Rowan Companies PLC (NYSE:RDC) – Research analysts at Capital One Financial cut their Q3 2018 EPS estimates for shares of Rowan Companies in a note issued to investors on Wednesday, October 17th, Zacks Investment Research reports. Capital One Financial analyst L. Lemoine now forecasts that the oil and gas company will post earnings of ($1.11) per share for the quarter, down from their previous forecast of ($0.99). Capital One Financial also issued estimates for Rowan Companies’ Q4 2018 earnings at ($0.98) EPS, FY2018 earnings at ($3.58) EPS, Q1 2019 earnings at ($1.05) EPS, Q2 2019 earnings at ($1.00) EPS, Q3 2019 earnings at ($0.88) EPS, Q4 2019 earnings at ($0.83) EPS and FY2019 earnings at ($3.76) EPS.
Other equities analysts have also issued research reports about the company. Societe Generale raised Rowan Companies from a “hold” rating to a “buy” rating in a research report on Thursday, August 2nd. B. Riley set a $20.00 price target on Rowan Companies and gave the company a “buy” rating in a report on Monday, August 13th. Barclays raised their price target on Rowan Companies from $10.00 to $11.00 and gave the company an “underweight” rating in a report on Thursday, August 9th. Royal Bank of Canada upgraded Rowan Companies from a “sector perform” rating to an “outperform” rating in a report on Thursday, September 20th. Finally, JPMorgan Chase & Co. downgraded Rowan Companies from an “overweight” rating to a “neutral” rating in a report on Friday, October 12th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $15.46.
Rowan Companies (NYSE:RDC) last announced its quarterly earnings data on Wednesday, October 31st. The oil and gas company reported ($1.13) EPS for the quarter, beating the consensus estimate of ($1.15) by $0.02. The business had revenue of $192.90 million during the quarter, compared to analyst estimates of $179.39 million. Rowan Companies had a negative return on equity of 7.11% and a negative net margin of 23.47%. The company’s revenue for the quarter was down 33.8% on a year-over-year basis. During the same quarter last year, the firm posted ($0.16) earnings per share.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its holdings in Rowan Companies by 3.9% in the 3rd quarter. BlackRock Inc. now owns 14,632,534 shares of the oil and gas company’s stock worth $275,533,000 after buying an additional 543,521 shares in the last quarter. Millennium Management LLC increased its holdings in Rowan Companies by 2.5% in the 2nd quarter. Millennium Management LLC now owns 4,037,457 shares of the oil and gas company’s stock worth $65,488,000 after buying an additional 97,549 shares in the last quarter. Luminus Management LLC increased its holdings in Rowan Companies by 12.7% in the 2nd quarter. Luminus Management LLC now owns 2,960,719 shares of the oil and gas company’s stock worth $48,023,000 after buying an additional 333,350 shares in the last quarter. Northern Trust Corp increased its holdings in Rowan Companies by 3.6% in the 2nd quarter. Northern Trust Corp now owns 2,960,084 shares of the oil and gas company’s stock worth $48,013,000 after buying an additional 103,904 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in Rowan Companies by 5.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,250,359 shares of the oil and gas company’s stock worth $42,376,000 after buying an additional 125,042 shares in the last quarter. Institutional investors own 97.57% of the company’s stock.
About Rowan Companies
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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