Rhumbline Advisers lifted its position in Rowan Companies PLC (NYSE:RDC) by 5.2% in the 2nd quarter, HoldingsChannel reports. The fund owned 221,626 shares of the oil and gas company’s stock after buying an additional 10,880 shares during the period. Rhumbline Advisers’ holdings in Rowan Companies were worth $3,595,000 as of its most recent SEC filing.
Other hedge funds have also recently added to or reduced their stakes in the company. Renaissance Technologies LLC purchased a new position in shares of Rowan Companies in the fourth quarter worth about $540,000. Wells Fargo & Company MN increased its stake in shares of Rowan Companies by 4.2% in the first quarter. Wells Fargo & Company MN now owns 217,208 shares of the oil and gas company’s stock worth $2,507,000 after purchasing an additional 8,762 shares in the last quarter. SG Americas Securities LLC increased its stake in shares of Rowan Companies by 41.2% in the first quarter. SG Americas Securities LLC now owns 34,066 shares of the oil and gas company’s stock worth $393,000 after purchasing an additional 9,935 shares in the last quarter. Meeder Asset Management Inc. increased its stake in shares of Rowan Companies by 2,671.0% in the first quarter. Meeder Asset Management Inc. now owns 54,200 shares of the oil and gas company’s stock worth $626,000 after purchasing an additional 52,244 shares in the last quarter. Finally, Prudential Financial Inc. increased its stake in shares of Rowan Companies by 323.9% in the first quarter. Prudential Financial Inc. now owns 328,353 shares of the oil and gas company’s stock worth $3,789,000 after purchasing an additional 250,900 shares in the last quarter. Hedge funds and other institutional investors own 97.84% of the company’s stock.
Shares of NYSE:RDC opened at $14.19 on Friday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 6.09 and a current ratio of 6.09. Rowan Companies PLC has a 12 month low of $9.67 and a 12 month high of $17.33.
Rowan Companies (NYSE:RDC) last released its quarterly earnings results on Wednesday, August 1st. The oil and gas company reported ($0.60) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.93) by $0.33. Rowan Companies had a negative net margin of 9.41% and a negative return on equity of 4.70%. The business had revenue of $241.30 million during the quarter, compared to analysts’ expectations of $207.71 million. During the same quarter in the previous year, the company earned ($0.25) EPS. The business’s quarterly revenue was down 24.6% compared to the same quarter last year. equities analysts forecast that Rowan Companies PLC will post -3.52 EPS for the current fiscal year.
In other Rowan Companies news, VP Richard Jason Anderson sold 6,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 20th. The shares were sold at an average price of $14.67, for a total value of $88,020.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 1.60% of the stock is owned by insiders.
RDC has been the subject of several recent analyst reports. ValuEngine raised shares of Rowan Companies from a “buy” rating to a “strong-buy” rating in a research note on Thursday, June 7th. Tudor Pickering raised shares of Rowan Companies from a “hold” rating to a “buy” rating in a research note on Thursday, July 12th. BMO Capital Markets set a $15.00 price objective on shares of Rowan Companies and gave the company a “hold” rating in a research note on Wednesday, July 11th. Wells Fargo & Co raised shares of Rowan Companies from a “market perform” rating to an “outperform” rating in a research note on Thursday, May 24th. Finally, Citigroup boosted their price objective on shares of Rowan Companies from $13.00 to $16.00 and gave the company a “neutral” rating in a research note on Thursday, June 21st. One analyst has rated the stock with a sell rating, eleven have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company’s stock. Rowan Companies presently has a consensus rating of “Hold” and a consensus price target of $15.05.
Rowan Companies Profile
Rowan Companies plc provides offshore oil and gas contract drilling services to the oil and gas industry. The company operates through Deepwater, Jack-ups, and ARO segments. The Deepwater segment operates 4 ultra-deepwater drillships. The Jack-ups segment operates 23 self-elevating jack-up rigs. The ARO segment operates 5 self-elevating jack-up rigs.
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