Pritchard Equity Research Reiterates Buy On Rowan (RDC)

Pritchard Equity Research is reiterating its Buy rating and $27 price target on shares of Rowan Companies, Inc. (NYSE: RDC) after the oil driller beat earnings estimates yesterday.

In the report Pritchard states, "RDC reported $0.79 vs. our $0.66 and consensus $0.67. The beat was driven by better drilling margins and a top line beat in manufacturing due to faster than forecast backlog turn. Not a lot of incremental information on the acquisition and order rates in Drilling Products remained poor."

Shares of Rowan Companies are down 19 cents to $25.84.