Point72 Asset Management L.P. bought a new position in Rowan Companies PLC (NYSE:RDC) during the 2nd quarter, HoldingsChannel.com reports. The fund bought 661,500 shares of the oil and gas company’s stock, valued at approximately $10,730,000.
A number of other large investors have also recently made changes to their positions in the business. Principal Financial Group Inc. boosted its position in Rowan Companies by 0.6% in the first quarter. Principal Financial Group Inc. now owns 493,388 shares of the oil and gas company’s stock worth $5,694,000 after purchasing an additional 3,013 shares during the last quarter. Thrivent Financial for Lutherans raised its stake in shares of Rowan Companies by 1.7% in the first quarter. Thrivent Financial for Lutherans now owns 216,308 shares of the oil and gas company’s stock worth $2,496,000 after buying an additional 3,582 shares during the period. Riverhead Capital Management LLC raised its stake in shares of Rowan Companies by 25.1% in the second quarter. Riverhead Capital Management LLC now owns 18,931 shares of the oil and gas company’s stock worth $307,000 after buying an additional 3,800 shares during the period. Legal & General Group Plc raised its stake in shares of Rowan Companies by 2.0% in the second quarter. Legal & General Group Plc now owns 200,963 shares of the oil and gas company’s stock worth $3,259,000 after buying an additional 3,867 shares during the period. Finally, Meadow Creek Investment Management LLC raised its stake in shares of Rowan Companies by 25.0% in the second quarter. Meadow Creek Investment Management LLC now owns 25,636 shares of the oil and gas company’s stock worth $416,000 after buying an additional 5,134 shares during the period. 97.84% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts have recently commented on RDC shares. Citigroup raised their price objective on Rowan Companies from $13.00 to $16.00 and gave the stock a “neutral” rating in a research note on Thursday, June 21st. Piper Jaffray Companies reaffirmed a “hold” rating and issued a $16.00 price objective on shares of Rowan Companies in a research note on Friday, July 20th. B. Riley set a $16.00 price objective on Rowan Companies and gave the stock a “buy” rating in a research note on Thursday, June 7th. Barclays raised their price objective on Rowan Companies from $10.00 to $11.00 and gave the stock an “underweight” rating in a research note on Thursday, August 9th. Finally, ValuEngine raised Rowan Companies from a “buy” rating to a “strong-buy” rating in a research note on Thursday, June 7th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $15.25.
In related news, VP Richard Jason Anderson sold 6,000 shares of Rowan Companies stock in a transaction that occurred on Wednesday, June 20th. The stock was sold at an average price of $14.67, for a total transaction of $88,020.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.60% of the stock is currently owned by company insiders.
Shares of RDC opened at $15.89 on Friday. The company has a market cap of $2.03 billion, a P/E ratio of -24.83 and a beta of 1.86. Rowan Companies PLC has a 12-month low of $10.90 and a 12-month high of $17.33. The company has a debt-to-equity ratio of 0.48, a quick ratio of 6.09 and a current ratio of 6.09.
Rowan Companies (NYSE:RDC) last issued its earnings results on Wednesday, August 1st. The oil and gas company reported ($0.60) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.93) by $0.33. The company had revenue of $241.30 million for the quarter, compared to the consensus estimate of $207.71 million. Rowan Companies had a negative return on equity of 4.70% and a negative net margin of 9.41%. The firm’s quarterly revenue was down 24.6% on a year-over-year basis. During the same quarter last year, the company earned ($0.25) EPS. equities analysts expect that Rowan Companies PLC will post -3.55 EPS for the current year.
Rowan Companies Company 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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