share for the current year. The business's revenue was down 25.2% compared to the same quarter previous year. ValuEngine lowered shares of Rowan Companies PLC from a buy rating to a hold rating in a report on Friday, June 2nd.

Rowan Companies plc was upgraded to "neutral" by analysts at Seaport Global Securities.

WARNING: "Zacks: Brokerages Expect Rowan Companies PLC (NYSE:RDC) Will Post Earnings of -$0.34 Per Share" was published by The Cerbat Gem and is the sole property of of The Cerbat Gem. First Quadrant L P CA raised its position in shares of Rowan Companies PLC by 14.9% in the first quarter. If you are viewing this report on another publication, it was stolen and republished in violation of United States & worldwide copyright and trademark laws. Parkwood LLC bought a new stake in shares of Rowan Companies PLC during the first quarter valued at $198,000. The original version of this story can be viewed at https://www.themarketsdaily.com/2017/07/27/rowan-companies-plc-rdc-shares-sold-by-sei-investments-co-updated-updated-updated.html.

Rowan Companies plc is a provider of offshore contract drilling services to the worldwide oil and gas industry. The corporation operates through two segments: deepwater and jack-ups. As of Dec 31, 2016, the firms fleet consisted of 29 mobile offshore drilling units, including 25 self-elevating jack-up rigs and four ultra-deepwater drillships.

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