Downgrade Alert for Rowan (RDC)
Rowan (NYSE:RDC) was downgraded from Outperform to Sector Perform at Iberia today. The stock closed yesterday at $17.56 on volume of 3.4 million shares, below average daily volume of 4.0 million.
Rowan share prices have moved between a 52-week high of $24.31 and a 52-week low of $10.67 and closed yesterday at 65% above that low price at $17.56 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 3.1%.
Rowan Companies, Inc. provides international and domestic contract drilling services. The Company also owns and operates a manufacturing division that produces equipment for the drilling, mining and timber industries.
Rowan has overhead space with shares priced $17.56, or 16.8% below the average consensus analyst price target of $21.10. The stock should find initial support at its 200-day moving average (MA) of $16.70 and further support at its 50-day MA of $16.27.
SmarTrend recommended that subscribers consider buying shares of Rowan on February 29th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $13.45. Since that recommendation, shares of Rowan have risen 41.3%. We continue to monitor RDC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: analyst upgrades/downgrades rowan