Rowan Companies PLC (NYSE:RDC) saw some unusual options trading on Monday. Investors acquired 4,210 put options on the company. This represents an increase of 1,002% compared to the typical volume of 382 put options.
RDC has been the subject of a number of research reports. Zacks Investment Research lowered Rowan Companies from a “buy” rating to a “hold” rating in a research note on Friday, November 17th. Cowen set a $14.00 price objective on Rowan Companies and gave the stock a “hold” rating in a research report on Thursday, January 11th. Barclays lowered Rowan Companies from an “equal weight” rating to an “underweight” rating and set a $10.00 price objective for the company. in a research report on Tuesday, January 23rd. Piper Jaffray Companies lowered Rowan Companies from an “overweight” rating to a “neutral” rating and set a $18.00 price objective for the company. in a research report on Thursday, January 11th. Finally, TheStreet upgraded Rowan Companies from a “d+” rating to a “c” rating in a research report on Wednesday, February 28th. Three research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and seven have issued a buy rating to the company’s stock. Rowan Companies currently has an average rating of “Hold” and a consensus target price of $15.32.
Rowan Companies (RDC) opened at $12.09 on Tuesday. The company has a debt-to-equity ratio of 0.47, a current ratio of 6.06 and a quick ratio of 6.06. Rowan Companies has a 1-year low of $9.02 and a 1-year high of $17.33.
In other news, CFO Stephen M. Butz sold 3,671 shares of the firm’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $12.99, for a total value of $47,686.29. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.77% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of the business. Royal Bank of Canada lifted its holdings in shares of Rowan Companies by 296.6% during the 2nd quarter. Royal Bank of Canada now owns 38,316 shares of the oil and gas company’s stock valued at $392,000 after purchasing an additional 28,656 shares in the last quarter. Macquarie Group Ltd. lifted its holdings in shares of Rowan Companies by 5.5% during the 3rd quarter. Macquarie Group Ltd. now owns 287,295 shares of the oil and gas company’s stock valued at $3,692,000 after purchasing an additional 14,850 shares in the last quarter. California Public Employees Retirement System lifted its holdings in shares of Rowan Companies by 98.6% during the 3rd quarter. California Public Employees Retirement System now owns 691,616 shares of the oil and gas company’s stock valued at $8,887,000 after purchasing an additional 343,316 shares in the last quarter. Trexquant Investment LP bought a new position in shares of Rowan Companies during the 3rd quarter valued at about $1,448,000. Finally, Virginia Retirement Systems ET AL lifted its holdings in shares of Rowan Companies by 32.7% during the 3rd quarter. Virginia Retirement Systems ET AL now owns 31,096 shares of the oil and gas company’s stock valued at $400,000 after purchasing an additional 7,664 shares in the last quarter.
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Rowan Companies Company 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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