Paloma Partners Management Co increased its stake in Rowan Companies PLC (NYSE:RDC) by 128.3% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 144,692 shares of the oil and gas company’s stock after acquiring an additional 81,316 shares during the quarter. Paloma Partners Management Co owned approximately 0.11% of Rowan Companies worth $2,267,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Two Sigma Securities LLC purchased a new stake in Rowan Companies in the 4th quarter worth $178,000. Vertex One Asset Management Inc. grew its holdings in shares of Rowan Companies by 26.3% during the fourth quarter. Vertex One Asset Management Inc. now owns 336,000 shares of the oil and gas company’s stock worth $5,262,000 after buying an additional 70,000 shares in the last quarter. Deutsche Bank AG grew its holdings in shares of Rowan Companies by 2.2% during the fourth quarter. Deutsche Bank AG now owns 633,144 shares of the oil and gas company’s stock worth $9,912,000 after buying an additional 13,778 shares in the last quarter. CoreCommodity Management LLC grew its holdings in shares of Rowan Companies by 13.7% during the fourth quarter. CoreCommodity Management LLC now owns 62,427 shares of the oil and gas company’s stock worth $978,000 after buying an additional 7,538 shares in the last quarter. Finally, AMP Capital Investors Ltd purchased a new stake in shares of Rowan Companies during the fourth quarter worth $898,000.
In other Rowan Companies news, CFO Stephen M. Butz sold 3,671 shares of the company’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $12.99, for a total value of $47,686.29. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.77% of the company’s stock.
Rowan Companies (NYSE:RDC) last announced its quarterly earnings data on Wednesday, February 28th. The oil and gas company reported ($0.31) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.26) by ($0.05). Rowan Companies had a net margin of 5.67% and a negative return on equity of 1.52%. The firm had revenue of $296.70 million during the quarter, compared to analysts’ expectations of $270.28 million. During the same period in the prior year, the company posted $0.08 EPS. The company’s revenue for the quarter was down 15.7% compared to the same quarter last year. research analysts expect that Rowan Companies PLC will post -3.17 EPS for the current fiscal year.
RDC has been the subject of a number of research reports. Zacks Investment Research lowered shares of Rowan Companies from a “buy” rating to a “hold” rating in a report on Friday, November 17th. Barclays lowered shares of Rowan Companies from an “equal weight” rating to an “underweight” rating and set a $10.00 target price for the company. in a report on Tuesday, January 23rd. DNB Markets raised shares of Rowan Companies from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a report on Wednesday, February 14th. Cowen set a $14.00 target price on shares of Rowan Companies and gave the stock a “hold” rating in a report on Thursday, January 11th. Finally, Jefferies Group set a $16.00 target price on shares of Rowan Companies and gave the stock a “hold” rating in a report on Thursday, January 4th. Three research analysts have rated the stock with a sell rating, fourteen have given a hold rating and seven have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $15.32.
About Rowan Companies
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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