Why Has KLR Group Given Rowan Cos (NYSE:RDC) a $25.0 Price Target
In a recent research report issued to clients and investors on 14 December, investment analysts at KLR Group initiated coverage for Rowan Cos (NYSE:RDC) shares. The firm has decided to set a Buy rating along with a $25.0, adding 42.86% to the target.
From a total of 30 analysts covering Rowan Companies Inc. (NYSE:RDC) stock, 14 rate it a ”Buy”, 3 a “Sell”, and 19 a ”Hold”. This means that 39% of the ratings are positive. The highest target price is $42 while the lowest target price is $13.75. The mean of all analyst targets is $21.89 with a 22.72% above today’s ($17.52) stock price. Rowan Companies Inc. was the topic of 25 analyst reports since July 22, 2015 according to the firm StockzIntelligence Inc. Guggenheim upgraded shares on November 30 to “Buy” rating. Cowen & Co maintained shares with “Market Perform” rating and $18 target share price in a report from an August 6. RBC Capital Markets maintained RDC stock in a recent report from November 4 with “Sector Perform” rating. Finally, KeyBanc Capital Markets initiated the stock with “Sector Weight” rating in a report issued on an October 9.
Approximately 363,190 shares of stock traded hands. Rowan Companies PLC (NYSE:RDC) has declined 24.31% since May 11, 2015 and is downtrending. It has underperformed by 19.89% the S&P500.
The overall sentiment of institutions has increased to 1.2 in Q2 2015. Its up 0.13, from 1.07 in 2015Q2. The ratio is positive, as 29 institutions have sold all the shares of Rowan Companies PLC that they owned while 65 funds have taken shares off the table. 25 funds have purchased shares for the first time while 88 added to their positions. These institutions now hold 110.88 million shares or 7.59% less than the 119.99 million shares they owned in 2015Q2.
The Fund Blue Harbour Group L.P. currently is holding shares equating to 5.03% of its total portfolio in Rowan Companies PLC representing a total of 9.99 million shares. Another fund,Poplar Forest Capital Llc, is holding a total of 1.55 million shares equating to 2.33% of their holdings. Additionally, Wcg Management L.P. has a 300,000 share stake in Rowan Companies PLC which represents 2.2% of their total portfolio. The Fund, Kiltearn Partners Llp, based out of United Kingdom, has also built up a stake in the stock, which represents a total of 1.4% of their total portfolio. Finally Arosa Capital Management Lp, a fund which is based in the state of New York reported a total holdings of 368,735 shares.
Rowan Companies plc is a provider of international and domestic offshore gas and oil contract drilling services. The company has a market cap of $2.19 billion. The Company’s operation broadly consists of Drilling Fleet and Contracts. It currently has negative earnings. It has a fleet of 30 self-elevating mobile offshore jack-up drilling units and four ultra-deepwater drillships.
According to Zacks Investment Research, “Rowan Companies plc provides international and domestic offshore contract drilling services. The Company’s primary focus is on high-specification and premium jack-up rigs, used for exploratory and development drilling. It conducts offshore drilling operations particularly in the North Sea, Middle East, Southeast Asia and U.S. Gulf of Mexico. Rowan Companies plc, formerly known as Rowan Companies, Inc., is headquartered in Houston, Texas.”