Arrowstreet Capital Limited Partnership Has $3.01 Million Stake in Rowan Companies PLC (NYSE:RDC)

Arrowstreet Capital Limited Partnership decreased its stake in Rowan Companies PLC (NYSE:RDC) by 66.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 293,780 shares of the oil and gas company’s stock after selling 583,837 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 0.23% of Rowan Companies PLC worth $3,008,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Cubist Systematic Strategies LLC grew its position in shares of Rowan Companies PLC by 270.2% in the second quarter. Cubist Systematic Strategies LLC now owns 42,926 shares of the oil and gas company’s stock valued at $440,000 after purchasing an additional 31,331 shares during the period. Sciencast Management LP grew its position in shares of Rowan Companies PLC by 10.0% in the second quarter. Sciencast Management LP now owns 13,094 shares of the oil and gas company’s stock valued at $134,000 after purchasing an additional 1,190 shares during the period. BlueCrest Capital Management Ltd acquired a new stake in shares of Rowan Companies PLC in the second quarter valued at about $558,000. State Street Corp grew its position in shares of Rowan Companies PLC by 24.1% in the second quarter. State Street Corp now owns 5,078,230 shares of the oil and gas company’s stock valued at $52,005,000 after purchasing an additional 986,257 shares during the period. Finally, Maverick Capital Ltd. grew its position in shares of Rowan Companies PLC by 186.1% in the second quarter. Maverick Capital Ltd. now owns 213,380 shares of the oil and gas company’s stock valued at $2,185,000 after purchasing an additional 138,810 shares during the period.

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A number of research firms recently weighed in on RDC. Zacks Investment Research upgraded shares of Rowan Companies PLC from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a research report on Tuesday, October 17th. BMO Capital Markets set a $12.00 price target on shares of Rowan Companies PLC and gave the stock a “hold” rating in a research report on Tuesday, October 17th. Deutsche Bank AG began coverage on shares of Rowan Companies PLC in a research report on Tuesday, October 10th. They set a “hold” rating and a $15.00 price target on the stock. HSBC Holdings plc began coverage on shares of 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, FBR & Co restated a “buy” rating on shares of Rowan Companies PLC in a research report on Thursday, October 19th. Four investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $16.04.

Rowan Companies PLC (RDC) traded up 3.39% during midday trading on Friday, hitting $13.73. 3,900,201 shares of the stock were exchanged. The stock’s market cap is $1.73 billion. The firm has a 50 day moving average of $12.28 and a 200-day moving average of $11.96. Rowan Companies PLC has a 12-month low of $9.02 and a 12-month high of $21.68.

Rowan Companies PLC (NYSE:RDC) last announced its quarterly earnings data on Wednesday, August 2nd. The oil and gas company reported ($0.25) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.30) by $0.05. The business had revenue of $320.20 million for the quarter, compared to analyst estimates of $296.87 million. Rowan Companies PLC had a negative net margin of 2.62% and a positive return on equity of 0.51%. The company’s revenue was down 47.7% on a year-over-year basis. During the same period in the prior year, the firm posted $0.75 EPS. On average, equities analysts expect that Rowan Companies PLC will post ($0.93) earnings per share for the current year.

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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