Canada Pension Plan Investment Board reduced its stake in shares of Rowan Companies PLC (NYSE:RDC) by 3.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 444,662 shares of the oil and gas company’s stock after selling 14,800 shares during the quarter. Canada Pension Plan Investment Board owned approximately 0.35% of Rowan Companies worth $8,373,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. BlackRock Inc. raised its holdings in shares of Rowan Companies by 8.4% in the second quarter. BlackRock Inc. now owns 14,089,013 shares of the oil and gas company’s stock valued at $228,524,000 after acquiring an additional 1,093,323 shares in the last quarter. Fisher Asset Management LLC bought a new stake in shares of Rowan Companies in the third quarter valued at about $14,116,000. Point72 Asset Management L.P. bought a new stake in shares of Rowan Companies in the second quarter valued at about $10,730,000. Renaissance Technologies LLC bought a new stake in shares of Rowan Companies in the second quarter valued at about $9,743,000. Finally, Richard Bernstein Advisors LLC bought a new stake in shares of Rowan Companies in the second quarter valued at about $8,065,000. 99.08% of the stock is owned by hedge funds and other institutional investors.
Shares of Rowan Companies stock opened at $12.03 on Friday. The stock has a market capitalization of $1.72 billion, a price-to-earnings ratio of -18.80 and a beta of 1.88. The company has a quick ratio of 2.97, a current ratio of 2.97 and a debt-to-equity ratio of 0.45. Rowan Companies PLC has a one year low of $10.94 and a one year high of $20.87.
Rowan Companies (NYSE:RDC) last announced its earnings results on Wednesday, October 31st. The oil and gas company reported ($1.13) EPS for the quarter, topping the Zacks’ consensus estimate of ($1.15) by $0.02. The business had revenue of $192.90 million during the quarter, compared to the consensus estimate of $179.39 million. Rowan Companies had a negative net margin of 23.47% and a negative return on equity of 7.11%. The firm’s revenue was down 33.8% on a year-over-year basis. During the same period in the previous year, the company posted ($0.16) earnings per share. On average, sell-side analysts anticipate that Rowan Companies PLC will post -3.67 EPS for the current year.
Several research firms recently weighed in on RDC. TheStreet downgraded Rowan Companies from a “c-” rating to a “d+” rating in a report on Friday, November 30th. B. Riley set a $20.00 price objective on Rowan Companies and gave the company a “buy” rating in a report on Monday, August 13th. BTIG Research initiated coverage on Rowan Companies in a report on Monday, September 17th. They issued a “hold” rating for the company. Citigroup upgraded shares of Rowan Companies from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $15.00 to $19.00 in a report on Friday, September 7th. Finally, DNB Markets downgraded shares of Rowan Companies from a “buy” rating to a “hold” rating in a report on Tuesday, October 30th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $15.42.
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Rowan Companies 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.
Further Reading: Asset Allocation
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