Rowan Companies plc (RDC): Price Target and June Short Interest Disclosure

Rowan Companies plc (RDC) stock is expected to deviate a maximum of $3.55 from the average target price of $18.52 for the short term period. 16 Street Experts have initiated coverage on the stock with the most promising target being $25 and the most muted being $12.

Rowan Companies plc (RDC) has seen a rise of 563,428 shares or 2.5% in the short interest. The remaining shorts are 18.4% of the total floated shares. The net short interest, as on June 30,2016, stood at 22,792,110 shares and the stocks days to cover will be 8 by factoring in the average per day volume of 2,858,247 shares. On June 15,2016, 22,228,682 shares were shorted. The information was released by Financial Industry Regulatory Authority, Inc (FINRA) on June 12th.

Also, Equity analysts at the Brokerage firm Iberia Capital downgrades its rating on Rowan Companies plc (NYSE:RDC). The rating major has initiated the coverage with sector perform rating on the shares. Earlier, the shares were rated a Outperform by the brokerage firm. The Analysts at Iberia Capital maintains a current price target of $19 per share. The rating by the firm was issued on July 5, 2016.


Rowan Companies plc (NYSE:RDC): stock turned positive on Thursday. Though the stock opened at $18.12, the bulls momentum made the stock top out at $18.3 level for the day. The stock recorded a low of $17.57 and closed the trading day at $17.88, in the green by 0.39%. The total traded volume for the day was 2,835,855. The stock had closed at $17.81 in the previous days trading.

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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