Barclays Maintains an 'Overweight' on Rowan Companies (RDC); International Jackup Market Remains Robust

Barclays maintains an 'Overweight' on Rowan Companies (NYSE: RDC) price target lowered from $49 to $47.

Barclays analyst says, "Five Key Takeaways from Analyst Meeting: Last week Rowan hosted an analyst breakfast in New York. Key takeaways included 1) jackup dayrates are continuing to move up across the board, 2) Saudi gas tenders appear to be getting pushed back, 3) the company may not exercise its option for a fourth drillship without a contract for one of the first three in hand, 4) there is the potential for RDC to acquire startup jackup companies, and 5) the EXL IV (350'IC) will drill two to three "shake out" wells in the GOM before moving to international markets at a more normalized dayrate."

"We are adjusting our 4Q11 EPS estimate to $0.28 (from $0.32) due to delays for the three Aramco 116-C jackups. We are lowering our 2012E EPS to $3.55 from (from $3.75) reflecting the 180 days of downtime for the three Tarzan rigs."

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 $32.52 yesterday.

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