State Treasurer State of Michigan Boosts Position in Rowan Companies PLC (NYSE:RDC)
State Treasurer State of Michigan boosted its stake in shares of Rowan Companies PLC (NYSE:RDC) by 2.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,000 shares of the oil and gas company’s stock after buying an additional 1,000 shares during the period. State Treasurer State of Michigan’s holdings in Rowan Companies PLC were worth $532,000 at the end of the most recent quarter.
Several other large investors have also recently bought and sold shares of RDC. BlackRock Inc. raised its stake in Rowan Companies PLC by 4,558.9% in the first quarter. BlackRock Inc. now owns 10,987,886 shares of the oil and gas company’s stock valued at $171,191,000 after buying an additional 10,752,038 shares in the last quarter. MARSHALL WACE ASIA Ltd purchased a new stake in Rowan Companies PLC during the first quarter valued at about $31,069,000. Marshall Wace North America L.P. purchased a new stake in Rowan Companies PLC during the first quarter valued at about $31,069,000. AQR Capital Management LLC raised its stake in Rowan Companies PLC by 19.5% in the first quarter. AQR Capital Management LLC now owns 5,702,609 shares of the oil and gas company’s stock valued at $88,847,000 after buying an additional 931,612 shares in the last quarter. Finally, Bank of America Corp DE raised its stake in Rowan Companies PLC by 129.1% in the first quarter. Bank of America Corp DE now owns 197,144 shares of the oil and gas company’s stock valued at $3,071,000 after buying an additional 875,233 shares in the last quarter.
Shares of Rowan Companies PLC (NYSE:RDC) traded down 0.933% on Thursday, reaching $10.085. The company had a trading volume of 1,301,832 shares. The company has a 50-day moving average price of $10.93 and a 200-day moving average price of $14.12. The firm’s market cap is $1.27 billion. Rowan Companies PLC has a one year low of $9.74 and a one year high of $21.68.
Rowan Companies PLC (NYSE:RDC) last posted its quarterly earnings data on Wednesday, August 2nd. The oil and gas company reported ($0.25) earnings per share for the quarter, topping the consensus estimate of ($0.30) by $0.05. The company had revenue of $320.20 million during the quarter, compared to analysts’ expectations of $296.87 million. Rowan Companies PLC had a positive return on equity of 0.51% and a negative net margin of 2.62%. Rowan Companies PLC’s revenue for the quarter was down 47.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.75 earnings per share. On average, analysts expect that Rowan Companies PLC will post ($0.97) earnings per share for the current fiscal year.
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RDC has been the topic of several research reports. ValuEngine raised Rowan Companies PLC from a “hold” rating to a “buy” rating in a research report on Saturday, May 27th. Clarkson Capital raised Rowan Companies PLC from a “neutral” rating to a “buy” rating and set a $20.00 price target on the stock in a research report on Tuesday, May 30th. Fearnley Fonds raised Rowan Companies PLC to a “buy” rating in a research report on Friday, April 28th. Deutsche Bank AG dropped their price target on Rowan Companies PLC from $17.00 to $16.00 and set a “hold” rating on the stock in a research report on Wednesday, May 3rd. Finally, BMO Capital Markets set a $15.00 price target on Rowan Companies PLC and gave the company a “hold” rating in a research report on Tuesday, April 18th. Four investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $16.37.
About Rowan Companies PLC
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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