Bank of New York Mellon Corp lowered its position in Rowan Companies PLC (NYSE:RDC) by 7.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,082,887 shares of the oil and gas company’s stock after selling 167,588 shares during the period. Bank of New York Mellon Corp owned 1.65% of Rowan Companies worth $32,618,000 at the end of the most recent reporting period.
Several other large investors have also recently bought and sold shares of RDC. Royal Bank of Canada raised its stake in shares of Rowan Companies by 296.6% in the second quarter. Royal Bank of Canada now owns 38,316 shares of the oil and gas company’s stock valued at $392,000 after acquiring an additional 28,656 shares during the last quarter. Crossmark Global Holdings Inc. acquired a new stake in shares of Rowan Companies in the third quarter valued at approximately $276,000. New York State Common Retirement Fund increased its holdings in shares of Rowan Companies by 17.8% in the third quarter. New York State Common Retirement Fund now owns 1,005,300 shares of the oil and gas company’s stock valued at $12,918,000 after purchasing an additional 151,958 shares in the last quarter. Los Angeles Capital Management & Equity Research Inc. increased its holdings in shares of Rowan Companies by 7.8% in the third quarter. Los Angeles Capital Management & Equity Research Inc. now owns 476,372 shares of the oil and gas company’s stock valued at $6,121,000 after purchasing an additional 34,385 shares in the last quarter. Finally, SG Americas Securities LLC increased its holdings in shares of Rowan Companies by 50.8% in the third quarter. SG Americas Securities LLC now owns 36,181 shares of the oil and gas company’s stock valued at $465,000 after purchasing an additional 12,193 shares in the last quarter.
In other news, CFO Stephen M. Butz sold 3,671 shares of the business’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $12.99, for a total value of $47,686.29. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.77% of the stock is owned by insiders.
RDC has been the subject of a number of research reports. Jefferies Group set a $16.00 price target on shares of Rowan Companies and gave the company a “hold” rating in a report on Thursday, January 4th. B. Riley set a $16.00 price target on shares of Rowan Companies and gave the company a “buy” rating in a report on Friday, January 5th. Piper Jaffray lowered shares of Rowan Companies from an “overweight” rating to a “neutral” rating and set a $18.00 price target for the company. in a report on Thursday, January 11th. Cowen set a $14.00 price target on shares of Rowan Companies and gave the company a “hold” rating in a report on Thursday, January 11th. Finally, Susquehanna Bancshares set a $15.00 price target on shares of Rowan Companies and gave the company a “hold” rating in a report on Friday, January 12th. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $14.69.
RDC traded down $0.04 during trading on Friday, reaching $12.60. 2,648,324 shares of the company’s stock were exchanged, compared to its average volume of 2,640,584. The company has a debt-to-equity ratio of 0.47, a quick ratio of 6.06 and a current ratio of 6.06. Rowan Companies PLC has a fifty-two week low of $9.02 and a fifty-two week high of $17.33. The firm has a market capitalization of $1,596.03, a PE ratio of -19.69 and a beta of 1.80.
Rowan Companies (NYSE:RDC) last released its earnings results on Wednesday, February 28th. The oil and gas company reported ($0.31) EPS for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.05). Rowan Companies had a negative return on equity of 1.52% and a net margin of 5.67%. The business had revenue of $296.70 million for the quarter, compared to analyst estimates of $270.28 million. During the same period in the prior year, the firm posted $0.08 EPS. Rowan Companies’s revenue was down 15.7% on a year-over-year basis. equities analysts forecast that Rowan Companies PLC will post -3.4 EPS for the current year.
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Rowan Companies Profile
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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