Rowan Companies PLC (NYSE:RDC) was the recipient of unusually large options trading on Wednesday. Traders purchased 8,362 call options on the stock. This is an increase of approximately 12,197% compared to the average volume of 68 call options.

Several hedge funds and other institutional investors have recently modified their holdings of RDC. Russell Investments Group Ltd. raised its position in shares of Rowan Companies by 833.4% during the 3rd quarter. Russell Investments Group Ltd. now owns 52,178 shares of the oil and gas company’s stock worth $983,000 after acquiring an additional 46,588 shares in the last quarter. Prudential Financial Inc. grew its stake in Rowan Companies by 8.7% during the 3rd quarter. Prudential Financial Inc. now owns 86,103 shares of the oil and gas company’s stock worth $1,621,000 after buying an additional 6,920 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Rowan Companies by 5.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 2,250,359 shares of the oil and gas company’s stock worth $42,376,000 after buying an additional 125,042 shares during the last quarter. BlackRock Inc. grew its stake in Rowan Companies by 3.9% during the 3rd quarter. BlackRock Inc. now owns 14,632,534 shares of the oil and gas company’s stock worth $275,533,000 after buying an additional 543,521 shares during the last quarter. Finally, Virtu Financial LLC purchased a new position in Rowan Companies during the 3rd quarter worth approximately $218,000. 99.06% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE RDC opened at $10.93 on Thursday. The company has a current ratio of 2.87, a quick ratio of 2.87 and a debt-to-equity ratio of 0.46. Rowan Companies has a fifty-two week low of $7.77 and a fifty-two week high of $20.87. The stock has a market cap of $1.40 billion, a PE ratio of -2.94 and a beta of 2.52.

Rowan Companies (NYSE:RDC) last issued its earnings results on Wednesday, February 27th. The oil and gas company reported ($1.11) earnings per share for the quarter, missing the consensus estimate of ($1.07) by ($0.04). Rowan Companies had a negative return on equity of 9.19% and a negative net margin of 42.12%. The business had revenue of $179.40 million for the quarter, compared to analyst estimates of $166.30 million. During the same period last year, the business posted ($0.31) EPS. Rowan Companies’s revenue was down 39.5% on a year-over-year basis. Equities analysts forecast that Rowan Companies will post -3.61 EPS for the current year.

Several equities analysts recently issued reports on the company. ValuEngine lowered Rowan Companies from a “buy” rating to a “hold” rating in a research note on Monday, April 1st. Zacks Investment Research raised Rowan Companies from a “sell” rating to a “hold” rating in a research note on Wednesday, March 13th. HSBC raised Rowan Companies from a “hold” rating to a “buy” rating and set a $11.37 target price on the stock in a research note on Friday, March 8th. Barclays set a $12.00 target price on Rowan Companies and gave the stock a “sell” rating in a research note on Tuesday, March 5th. Finally, Credit Suisse Group set a $11.00 target price on Rowan Companies and gave the stock a “hold” rating in a research note on Friday, March 1st. One analyst has rated the stock with a sell rating, ten have issued a hold rating and eight have assigned a buy rating to the stock. Rowan Companies has a consensus rating of “Hold” and a consensus target price of $14.49.

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About Rowan Companies

Rowan Companies plc provides offshore contract drilling services to the oil and gas industry. The company operates through three segments: Deepwater, Jack-ups, and ARO. The Deepwater segment operates 4 ultra-deepwater drillships. The Jack-ups segment operates 15 self-elevating jack-up rigs. The ARO segment operates a fleet of 6 self-elevating jack-up rigs.

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