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NEW YORK (TheStreet) -- Shares of Rowan (RDC) were slumping in late-morning trading on Monday as Societe Generale reduced its rating on the stock to "sell" from "hold."

The firm also lowered its price target to $11 from $16 on shares of the London-based provider of offshore contract drilling services.

The downgrade is due to a reduced earnings forecast from lower shallow water spending, the Fly reports.

Additionally, Societe Generale cut its rating on Noble (NE) and EOG Resources (EOG) stocks to "hold" from "buy." The firm also upgraded Halliburton (HAL) stock to "buy" from "hold," the Fly noted.

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Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on Rowan stock.

The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its growth in earnings per share, compelling growth in net income and largely solid financial position with reasonable debt levels by most measures.

But the team also finds that revenues have generally been declining.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: RDC

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