BMO Capital Markets decreased their price target on shares of Rowan Companies (NYSE: RDC) from $39.00 to $38.00 in a research note issued on Friday. The firm currently has a “market perform” rating on the stock.
The analysts wrote, “RDC posted operating EPS of $0.63 excluding $0.06 of EXL I repair costs, pension, and impairment charges. We’re inclined to call it in line given the majority of the delta to our estimate was attributable to $0.19 of tax benefits. Ex the tax benefits, EPS falls out at $0.44 vs. our $0.46 and consensus of $0.48. Revenues were in line with our estimates (see p. 2) with costs a little strong and exceeding the high end of the guidance range owing to reimbursable expenses. Versus consensus, both revenue and costs were directionally similar to our estimates but slightly higher in magnitude. Small variations in G&A, interest, and taxes (adjusted) rounded out the rest of the delta.”
RDC has been the subject of a number of other recent research reports. Analysts at Stephens reiterated an “overweight” rating on shares of Rowan Companies in a research note to investors on Friday. They now have a $38.00 price target on the stock. Separately, analysts at Macquarie reiterated an “outperform” rating on shares of Rowan Companies in a research note to investors on Thursday. They now have a $40.00 price target on the stock. Finally, analysts at Guggenheim reiterated a “neutral” rating on shares of Rowan Companies in a research note to investors on Tuesday, February 19th. They now have a $34.00 price target on the stock.
Shares of Rowan Companies remained flat at $34.59 during during mid-day trading trading on Friday. Rowan Companies has a 52 week low of $28.62 and a 52 week high of $39.40. The stock’s 50-day moving average is currently $34.7. The company has a market cap of $4.296 billion and a P/E ratio of 25.14.
Rowan Companies last posted its quarterly earnings results on Thursday, February 28th. The company reported $0.57 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.48 by $0.09. The company had revenue of $354.20 million for the quarter, compared to the consensus estimate of $356.28 million. During the same quarter last year, the company posted $0.36 earnings per share. Rowan Companies’s revenue was up 28.8% compared to the same quarter last year. On average, analysts predict that Rowan Companies will post $2.43 earnings per share for the current fiscal year.
Rowan Companies plc, formerly Rowan Companies, Inc., is a provider of international and domestic offshore contract drilling services.
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