Rowan Companies Downgraded To Hold

Dahlman Rose has published a research report on Rowan Companies RDC and has downgraded the company to Hold, as Rowan is reported as being the top-performing US offshore driller this year, being up 45% to date. In the report, Dahlman Rose writes "3Q10 EPS came in at $0.57, above our $0.51 estimate, which was in line with consensus. Results from drilling operations were slightly lower than forecast, with $289.9MM in drilling revenues below our $307.6MM estimate. However, with one rig outbound into the company's international structure for the quarter, the company's tax rate came in lower than expected at 19%, and overall earnings beat estimates." Rowan Companies closed yesterday at $31.60.