Royal Bank of Canada grew its stake in shares of Rowan Companies PLC (NYSE:RDC) by 296.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 38,316 shares of the oil and gas company’s stock after buying an additional 28,656 shares during the quarter. Royal Bank of Canada’s holdings in Rowan Companies PLC were worth $392,000 at the end of the most recent quarter.
Other large investors also recently made changes to their positions in the company. LS Investment Advisors LLC grew its stake in shares of Rowan Companies PLC by 24.8% during the second quarter. LS Investment Advisors LLC now owns 10,330 shares of the oil and gas company’s stock valued at $106,000 after buying an additional 2,050 shares during the last quarter. Pacad Investment Ltd. bought a new position in shares of Rowan Companies PLC during the second quarter valued at about $138,000. Prescott Group Capital Management L.L.C. bought a new position in shares of Rowan Companies PLC during the second quarter valued at about $143,000. Capital Fund Management S.A. bought a new position in shares of Rowan Companies PLC during the second quarter valued at about $161,000. Finally, Strs Ohio bought a new position in shares of Rowan Companies PLC during the second quarter valued at about $181,000.
A number of research analysts have recently issued reports on RDC shares. Zacks Investment Research raised Rowan Companies PLC from a “hold” rating to a “buy” rating and set a $16.00 price objective on the stock in a research note on Tuesday, October 17th. UBS AG raised Rowan Companies PLC from a “neutral” rating to a “buy” rating and raised their price objective for the company from $11.00 to $15.00 in a research note on Monday, September 25th. BidaskClub raised Rowan Companies PLC from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 26th. B. Riley reaffirmed a “buy” rating on shares of Rowan Companies PLC in a research note on Wednesday, November 1st. Finally, FBR & Co reiterated a “buy” rating on shares of Rowan Companies PLC in a report on Thursday, October 19th. Four investment analysts have rated the stock with a sell rating, twelve have given a hold rating and eight have issued a buy rating to the company’s stock. Rowan Companies PLC currently has an average rating of “Hold” and an average target price of $16.52.
Rowan Companies PLC (RDC) opened at $13.81 on Thursday. Rowan Companies PLC has a one year low of $9.02 and a one year high of $21.68. The company has a current ratio of 5.80, a quick ratio of 5.80 and a debt-to-equity ratio of 0.47.
Rowan Companies PLC (NYSE:RDC) last announced its earnings results on Wednesday, November 1st. The oil and gas company reported ($0.16) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.42) by $0.26. Rowan Companies PLC had a negative net margin of 4.76% and a negative return on equity of 0.61%. The business had revenue of $291.60 million during the quarter, compared to the consensus estimate of $281.51 million. During the same quarter last year, the firm earned $0.30 earnings per share. The business’s revenue for the quarter was down 23.1% on a year-over-year basis. sell-side analysts expect that Rowan Companies PLC will post -0.8 earnings per share for the current fiscal year.
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Rowan Companies PLC 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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