Meeder Asset Management Inc. boosted its stake in shares of Rowan Companies (NYSE:RDC) by 2,671.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 54,200 shares of the oil and gas company’s stock after buying an additional 52,244 shares during the period. Meeder Asset Management Inc.’s holdings in Rowan Companies were worth $626,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently bought and sold shares of RDC. Macquarie Group Ltd. lifted its stake in Rowan Companies by 890.9% during the 4th quarter. Macquarie Group Ltd. now owns 2,846,804 shares of the oil and gas company’s stock worth $44,581,000 after acquiring an additional 2,559,509 shares in the last quarter. Schroder Investment Management Group increased its holdings in Rowan Companies by 69.1% during the 4th quarter. Schroder Investment Management Group now owns 2,342,313 shares of the oil and gas company’s stock worth $36,680,000 after purchasing an additional 957,120 shares during the period. Millennium Management LLC increased its holdings in Rowan Companies by 71.6% during the 4th quarter. Millennium Management LLC now owns 1,737,951 shares of the oil and gas company’s stock worth $27,216,000 after purchasing an additional 725,265 shares during the period. Horseman Capital Management Ltd purchased a new stake in Rowan Companies during the 4th quarter worth about $7,947,000. Finally, Maverick Capital Ltd. purchased a new position in shares of Rowan Companies in the 4th quarter valued at about $5,212,000.
A number of research analysts have recently commented on RDC shares. DNB Markets upgraded Rowan Companies from a “hold” rating to a “buy” rating and set a $15.00 price objective on the stock in a report on Wednesday, February 14th. ValuEngine upgraded Rowan Companies from a “hold” rating to a “buy” rating in a research note on Wednesday, May 2nd. TheStreet raised Rowan Companies from a “d+” rating to a “c” rating in a research report on Wednesday, February 28th. Piper Jaffray set a $15.00 price objective on Rowan Companies and gave the stock a “hold” rating in a research report on Friday, March 16th. Finally, Cowen reissued a “hold” rating and issued a $12.00 price target on shares of Rowan Companies in a report on Thursday, March 15th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $14.40.
Shares of Rowan Companies traded down $0.03, reaching $16.71, during midday trading on Friday, according to Marketbeat. 2,064,979 shares of the company were exchanged, compared to its average volume of 2,893,014. The company has a debt-to-equity ratio of 0.48, a current ratio of 6.03 and a quick ratio of 6.03. Rowan Companies has a 1-year low of $9.02 and a 1-year high of $17.33. The stock has a market cap of $2.12 billion, a PE ratio of -26.11 and a beta of 1.78.
Rowan Companies (NYSE:RDC) last announced its quarterly earnings data on Tuesday, May 1st. The oil and gas company reported ($0.89) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.86) by ($0.03). The firm had revenue of $211.20 million during the quarter, compared to the consensus estimate of $207.33 million. Rowan Companies had a negative net margin of 4.46% and a negative return on equity of 3.83%. The firm’s quarterly revenue was down 43.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.07 earnings per share. research analysts anticipate that Rowan Companies will post -3.71 earnings per share for the current year.
In related news, CFO Stephen M. Butz sold 3,671 shares of the stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $12.99, for a total value of $47,686.29. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.60% of the company’s stock.
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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