Franklin Resources Inc. boosted its holdings in shares of Rowan Companies PLC (NYSE:RDC) by 165.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,620,563 shares of the oil and gas company’s stock after purchasing an additional 1,632,357 shares during the period. Franklin Resources Inc. owned approximately 2.06% of Rowan Companies worth $49,345,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Oppenheimer & Co. Inc. acquired a new stake in Rowan Companies during the second quarter valued at approximately $162,000. Virtu Financial LLC acquired a new stake in Rowan Companies during the third quarter valued at approximately $218,000. PEAK6 Investments LLC acquired a new stake in Rowan Companies during the third quarter valued at approximately $235,000. Fox Run Management L.L.C. acquired a new stake in Rowan Companies during the third quarter valued at approximately $261,000. Finally, Riverhead Capital Management LLC lifted its stake in Rowan Companies by 25.1% during the second quarter. Riverhead Capital Management LLC now owns 18,931 shares of the oil and gas company’s stock valued at $307,000 after purchasing an additional 3,800 shares during the last quarter. 99.08% of the stock is owned by institutional investors and hedge funds.
RDC stock opened at $12.03 on Friday. Rowan Companies PLC has a 52-week low of $10.94 and a 52-week high of $20.87. The company has a current ratio of 2.97, a quick ratio of 2.97 and a debt-to-equity ratio of 0.45. The company has a market cap of $1.72 billion, a PE ratio of -18.80 and a beta of 1.88.
Rowan Companies (NYSE:RDC) last released its quarterly earnings results on Wednesday, October 31st. The oil and gas company reported ($1.13) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate 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 analyst estimates of $179.39 million. During the same quarter in the previous year, the business earned ($0.16) earnings per share. The firm’s revenue was down 33.8% compared to the same quarter last year. Equities research analysts anticipate that Rowan Companies PLC will post -3.67 EPS for the current fiscal year.
Several analysts recently commented on the stock. TheStreet lowered shares of Rowan Companies from a “c-” rating to a “d+” rating in a research note on Friday, November 30th. B. Riley set a $20.00 target price on shares of Rowan Companies and gave the company a “buy” rating in a research note on Monday, August 13th. BTIG Research initiated coverage on shares of Rowan Companies in a report on Monday, September 17th. They set a “hold” rating on the stock. Citigroup upgraded shares of Rowan Companies from a “neutral” rating to a “buy” rating and boosted their price target for the company from $15.00 to $19.00 in a report on Friday, September 7th. Finally, DNB Markets lowered shares of Rowan Companies from a “buy” rating to a “hold” rating in a report on Tuesday, October 30th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Rowan Companies has a consensus rating of “Hold” and a consensus target price of $15.42.
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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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