Municipal Employees Retirement System of Michigan acquired a new position in Rowan Companies PLC (NYSE:RDC) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 30,180 shares of the oil and gas company’s stock, valued at approximately $253,000.
Several other hedge funds have also bought and sold shares of RDC. Prudential Financial Inc. raised its position in shares of Rowan Companies by 8.7% in the 3rd quarter. Prudential Financial Inc. now owns 86,103 shares of the oil and gas company’s stock worth $1,621,000 after acquiring an additional 6,920 shares in the last quarter. Bank of New York Mellon Corp increased its position in Rowan Companies by 5.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 2,250,359 shares of the oil and gas company’s stock valued at $42,376,000 after buying an additional 125,042 shares in the last quarter. BlackRock Inc. increased its position in Rowan Companies by 3.9% in the 3rd quarter. BlackRock Inc. now owns 14,632,534 shares of the oil and gas company’s stock valued at $275,533,000 after buying an additional 543,521 shares in the last quarter. Virtu Financial LLC bought a new stake in Rowan Companies in the 3rd quarter valued at about $218,000. Finally, Allianz Asset Management GmbH bought a new stake in Rowan Companies in the 3rd quarter valued at about $1,956,000. 99.06% of the stock is owned by hedge funds and other institutional investors.
NYSE:RDC opened at $10.93 on Tuesday. The company has a current ratio of 2.87, a quick ratio of 2.87 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $1.39 billion, a P/E ratio of -2.94 and a beta of 2.52. Rowan Companies PLC has a 12 month low of $7.77 and a 12 month high of $20.87.
Rowan Companies (NYSE:RDC) last posted its quarterly earnings results on Wednesday, February 27th. The oil and gas company reported ($1.11) EPS for the quarter, missing analysts’ consensus estimates of ($1.07) by ($0.04). The company had revenue of $179.40 million during the quarter, compared to the consensus estimate of $166.30 million. Rowan Companies had a negative return on equity of 9.19% and a negative net margin of 42.12%. The company’s revenue for the quarter was down 39.5% compared to the same quarter last year. During the same period last year, the firm posted ($0.31) EPS. As a group, sell-side analysts expect that Rowan Companies PLC will post -3.61 EPS for the current year.
A number of brokerages recently commented on RDC. Zacks Investment Research raised Rowan Companies from a “sell” rating to a “hold” rating in a research report on Thursday, February 21st. Barclays set a $13.00 target price on Rowan Companies and gave the company a “sell” rating in a research report on Wednesday, February 20th. Finally, ValuEngine raised Rowan Companies from a “hold” rating to a “buy” rating in a research report on Friday, January 25th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $14.67.
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Rowan Companies Company Profile
Rowan Companies plc provides offshore contract drilling services to the oil and gas industry. The company operates through three segments: Deepwater, Jack-ups, and ARO. The Deepwater segment operates 4 ultra-deepwater drillships. The Jack-ups segment operates 15 self-elevating jack-up rigs. The ARO segment operates a fleet of 6 self-elevating jack-up rigs.
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