Virginia Retirement Systems ET AL decreased its position in Rowan Companies (NYSE:RDC) by 30.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 51,800 shares of the oil and gas company’s stock after selling 22,996 shares during the quarter. Virginia Retirement Systems ET AL’s holdings in Rowan Companies were worth $598,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Virtu Financial LLC acquired a new stake in shares of Rowan Companies in the fourth quarter valued at about $184,000. Teacher Retirement System of Texas acquired a new stake in shares of Rowan Companies in the fourth quarter valued at about $618,000. Pinnacle Associates Ltd. increased its position in shares of Rowan Companies by 9.4% in the fourth quarter. Pinnacle Associates Ltd. now owns 60,316 shares of the oil and gas company’s stock valued at $945,000 after acquiring an additional 5,199 shares during the last quarter. Two Sigma Securities LLC acquired a new stake in shares of Rowan Companies in the fourth quarter valued at about $178,000. Finally, BlueCrest Capital Management Ltd acquired a new stake in shares of Rowan Companies in the fourth quarter valued at about $1,595,000.
In other news, CFO Stephen M. Butz sold 3,671 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $12.99, for a total transaction of $47,686.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.60% of the company’s stock.
A number of analysts recently issued reports on RDC shares. DNB Markets raised Rowan Companies from a “hold” rating to a “buy” rating and set a $15.00 target price on the stock in a research report on Wednesday, February 14th. ValuEngine raised Rowan Companies from a “hold” rating to a “buy” rating in a research report 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 target price on Rowan Companies and gave the company a “hold” rating in a research report on Friday, March 16th. Finally, Cowen reaffirmed a “hold” rating and issued a $12.00 target price on shares of Rowan Companies in a research report on Thursday, March 15th. Two analysts have rated the stock with a sell rating, twelve have given a hold rating and seven have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $14.40.
Rowan Companies stock opened at $16.71 on Friday. Rowan Companies has a 52 week low of $9.02 and a 52 week high of $17.33. The stock has a market cap of $2.10 billion, a P/E ratio of -26.11 and a beta of 1.78. 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 (NYSE:RDC) last issued its quarterly earnings data on Tuesday, May 1st. The oil and gas company reported ($0.89) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.86) by ($0.03). Rowan Companies had a negative return on equity of 3.83% and a negative net margin of 4.46%. The firm had revenue of $211.20 million for the quarter, compared to the consensus estimate of $207.33 million. During the same quarter in the prior year, the firm earned $0.07 EPS. The company’s revenue was down 43.6% on a year-over-year basis. sell-side analysts predict that Rowan Companies will post -3.71 EPS for the current year.
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.
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