Odey Asset Management Group Ltd raised its stake in Rowan Companies PLC (NYSE:RDC) by 7.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 12,003,808 shares of the oil and gas company’s stock after acquiring an additional 849,406 shares during the period. Rowan Companies makes up 8.9% of Odey Asset Management Group Ltd’s portfolio, making the stock its 2nd biggest position. Odey Asset Management Group Ltd owned approximately 9.45% of Rowan Companies worth $100,712,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors also recently modified their holdings of the company. Arizona State Retirement System raised its stake in shares of Rowan Companies by 1.1% in the fourth quarter. Arizona State Retirement System now owns 91,202 shares of the oil and gas company’s stock worth $765,000 after buying an additional 987 shares during the period. Bank of Montreal Can increased its holdings in shares of Rowan Companies by 2.6% in the fourth quarter. Bank of Montreal Can now owns 73,752 shares of the oil and gas company’s stock worth $619,000 after purchasing an additional 1,864 shares during the last quarter. United Services Automobile Association boosted its stake in Rowan Companies by 9.0% during the fourth quarter. United Services Automobile Association now owns 29,311 shares of the oil and gas company’s stock valued at $246,000 after buying an additional 2,427 shares during the last quarter. Nikko Asset Management Americas Inc. grew its holdings in Rowan Companies by 1.8% during the 4th quarter. Nikko Asset Management Americas Inc. now owns 166,862 shares of the oil and gas company’s stock valued at $1,400,000 after buying an additional 2,968 shares in the last quarter. Finally, Texas Permanent School Fund increased its stake in Rowan Companies by 4.0% in the 4th quarter. Texas Permanent School Fund now owns 83,152 shares of the oil and gas company’s stock worth $698,000 after acquiring an additional 3,209 shares during the last quarter. Hedge funds and other institutional investors own 99.06% of the company’s stock.
RDC has been the topic of a number of recent research reports. Barclays set a $12.00 price target on shares of Rowan Companies and gave the company a “sell” rating in a research note on Tuesday, March 5th. Zacks Investment Research upgraded Rowan Companies from a “sell” rating to a “hold” rating in a research report on Thursday, February 21st. ValuEngine downgraded Rowan Companies from a “strong-buy” rating to a “buy” rating in a research report on Thursday, December 13th. Credit Suisse Group set a $11.00 price objective on shares of Rowan Companies and gave the company a “hold” rating in a research report on Friday, March 1st. Finally, Societe Generale cut shares of Rowan Companies from a “buy” rating to a “hold” rating in a research note on Thursday, December 20th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and eight have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $14.49.
Shares of NYSE RDC traded up $0.11 during midday trading on Tuesday, reaching $11.01. 6,281,760 shares of the company’s stock traded hands, compared to its average volume of 1,950,929. The company has a market cap of $1.42 billion, a PE ratio of -2.96 and a beta of 2.52. The company has a debt-to-equity ratio of 0.46, a quick ratio of 2.87 and a current ratio of 2.87. Rowan Companies PLC has a one year low of $7.77 and a one year high of $20.87.
Rowan Companies (NYSE:RDC) last issued its quarterly earnings data on Wednesday, February 27th. The oil and gas company reported ($1.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.07) by ($0.04). Rowan Companies had a negative return on equity of 9.19% and a negative net margin of 42.12%. The firm had revenue of $179.40 million during the quarter, compared to analysts’ expectations of $166.30 million. During the same period in the previous year, the firm earned ($0.31) EPS. The firm’s quarterly revenue was down 39.5% on a year-over-year basis. On average, analysts forecast that Rowan Companies PLC will post -3.61 earnings per share for the current fiscal year.
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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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