Van ECK Associates Corp increased its holdings in Rowan Companies PLC (NYSE:RDC) by 9.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,534,208 shares of the oil and gas company’s stock after acquiring an additional 135,386 shares during the quarter. Van ECK Associates Corp owned approximately 1.22% of Rowan Companies worth $19,715,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in RDC. LS Investment Advisors LLC boosted its stake in Rowan Companies by 24.8% during the 2nd quarter. LS Investment Advisors LLC now owns 10,330 shares of the oil and gas company’s stock valued at $106,000 after purchasing an additional 2,050 shares in the last quarter. Sciencast Management LP boosted its stake in Rowan Companies by 10.0% during the 2nd 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 in the last quarter. Wedbush Securities Inc. bought a new position in Rowan Companies during the 3rd quarter valued at $135,000. Pacad Investment Ltd. bought a new stake in shares of Rowan Companies during the 2nd quarter worth $138,000. Finally, Smith Salley & Associates bought a new stake in shares of Rowan Companies during the 3rd quarter worth $146,000.
Shares of Rowan Companies PLC (NYSE:RDC) traded down $0.36 during mid-day trading on Tuesday, hitting $14.76. 2,669,700 shares of the stock traded hands, compared to its average volume of 3,410,004. Rowan Companies PLC has a one year low of $9.02 and a one year 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 (NYSE:RDC) last posted its quarterly earnings data on Wednesday, November 1st. The oil and gas company reported ($0.16) EPS for the quarter, beating the consensus estimate of ($0.42) by $0.26. Rowan Companies had a negative net margin of 4.76% and a negative return on equity of 0.61%. The business had revenue of $291.60 million for the quarter, compared to analysts’ expectations of $281.51 million. During the same period in the previous year, the firm posted $0.30 EPS. The firm’s revenue was down 23.1% compared to the same quarter last year. equities analysts expect that Rowan Companies PLC will post -0.72 EPS for the current fiscal year.
Several equities research analysts have recently weighed in on RDC shares. UBS raised Rowan Companies from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $11.00 to $15.00 in a research note on Monday, September 25th. Zacks Investment Research upgraded Rowan Companies from a “hold” rating to a “buy” rating and set a $16.00 price objective for the company in a report on Tuesday, October 17th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $15.00 price target on shares of Rowan Companies in a research report on Sunday, October 22nd. FBR & Co reaffirmed a “buy” rating on shares of Rowan Companies in a research report on Thursday, October 19th. Finally, initiated coverage on Rowan Companies in a research report on Thursday, October 19th. They set a “buy” rating and a $16.80 target price on the stock. Three investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $16.52.
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About Rowan Companies
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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