Highbridge Capital Management LLC Has $561,000 Holdings in Rowan Companies PLC (RDC)
Highbridge Capital Management LLC lowered its position in shares of Rowan Companies PLC (NYSE:RDC) by 13.0% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 43,628 shares of the oil and gas company’s stock after selling 6,546 shares during the quarter. Highbridge Capital Management LLC’s holdings in Rowan Companies were worth $561,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. Wells Fargo & Company MN increased its holdings in shares of Rowan Companies by 160.5% in the 3rd quarter. Wells Fargo & Company MN now owns 672,795 shares of the oil and gas company’s stock valued at $8,646,000 after purchasing an additional 414,545 shares in the last quarter. Trexquant Investment LP purchased a new position in shares of Rowan Companies in the 3rd quarter valued at about $1,448,000. Virginia Retirement Systems ET AL increased its holdings in shares of Rowan Companies by 32.7% in the 3rd quarter. Virginia Retirement Systems ET AL now owns 31,096 shares of the oil and gas company’s stock valued at $400,000 after purchasing an additional 7,664 shares in the last quarter. Legal & General Group Plc increased its holdings in shares of Rowan Companies by 4.1% in the 3rd quarter. Legal & General Group Plc now owns 219,764 shares of the oil and gas company’s stock valued at $2,821,000 after purchasing an additional 8,753 shares in the last quarter. Finally, South Dakota Investment Council increased its holdings in shares of Rowan Companies by 136.3% in the 3rd quarter. South Dakota Investment Council now owns 37,800 shares of the oil and gas company’s stock valued at $486,000 after purchasing an additional 21,800 shares in the last quarter.
A number of equities analysts have recently issued reports on the stock. Zacks Investment Research downgraded shares of Rowan Companies from a “buy” rating to a “hold” rating in a report on Friday, October 27th. Cowen set a $10.00 price target on shares of Rowan Companies and gave the company a “hold” rating in a report on Wednesday, October 18th. ValuEngine upgraded shares of Rowan Companies from a “sell” rating to a “hold” rating in a report on Friday, December 1st. assumed coverage on shares of Rowan Companies in a report on Thursday, October 19th. They issued a “buy” rating and a $16.80 price target for the company. Finally, Piper Jaffray Companies reiterated a “buy” rating and issued a $15.00 price target on shares of Rowan Companies in a report on Sunday, October 22nd. Three analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have issued a buy rating to the stock. Rowan Companies has a consensus rating of “Hold” and an average price target of $16.52.
Rowan Companies (NYSE:RDC) last posted its earnings results on Wednesday, November 1st. The oil and gas company reported ($0.16) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.42) by $0.26. Rowan Companies had a negative net margin of 4.76% and a negative return on equity of 0.61%. The firm had revenue of $291.60 million during the quarter, compared to the consensus estimate of $281.51 million. During the same period last year, the firm posted $0.30 EPS. The firm’s revenue for the quarter was down 23.1% on a year-over-year basis. equities research analysts forecast that Rowan Companies PLC will post -0.65 earnings per share for the current fiscal year.
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About Rowan Companies
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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