Rowan Cos. (RDC) Position Raised by Nationwide Fund Advisors
Nationwide Fund Advisors raised its position in shares of Rowan Cos. (NYSE:RDC) by 113.8% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 478,862 shares of the company’s stock after buying an additional 254,887 shares during the period. Nationwide Fund Advisors owned approximately 0.38% of Rowan Cos. worth $8,457,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in RDC. IBM Retirement Fund boosted its position in Rowan Cos. by 1.0% in the second quarter. IBM Retirement Fund now owns 12,690 shares of the company’s stock worth $224,000 after buying an additional 124 shares in the last quarter. State Treasurer State of Michigan boosted its position in Rowan Cos. by 1.0% in the second quarter. State Treasurer State of Michigan now owns 50,300 shares of the company’s stock worth $888,000 after buying an additional 500 shares in the last quarter. Utah Retirement Systems boosted its position in Rowan Cos. by 2.7% in the second quarter. Utah Retirement Systems now owns 22,842 shares of the company’s stock worth $403,000 after buying an additional 600 shares in the last quarter. Retirement Systems of Alabama boosted its position in Rowan Cos. by 0.6% in the second quarter. Retirement Systems of Alabama now owns 161,847 shares of the company’s stock worth $2,858,000 after buying an additional 892 shares in the last quarter. Finally, California State Teachers Retirement System boosted its position in Rowan Cos. by 0.3% in the second quarter. California State Teachers Retirement System now owns 273,445 shares of the company’s stock worth $4,829,000 after buying an additional 932 shares in the last quarter.
Shares of Rowan Cos. (NYSE:RDC) traded up 4.585% on Wednesday, reaching $13.345. 2,053,869 shares of the company’s stock were exchanged. The company has a market capitalization of $1.67 billion, a P/E ratio of 7.455 and a beta of 1.61. The stock’s 50-day moving average price is $13.43 and its 200-day moving average price is $16.11. Rowan Cos. has a 1-year low of $10.67 and a 1-year high of $21.83.
Rowan Cos. (NYSE:RDC) last announced its quarterly earnings data on Tuesday, August 2nd. The company reported $0.75 earnings per share for the quarter, missing analysts’ consensus estimates of $0.81 by $0.06. Rowan Cos. had a net margin of 10.24% and a return on equity of 9.22%. The business had revenue of $611.90 million for the quarter, compared to the consensus estimate of $470.98 million. During the same period in the prior year, the company earned $0.68 EPS. Rowan Cos.’s quarterly revenue was up 20.3% on a year-over-year basis. Analysts anticipate that Rowan Cos. will post $1.66 EPS for the current fiscal year.
A number of research firms recently commented on RDC. Jefferies Group reiterated a “buy” rating on shares of Rowan Cos. in a report on Sunday, July 10th. Credit Suisse Group AG set a $15.00 price target on Rowan Cos. and gave the stock a “buy” rating in a research note on Saturday. Scotiabank began coverage on Rowan Cos. in a research note on Wednesday, September 14th. They set a “sector perform” rating and a $17.00 price target on the stock. Zacks Investment Research cut Rowan Cos. from a “hold” rating to a “sell” rating in a research note on Wednesday, July 13th. Finally, Citigroup Inc. restated a “neutral” rating on shares of Rowan Cos. in a research note on Wednesday, August 3rd. Five analysts have rated the stock with a sell rating, seventeen have given a hold rating and twelve have issued a buy rating to the company. Rowan Cos. presently has an average rating of “Hold” and an average price target of $17.78.
About Rowan Cos.
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. Its fleet consists of approximately 30 mobile offshore drilling units, including self-elevating jack-up rigs and ultra-deepwater drillships.
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