Rowan Companies PLC (RDC) Stake Lowered by Schroder Investment Management Group
Schroder Investment Management Group trimmed its position in shares of Rowan Companies PLC (NYSE:RDC) by 9.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,543,691 shares of the oil and gas company’s stock after selling 168,900 shares during the period. Schroder Investment Management Group owned 1.22% of Rowan Companies worth $24,637,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in RDC. Millennium Management LLC raised its position in shares of Rowan Companies by 126.7% during the 1st quarter. Millennium Management LLC now owns 3,939,908 shares of the oil and gas company’s stock valued at $45,467,000 after purchasing an additional 2,201,957 shares during the period. BlackRock Inc. grew its stake in Rowan Companies by 8.4% during the second quarter. BlackRock Inc. now owns 14,089,013 shares of the oil and gas company’s stock valued at $228,524,000 after acquiring an additional 1,093,323 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in Rowan Companies during the second quarter valued at $10,730,000. Renaissance Technologies LLC purchased a new position in Rowan Companies during the second quarter valued at $9,743,000. Finally, Richard Bernstein Advisors LLC purchased a new position in Rowan Companies during the second quarter valued at $8,065,000. Hedge funds and other institutional investors own 97.83% of the company’s stock.
Several equities analysts recently weighed in on RDC shares. Royal Bank of Canada raised shares of Rowan Companies from a “sector perform” rating to an “outperform” rating in a research note on Thursday, September 20th. B. Riley set a $20.00 target price on shares of Rowan Companies and gave the company a “buy” rating in a research note on Friday, September 7th. HSBC cut shares of Rowan Companies from a “buy” rating to a “hold” rating and set a $17.00 target price for the company. in a research note on Friday, September 21st. Credit Suisse Group raised shares of Rowan Companies from a “neutral” rating to an “outperform” rating and raised their target price for the company from $16.00 to $20.00 in a research note on Monday, September 24th. Finally, Barclays raised their target price on shares of Rowan Companies from $10.00 to $11.00 and gave the company an “underweight” rating in a research note on Thursday, August 9th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $15.72.
Rowan Companies (NYSE:RDC) last issued its quarterly earnings data on Wednesday, August 1st. The oil and gas company reported ($0.60) EPS for the quarter, topping analysts’ consensus estimates of ($0.93) by $0.33. Rowan Companies had a negative net margin of 9.41% and a negative return on equity of 4.70%. The business had revenue of $241.30 million during the quarter, compared to analysts’ expectations of $207.71 million. During the same period last year, the company posted ($0.25) EPS. The business’s revenue was down 24.6% on a year-over-year basis. As a group, research analysts expect that Rowan Companies PLC will post -3.55 EPS for the current fiscal year.
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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