Price Target Update on Rowan Companies plc (NYSE:RDC)

Rowan Companies plc (NYSE:RDC) : 15 Wall Street analysts covering Rowan Companies plc (NYSE:RDC) believe that the average level the stock could reach for the short term is $18.07. The maximum price target given is $25 and the minimum target for short term is around $12, hence the standard deviation is calculated at $3.56.

Other Equity analysts have also commented on the company shares. In a research note released to the investors, Bank of America reinstates its rating on Rowan Companies plc (NYSE:RDC).The analysts at the brokerage house have a current rating of Underperform on the shares. The rating by the firm was issued on June 13, 2016.

Rowan Companies plc (NYSE:RDC): stock turned positive on Thursday. Though the stock opened at $18.98, the bulls momentum made the stock top out at $19.64 level for the day. The stock recorded a low of $18.83 and closed the trading day at $19.55, in the green by 5.39%. The total traded volume for the day was 2,909,098. The stock had closed at $18.55 in the previous days trading.

The company shares have dropped -10.21% from its 1 Year high price. On Nov 3, 2015, the shares registered one year high at $21.83 and the one year low was seen on Feb 11, 2016. The 50-Day Moving Average price is $17.55 and the 200 Day Moving Average price is recorded at $15.81. On the companys insider trading activities, According to the information disclosed by the Securities and Exchange Commission in a Form 4 filing, the director of Rowan Companies Plc, Sandvold Tore I, had purchased 5,000 shares in a transaction dated on May 19, 2015. The transaction was executed at $22.29 per share with total amount equaling $111,450.

Rowan Companies plc (Rowan) is a provider of international and domestic offshore oil and gas contract drilling services. Its operation broadly consists of Drilling Fleet and Contracts. It has a fleet of 30 self-elevating mobile offshore jack-up drilling units and four ultra-deepwater drillships. It conducts offshore drilling operations in the United States Gulf of Mexico (US GOM), the United Kingdom (UK) and Norwegian sectors of the North Sea, the Middle East, West and North Africa, Southeast Asia and Trinidad. The Companys jack-ups are capable of drilling wells to depths ranging from 25,000 to 40,000 feet and in water depths ranging from 250 to 550 feet. Its ultra-deepwater drillships are capable of drilling wells to depths of 40,000 feet and in water depths of 12,000 feet. The Companys drilling contracts provide for a fixed amount of compensation per day, and are either well-to-well, multiple-well or fixed-term generally ranging from one month to several years.

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