Oslo Asset Management AS bought a new position in Rowan Companies PLC (NYSE:RDC) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 100,000 shares of the oil and gas company’s stock, valued at approximately $1,285,000. Rowan Companies PLC makes up 0.5% of Oslo Asset Management AS’s holdings, making the stock its 16th largest position. Oslo Asset Management AS owned 0.08% of Rowan Companies PLC at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. FMR LLC grew its stake in shares of Rowan Companies PLC by 140.0% during the second quarter. FMR LLC now owns 1,640,662 shares of the oil and gas company’s stock valued at $16,800,000 after buying an additional 957,047 shares during the last quarter. Rhumbline Advisers boosted its holdings in shares of Rowan Companies PLC by 26.7% in the second quarter. Rhumbline Advisers now owns 285,312 shares of the oil and gas company’s stock valued at $2,922,000 after purchasing an additional 60,193 shares during the period. Robeco Institutional Asset Management B.V. boosted its holdings in shares of Rowan Companies PLC by 21.6% in the second quarter. Robeco Institutional Asset Management B.V. now owns 1,051,500 shares of the oil and gas company’s stock valued at $10,768,000 after purchasing an additional 186,754 shares during the period. Sterling Capital Management LLC purchased a new stake in shares of Rowan Companies PLC in the second quarter valued at approximately $922,000. Finally, Cipher Capital LP boosted its holdings in shares of Rowan Companies PLC by 354.2% in the second quarter. Cipher Capital LP now owns 135,249 shares of the oil and gas company’s stock valued at $1,385,000 after purchasing an additional 105,474 shares during the period.
Rowan Companies PLC (NYSE:RDC) traded down $0.56 during trading on Tuesday, reaching $14.69. 4,030,400 shares of the company traded hands, compared to its average volume of 3,435,438. Rowan Companies PLC has a 12-month low of $9.02 and a 12-month high of $21.68. The company has a debt-to-equity ratio of 0.47, a current ratio of 5.80 and a quick ratio of 5.80.
Rowan Companies PLC (NYSE:RDC) last posted its quarterly earnings results on Wednesday, November 1st. The oil and gas company reported ($0.16) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.42) by $0.26. The business had revenue of $291.60 million during the quarter, compared to the consensus estimate of $281.51 million. Rowan Companies PLC had a negative net margin of 4.76% and a negative return on equity of 0.61%. The company’s quarterly revenue was down 23.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.30 earnings per share. sell-side analysts expect that Rowan Companies PLC will post -0.8 EPS for the current year.
RDC has been the subject of several analyst reports. Nomura cut their target price on Rowan Companies PLC from $14.00 to $13.00 and set a “neutral” rating on the stock in a research report on Thursday, August 3rd. Zacks Investment Research downgraded Rowan Companies PLC from a “buy” rating to a “hold” rating in a research report on Friday, October 27th. Cowen and Company set a $10.00 target price on Rowan Companies PLC and gave the company a “hold” rating in a research report on Wednesday, October 18th. assumed coverage on Rowan Companies PLC in a research report on Thursday, October 19th. They set a “buy” rating and a $16.80 price target on the stock. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and set a $15.00 price target on shares of Rowan Companies PLC in a research report on Sunday, October 22nd. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $16.52.
Rowan Companies PLC Profile
Rowan Companies plc is a provider of offshore contract drilling services to the international oil and gas industry. The Company operates through two segments: deepwater and jack-ups. Its deepwater segment consists of drillship operations. As of December 31, 2016, the Company’s fleet consisted of 29 mobile offshore drilling units, including 25 self-elevating jack-up rigs and four ultra-deepwater drillships.
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