UPDATE: BMO Capital Lowers PT on Rowan Companies on Operating EPS

In a report published Friday, BMO Capital Markets reiterated its Market Perform rating on Rowan Companies

, but slightly lowered its price target from $39.00 to $38.00. BMO Capital Markets noted, “RDC posted operating EPS of $0.63 excluding $0.06 of EXL I repair costs, pension, and impairment charges. We're inclined to call it in line given the majority of the delta to our estimate was attributable to $0.19 of tax benefits. Ex the tax benefits, EPS falls out at $0.44 vs. our $0.46 and consensus of $0.48. Revenues were in line with our estimates (see p. 2) with costs a little strong and exceeding the high end of the guidance range owing to reimbursable expenses. Versus consensus, both revenue and costs were directionally similar to our estimates but slightly higher in magnitude. Small variations in G&A, interest, and taxes (adjusted) rounded out the rest of the delta.” Rowan Companies closed on Thursday at $34.59.