Barclays Maintains an 'Overweight' on Rowan Co (RDC); Jackup Market Quiet but Strong; SDRL & ESV Benefiting Too
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Price: $34.50 -0.78%
Rating Summary:
16 Buy, 15 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
16 Buy, 15 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade RDC Now!
Barclays maintains an 'Overweight' on Rowan Companies (NYSE: RDC) price target of $46.00.
Analyst, James C. West, said, "There has been a dearth of jackup awards in recent weeks, which we largely attribute to the jackup market's higher sensitivity to commodity prices (relative to floating rigs) due to shorter contract durations. However, we believe positive trends are taking hold that underline broad regional strength, notably in Southeast Asia, and an improving secondary market."
"SeaDrill (Nasdaq: SDRL) and Ensco (NYSE: ESV) both derive ~8.5% of revenue from SE Asian jackup work, while SDRL's tender rig business (exclusively in SE Asia) is ~13.5% of revenue."
For an analyst ratings summary and ratings history on Rowan Companies click here. For more ratings news on Rowan Companies click here.
Shares of Rowan Companies closed at $33.95 yesterday, with a 52 week range of $28.13-$40.76.
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Analyst, James C. West, said, "There has been a dearth of jackup awards in recent weeks, which we largely attribute to the jackup market's higher sensitivity to commodity prices (relative to floating rigs) due to shorter contract durations. However, we believe positive trends are taking hold that underline broad regional strength, notably in Southeast Asia, and an improving secondary market."
"SeaDrill (Nasdaq: SDRL) and Ensco (NYSE: ESV) both derive ~8.5% of revenue from SE Asian jackup work, while SDRL's tender rig business (exclusively in SE Asia) is ~13.5% of revenue."
For an analyst ratings summary and ratings history on Rowan Companies click here. For more ratings news on Rowan Companies click here.
Shares of Rowan Companies closed at $33.95 yesterday, with a 52 week range of $28.13-$40.76.
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