Bridgeway Capital Management Inc. raised its position in shares of Rowan Companies PLC (NYSE:RDC) by 5.6% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 654,600 shares of the oil and gas company’s stock after purchasing an additional 35,000 shares during the period. Bridgeway Capital Management Inc. owned 0.52% of Rowan Companies worth $12,326,000 at the end of the most recent quarter.
Other institutional investors have also recently bought and sold shares of the company. Oppenheimer & Co. Inc. acquired a new position in Rowan Companies during the 2nd quarter valued at about $162,000. Virtu Financial LLC acquired a new position in Rowan Companies during the 3rd quarter valued at about $218,000. PEAK6 Investments LLC acquired a new position in Rowan Companies during the 3rd quarter valued at about $235,000. Fox Run Management L.L.C. acquired a new position in Rowan Companies during the 3rd quarter valued at about $261,000. Finally, Riverhead Capital Management LLC lifted its stake in shares of Rowan Companies by 25.1% in the 2nd quarter. Riverhead Capital Management LLC now owns 18,931 shares of the oil and gas company’s stock worth $307,000 after acquiring an additional 3,800 shares during the period. 96.18% of the stock is owned by hedge funds and other institutional investors.
NYSE RDC opened at $14.10 on Friday. The company has a debt-to-equity ratio of 0.45, a quick ratio of 2.97 and a current ratio of 2.97. Rowan Companies PLC has a 12 month low of $10.94 and a 12 month high of $20.87. The company has a market capitalization of $1.78 billion, a P/E ratio of -22.03 and a beta of 1.88.
Rowan Companies (NYSE:RDC) last released its earnings results on Wednesday, October 31st. The oil and gas company reported ($1.13) EPS for the quarter, topping analysts’ consensus estimates of ($1.15) by $0.02. Rowan Companies had a negative net margin of 23.47% and a negative return on equity of 7.11%. The business had revenue of $192.90 million for the quarter, compared to the consensus estimate of $179.39 million. During the same period in the previous year, the firm earned ($0.16) EPS. The business’s revenue for the quarter was down 33.8% on a year-over-year basis. On average, research analysts expect that Rowan Companies PLC will post -3.65 EPS for the current fiscal year.
A number of brokerages have recently weighed in on RDC. Societe Generale raised shares of Rowan Companies from a “hold” rating to a “buy” rating in a research note on Thursday, August 2nd. B. Riley set a $20.00 price target on shares of Rowan Companies and gave the stock a “buy” rating in a research note on Monday, August 13th. JPMorgan Chase & Co. lowered shares of Rowan Companies from an “overweight” rating to a “neutral” rating in a research note on Friday, October 12th. Royal Bank of Canada raised shares of Rowan Companies from a “sector perform” rating to an “outperform” rating in a research note on Thursday, September 20th. Finally, Barclays upped their price target on shares of Rowan Companies from $10.00 to $11.00 and gave the stock an “underweight” rating in a research note on Thursday, August 9th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $15.42.
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About Rowan Companies
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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