Mackenzie Financial Corp Raises Position in Rowan Companies PLC (RDC)

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Mackenzie Financial Corp raised its holdings in shares of Rowan Companies PLC (NYSE:RDC) by 3.2% in the third quarter, HoldingsChannel reports. The institutional investor owned 3,170,294 shares of the oil and gas company’s stock after purchasing an additional 97,586 shares during the quarter. Mackenzie Financial Corp’s holdings in Rowan Companies were worth $59,697,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Oppenheimer & Co. Inc. bought a new stake in Rowan Companies during the second quarter worth approximately $162,000. Virtu Financial LLC bought a new stake in Rowan Companies during the third quarter worth approximately $218,000. PEAK6 Investments LLC bought a new stake in Rowan Companies during the third quarter worth approximately $235,000. Fox Run Management L.L.C. bought a new stake in Rowan Companies during the third quarter worth approximately $261,000. Finally, Riverhead Capital Management LLC boosted its holdings in Rowan Companies by 25.1% during the second quarter. Riverhead Capital Management LLC now owns 18,931 shares of the oil and gas company’s stock worth $307,000 after buying an additional 3,800 shares in the last quarter. Hedge funds and other institutional investors own 99.06% of the company’s stock.

Shares of NYSE:RDC opened at $8.88 on Wednesday. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.97 and a quick ratio of 2.97. The company has a market capitalization of $1.19 billion, a P/E ratio of -13.88 and a beta of 1.88. Rowan Companies PLC has a 52 week low of $8.53 and a 52 week high of $20.87.

Rowan Companies (NYSE:RDC) last issued its quarterly earnings results on Wednesday, October 31st. The oil and gas company reported ($1.13) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.15) by $0.02. The business had revenue of $192.90 million during the quarter, compared to the consensus estimate of $179.39 million. Rowan Companies had a negative net margin of 23.47% and a negative return on equity of 7.11%. The firm’s quarterly revenue was down 33.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.16) EPS. On average, research analysts expect that Rowan Companies PLC will post -3.76 earnings per share for the current year.

RDC has been the subject of a number of research reports. Royal Bank of Canada upgraded shares of Rowan Companies from a “sector perform” rating to an “outperform” rating in a report on Thursday, September 20th. TheStreet upgraded shares of Rowan Companies from a “d+” rating to a “c-” rating in a report on Friday, October 5th. HSBC cut shares of Rowan Companies from a “buy” rating to a “hold” rating and set a $17.00 target price for the company. in a report on Friday, September 21st. B. Riley set a $20.00 target price on shares of Rowan Companies and gave the stock a “buy” rating in a report on Friday, September 7th. Finally, JPMorgan Chase & Co. cut shares of Rowan Companies from an “overweight” rating to a “neutral” rating in a report on Friday, October 12th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and seven have issued a buy rating to the stock. Rowan Companies currently has an average rating of “Hold” and a consensus target price of $15.42.

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About Rowan Companies

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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Institutional Ownership by Quarter for Rowan Companies (NYSE:RDC)

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