Bank of Montreal Can Boosts Stake in Rowan Companies PLC (RDC)
Bank of Montreal Can raised its stake in Rowan Companies PLC (NYSE:RDC) by 125.7% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 220,066 shares of the oil and gas company’s stock after buying an additional 122,546 shares during the period. Bank of Montreal Can’s holdings in Rowan Companies PLC were worth $2,254,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of the company. Neuberger Berman Group LLC boosted its stake in shares of Rowan Companies PLC by 0.5% in the first quarter. Neuberger Berman Group LLC now owns 10,237 shares of the oil and gas company’s stock valued at $159,000 after buying an additional 55 shares in the last quarter. Renaissance Group LLC acquired a new stake in shares of Rowan Companies PLC during the first quarter valued at about $163,000. Meeder Asset Management Inc. acquired a new stake in shares of Rowan Companies PLC during the first quarter valued at about $189,000. Parkwood LLC acquired a new stake in shares of Rowan Companies PLC during the first quarter valued at about $198,000. Finally, Capstone Asset Management Co. boosted its stake in shares of Rowan Companies PLC by 3.8% in the second quarter. Capstone Asset Management Co. now owns 21,078 shares of the oil and gas company’s stock valued at $216,000 after buying an additional 780 shares in the last quarter.
Shares of Rowan Companies PLC (RDC) traded down 0.050% during trading on Friday, hitting $9.935. 1,035,906 shares of the stock were exchanged. The stock’s market cap is $1.25 billion. The stock’s 50 day moving average price is $10.92 and its 200 day moving average price is $14.09. Rowan Companies PLC has a one year low of $9.71 and a one year high of $21.68.
Rowan Companies PLC (NYSE:RDC) last issued its earnings results on Wednesday, August 2nd. The oil and gas company reported ($0.25) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.30) by $0.05. Rowan Companies PLC had a positive return on equity of 0.51% and a negative net margin of 2.62%. The firm had revenue of $320.20 million for the quarter, compared to analyst estimates of $296.87 million. During the same period last year, the company earned $0.75 earnings per share. The firm’s revenue for the quarter was down 47.7% on a year-over-year basis. Equities research analysts predict that Rowan Companies PLC will post ($0.97) EPS for the current year.
Several brokerages have recently issued reports on RDC. Bank of America Corporation cut shares of Rowan Companies PLC from a “neutral” rating to an “underperform” rating in a research report on Friday, June 30th. Nomura reduced their price target on shares of Rowan Companies PLC from $14.00 to $13.00 and set a “neutral” rating on the stock in a research report on Thursday, August 3rd. ValuEngine cut shares of Rowan Companies PLC from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Seaport Global Securities cut shares of Rowan Companies PLC from a “neutral” rating to a “sell” rating and reduced their target price for the company from $12.00 to $10.00 in a report on Wednesday, June 21st. Finally, BidaskClub cut shares of Rowan Companies PLC from a “sell” rating to a “strong sell” rating in a report on Friday, June 23rd. Four research analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have issued a buy rating to the company’s stock. Rowan Companies PLC currently has a consensus rating of “Hold” and a consensus price target of $16.37.
About Rowan Companies PLC
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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