Credit Suisse Downgrades Rowan Companies PLC to Neutral with Price Target $13.00

Brokerage firm Credit Suisse Downgrades its rating on Rowan Companies PLC(NYSE:RDC). In a research note issued to the investors, the brokerage major Lowers the price-target to $13.00 per share. The shares have been rated Neutral. Previously, the analysts had a Outperform rating on the shares. The rating by Credit Suisse was issued on Sep 23, 2016.

In a different note, On Sep 19, 2016, Zephrin Group said it Upgrades its rating on Rowan Companies PLC. The shares have been rated ‘Buy’ by the firm. On Sep 16, 2016, Piper Jaffray said it Maintains its rating on Rowan Companies PLC. In the research note, the firm Lowers the price-target to $15.50 per share. The shares have been rated ‘Overweight’ by the firm. Scotia Howard Weil said it Initiates Coverage on Rowan Companies PLC, according to a research note issued on Sep 14, 2016. The shares have been rated ‘Sector Perform’ by the firm. On Aug 25, 2016, Citigroup said it Maintains its rating on Rowan Companies PLC. In the research note, the firm Lowers the price-target to $20.00 per share. The shares have been rated ‘Neutral’ by the firm. On Aug 3, 2016, Deutsche Bank said it Maintains its rating on Rowan Companies PLC. In the research note, the firm Raises the price-target to $16.00 per share. The shares have been rated ‘Hold’ by the firm. On Aug 3, 2016, UBS said it Maintains its rating on Rowan Companies PLC. In the research note, the firm Lowers the price-target to $18.00 per share. The shares have been rated ‘Neutral’ by the firm.

Rowan Companies PLC (RDC) shares turned negative on Tuesdays trading session with the shares closing down -0.21 points or -1.55% at a volume of 43,77,094. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $13.46. The peak price level was also seen at $13.46 while the days lowest was $13.0115. Finally the shares closed at $13.35. The 52-week high of the shares is $21.83 while the 52-week low is $10.67. According to the latest information available, the market cap of the company is $1,674 M.

Rowan Companies PLC(RDC) last announced its earnings results on Aug 2, 2016 for Fiscal Year 2016 and Q2.Company reported revenue of $611.90M. Analysts had an estimated revenue of $483.99M. Earnings per share were $0.75. Analysts had estimated an EPS of $0.78.

Several Insider Transactions has been reported to the SEC. 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.

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