Vertex One Asset Management Inc. boosted its stake in shares of Rowan Companies PLC (NYSE:RDC) by 26.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 336,000 shares of the oil and gas company’s stock after acquiring an additional 70,000 shares during the quarter. Vertex One Asset Management Inc. owned 0.27% of Rowan Companies worth $5,262,000 as of its most recent SEC filing.
Other institutional investors also recently added to or reduced their stakes in the company. Royal Bank of Canada increased its stake in shares of Rowan Companies by 296.6% in the second quarter. Royal Bank of Canada now owns 38,316 shares of the oil and gas company’s stock valued at $392,000 after buying an additional 28,656 shares in the last quarter. Crossmark Global Holdings Inc. acquired a new stake in shares of Rowan Companies in the third quarter valued at $276,000. Canada Pension Plan Investment Board increased its stake in shares of Rowan Companies by 64.1% in the third quarter. Canada Pension Plan Investment Board now owns 501,862 shares of the oil and gas company’s stock valued at $6,449,000 after buying an additional 196,000 shares in the last quarter. New York State Common Retirement Fund increased its stake in shares of Rowan Companies by 17.8% in the third quarter. New York State Common Retirement Fund now owns 1,005,300 shares of the oil and gas company’s stock valued at $12,918,000 after buying an additional 151,958 shares in the last quarter. Finally, Los Angeles Capital Management & Equity Research Inc. increased its stake in shares of Rowan Companies by 7.8% in the third quarter. Los Angeles Capital Management & Equity Research Inc. now owns 476,372 shares of the oil and gas company’s stock valued at $6,121,000 after buying an additional 34,385 shares in the last quarter.
Rowan Companies PLC (RDC) traded up $0.30 during trading on Monday, reaching $12.33. The company had a trading volume of 152,854 shares, compared to its average volume of 2,983,222. The company has a market capitalization of $1,519.00, a PE ratio of 21.48 and a beta of 1.81. Rowan Companies PLC has a fifty-two week low of $9.02 and a fifty-two week high of $17.33. The company has a debt-to-equity ratio of 0.47, a quick ratio of 6.06 and a current ratio of 6.06.
In other Rowan Companies news, CFO Stephen M. Butz sold 3,671 shares of the firm’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $12.99, for a total transaction of $47,686.29. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.77% of the stock is currently owned by company insiders.
A number of analysts have recently weighed in on RDC shares. Cowen set a $14.00 target price on Rowan Companies and gave the company a “hold” rating in a research note on Thursday, January 11th. Susquehanna Bancshares set a $12.00 target price on Rowan Companies and gave the company a “hold” rating in a research note on Thursday, March 1st. Zacks Investment Research upgraded Rowan Companies from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a research note on Thursday, November 16th. Barclays lowered Rowan Companies from an “equal weight” rating to an “underweight” rating and set a $10.00 target price for the company. in a research note on Tuesday, January 23rd. Finally, B. Riley set a $16.00 target price on Rowan Companies and gave the company a “buy” rating in a research note on Friday, January 5th. Three investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and seven have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $15.32.
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Rowan Companies Profile
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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