B.Riley FBR analyst Tom Curran maintained a Buy rating on Rowan Companies (NYSE: RDC) yesterday and set a price target of $20. The company’s shares opened today at $12.99.
Curran commented:
“This morning, Rowan Companies (RDC — Buy; $20 PT) announced that one of its high-spec jack- up rigs, the Rowan EXL III, has been awarded a six-month contract from Cantium in the U.S. Gulf of Mexico. The rig is currently working for Cantium in the U.S. GOM under a contract that will expire in mid-to-late August 2018. The new contract is expected to begin in early November 2018. We maintain our Buy rating and $20 price target as Rowan’s heavy jackup exposure should position it as one the earliest and biggest beneficiaries of a shallow-water led demand recovery.”
According to TipRanks.com, Curran is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -3.8% and a 43.9% success rate. Curran covers the Basic Materials sector, focusing on stocks such as Independence Contract Drilling, Select Energy Services Inc, and Diamond Offshore Drilling.
Currently, the analyst consensus on Rowan Companies is a Moderate Buy with an average price target of $16.64.
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Based on Rowan Companies’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $76.7 million. In comparison, last year the company had a GAAP net loss of $28.7 million.
Based on the recent corporate insider activity of 41 insiders, corporate insider sentiment is negative on the stock.
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Rowan Cos. Plc provides offshore contract drilling services to the international oil and gas industry. It focuses on high specification and premium jack-up rigs, which are used for exploratory and development drilling operations. The company operates through two segments: Deepwater, which consists of drillship operations, and Jack-Ups.
