The S&P was rising 8.54 points, or 0.62%, to 1,377.25.
Shares of Rowan rose 8% to $33.48. Rowan said Thursday it's meeting on April 16 to approve a change in its corporate structure. The board previously approved a plan to move the company's corporate headquarters to the U.K.
Rowan has an estimated price-to-earnings ratio for next year of 8.47 times; the average for oil equipment and services companies is 12.46. For comparison, Superior Energy Services (SPN) has a lower forward P/E of 6.23; Helmerich & Payne's (HP) forward P/E is 9.38.Twenty-five of the 39 analysts who cover Rowan rated it buy. Thirteen analysts gave the stock a hold rating and one rated it sell. TheStreet Ratings gives Rowan a C+ grade and hold rating. The stock has risen 10.09% year to date.
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