BMO Capital Sticks to Their Hold Rating for Rowan Companies

By Carrie Williams

In a report released yesterday, Daniel Boyd from BMO Capital reiterated a Hold rating on Rowan Companies (NYSE: RDC), with a price target of $15. The company’s shares opened today at $10.55, close to its 52-week low of $10.33.

According to, Boyd is a 4-star analyst with an average return of 6.0% and a 56.5% success rate. Boyd covers the Basic Materials sector, focusing on stocks such as Diamond Offshore Drilling, Oil States International, and Rice Midstream Partners.

Currently, the analyst consensus on Rowan Companies is Hold and the average price target is $15.40, representing a 46.0% upside.

In a report issued on June 6, Jefferies also reiterated a Hold rating on the stock with a $15 price target.

Based on Rowan Companies’ latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $374 million and quarterly net profit of $10.3 million. In comparison, last year the company earned revenue of $500 million and had a net profit of $123 million.

Based on the recent corporate insider activity of 34 insiders, corporate insider sentiment is negative on the stock. Last month, Tore Sandvold, a Director at RDC bought 5,000 shares for a total of $111,450.

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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. Rowan was founded by Charles Rowan and Archibald Rowan in 1923 and is headquartered in Houston, TX.,00DS8H-E