Rowan Cos. (NYSE: RDC) Stock Coverage Initiated at Scotiabank

Analysts at Scotiabank initiated coverage on Rowan Cos. (NYSE: RDC) stock, starting the company at Sector Perform. As a means of comparison, a number of other analysts have commented on the company recently, and the company has earned a consensus one-year price target of $15.74, $12.46. Rowan Cos.stock has a 52-week high of $21.83.After initiating coverage,, analysts and brokerage firms will subsequently issue periodic updates. Changes in price targets are not unusual.

Stocks closed in negative territory Wednesday in the wake of slumping crude-oil prices, erasing earlier gains for the major indices, while the tech-heavy Nasdaq bucked the losing trend.

The Dow Jones Industrial Average DJIA, -0.18% slid 31.98 points, or 0.2%, to close at 18,034.77

The S&P 500 index SPX, -0.06% fell 1.25 points to end at 2,125.77, weighed by a 1.2% drop in the energy sector.

The Nasdaq Composite Index COMP, +0.36% advanced 18.52 points, or 0.4%, to close at 5,173.77.
Share prices sometimes get a bounce to the upside when analysts inititate coverage.

Shares of Rowan Cos. (NYSE: RDC) opened at $12.46 today and traded in a range between, $12.31 and $12.99, and last traded at $12.59, which represents a change of $ -0.16 over the previous closing price.

Rowan Cos. (NYSE: RDC) currently has a market cap of 1.58B

The stocks average daily volume is 3,356,640 shares out of a total float 114,455,000 of and some 4,805,169 shares crossed the trading desk yesterday, 81 percent higher than normal. Significant increases in trading volume and price appreciation together could signal heavy volume accumulation by institutional investors.

While increased trading for one day will not mean much, however, a trend of heavy trading volume on the buy side over a period of days or weeks sends a positive signal to market traders that institutions may be moving in, so institutional sponsorship is very important.

Institutional sponsorship is defined by ownership of a stock by mutual funds, banks, pension funds and other large institutions.

Professional investors such as these retain substantial teams of analysts that research thousands of stocks. Thus, watching their interests is a good way to ensure you are buying the right stocks.

By spotting trends, moving averages allow investors to make those trends work in their favor and increase the number of winning trades.

With that in mind Rowan Cos. (NYSE: RDC) now has a 50-day MA is $13.75 and 200-day MA is $16.18, and it has traded in a 52-week range between $10.67 – 21.83 and today’s last price is -42.33 percent off the 52 week high.

Earnings growth is an important factor toresearch when buying stocks and investors look for companies that have grown their earnings at least 25% or more for the past 3 years.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of The Ledger Gazette. Readers should not consider statements made by the author as formal recommendations and should consult their financial adviser before making any investment decisions. To read our full disclosure, please see our terms and conditions page.

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