Rowan Companies PLC (RDC) is Reiterated by RBC Capital Mkts to Sector Perform, Lowers Price Target to $ 16

Rowan Companies PLC (RDC) was Reiterated by RBC Capital Mkts to “Sector Perform” while Lowering the Price Target of the company shares to $ 16 from a previous price target of $22 . RBC Capital Mkts advised their investors in a research report released on Aug 12, 2016.

Many Wall Street Analysts have commented on Rowan Companies PLC. Rowan Companies PLC was Downgraded by Raymond James to ” Mkt Perform” on Jul 26, 2016. Rowan Companies PLC was Downgraded by Iberia to ” Sector Perform” on Jul 5, 2016. Rowan Companies PLC was Upgraded by Johnson Rice to ” Buy” on Jun 13, 2016.

On the company’s financial health, Rowan Companies PLC reported $0.75 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Aug 2, 2016. Analyst had a consensus of $0.74. The company had revenue of $611.90 million for the quarter, compared to analysts expectations of $470.98 million. The company’s revenue was up 20.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.68 EPS.

Rowan Companies PLC opened for trading at $14.7 and hit $15.16 on the upside on Monday, eventually ending the session at $14.96, with a gain of 3.31% or 0.48 points. The heightened volatility saw the trading volume jump to 43,14,555 shares. Company has a market cap of $1,876 M.

In a different news, on May 20, 2015, Tore I Sandvold (director) purchased 5,000 shares at $22.29 per share price.

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 Company’s jack-ups are capable of drilling wells to depths ranging from 25000 to 40000 feet and in water depths ranging from 250 to 550 feet. Its ultra-deepwater drillships are capable of drilling wells to depths of 40000 feet and in water depths of 12000 feet. The Company’s 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.

Rowan Companies PLC

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