Rowan Companies PLC (RDC) Position Trimmed by Gotham Asset Management LLC

Gotham Asset Management LLC reduced its position in Rowan Companies PLC (NYSE:RDC) by 24.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 918,652 shares of the oil and gas company’s stock after selling 300,614 shares during the period. Gotham Asset Management LLC owned about 0.73% of Rowan Companies PLC worth $9,407,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Robeco Institutional Asset Management B.V. raised its holdings in Rowan Companies PLC by 21.6% in the 2nd quarter. Robeco Institutional Asset Management B.V. now owns 1,051,500 shares of the oil and gas company’s stock worth $10,768,000 after acquiring an additional 186,754 shares during the last quarter. Rhumbline Advisers raised its holdings in Rowan Companies PLC by 26.7% in the 2nd quarter. Rhumbline Advisers now owns 285,312 shares of the oil and gas company’s stock worth $2,922,000 after acquiring an additional 60,193 shares during the last quarter. Cipher Capital LP raised its holdings in Rowan Companies PLC by 354.2% in the 2nd quarter. Cipher Capital LP now owns 135,249 shares of the oil and gas company’s stock worth $1,385,000 after acquiring an additional 105,474 shares during the last quarter. UBS Asset Management Americas Inc. raised its holdings in Rowan Companies PLC by 150.4% in the 1st quarter. UBS Asset Management Americas Inc. now owns 201,515 shares of the oil and gas company’s stock worth $3,140,000 after acquiring an additional 121,050 shares during the last quarter. Finally, Principal Financial Group Inc. raised its holdings in Rowan Companies PLC by 3.4% in the 1st quarter. Principal Financial Group Inc. now owns 518,215 shares of the oil and gas company’s stock worth $8,074,000 after acquiring an additional 17,065 shares during the last quarter.

A number of brokerages recently weighed in on RDC. Royal Bank Of Canada set a $14.00 price objective on shares of Rowan Companies PLC and gave the stock a “hold” rating in a report on Sunday. ValuEngine lowered shares of Rowan Companies PLC from a “hold” rating to a “sell” rating in a report on Monday, October 2nd. UBS AG upgraded shares of Rowan Companies PLC from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $11.00 to $15.00 in a report on Monday, September 25th. BidaskClub upgraded shares of Rowan Companies PLC from a “strong sell” rating to a “sell” rating in a report on Saturday, August 26th. Finally, BMO Capital Markets set a $12.00 price objective on shares of Rowan Companies PLC and gave the stock a “hold” rating in a report on Saturday, August 5th. Four investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $16.41.

Shares of Rowan Companies PLC (NYSE:RDC) traded up 1.07% during midday trading on Monday, hitting $13.22. 612,860 shares of the stock were exchanged. The firm’s 50-day moving average is $10.97 and its 200-day moving average is $12.14. Rowan Companies PLC has a 12 month low of $9.02 and a 12 month high of $21.68. The stock’s market cap is $1.67 billion.

Rowan Companies PLC (NYSE:RDC) last issued its earnings results on Wednesday, August 2nd. The oil and gas company reported ($0.25) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.30) by $0.05. Rowan Companies PLC had a negative net margin of 2.62% and a positive return on equity of 0.51%. The firm had revenue of $320.20 million during the quarter, compared to analysts’ expectations of $296.87 million. During the same quarter last year, the company posted $0.75 earnings per share. The firm’s revenue was down 47.7% compared to the same quarter last year. Equities research analysts predict that Rowan Companies PLC will post ($0.95) earnings per share for the current year.

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Rowan Companies PLC Company 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.

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

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