Retirement Systems of Alabama raised its stake in Rowan Companies PLC (NYSE:RDC) by 10.9% in the 3rd quarter, HoldingsChannel reports. The fund owned 164,068 shares of the oil and gas company’s stock after purchasing an additional 16,181 shares during the period. Retirement Systems of Alabama’s holdings in Rowan Companies were worth $3,089,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in RDC. BlackRock Inc. boosted its stake in shares of Rowan Companies by 8.4% during the second quarter. BlackRock Inc. now owns 14,089,013 shares of the oil and gas company’s stock worth $228,524,000 after buying an additional 1,093,323 shares during the period. Millennium Management LLC boosted its stake in shares of Rowan Companies by 2.5% during the second quarter. Millennium Management LLC now owns 4,037,457 shares of the oil and gas company’s stock worth $65,488,000 after buying an additional 97,549 shares during the period. Luminus Management LLC boosted its stake in shares of Rowan Companies by 12.7% during the second quarter. Luminus Management LLC now owns 2,960,719 shares of the oil and gas company’s stock worth $48,023,000 after buying an additional 333,350 shares during the period. Northern Trust Corp boosted its stake in shares of Rowan Companies by 3.6% during the second quarter. Northern Trust Corp now owns 2,960,084 shares of the oil and gas company’s stock worth $48,013,000 after buying an additional 103,904 shares during the period. Finally, FMR LLC boosted its stake in shares of Rowan Companies by 4.5% during the second quarter. FMR LLC now owns 2,209,918 shares of the oil and gas company’s stock worth $35,845,000 after buying an additional 95,156 shares during the period. Institutional investors own 97.57% of the company’s stock.
Several brokerages have recently weighed in on RDC. Tudor Pickering upgraded shares of Rowan Companies from a “hold” rating to a “buy” rating in a research note on Thursday, July 12th. Royal Bank of Canada upgraded shares of Rowan Companies from a “sector perform” rating to an “outperform” rating in a research note on Thursday, September 20th. B. Riley set a $20.00 target price on shares of Rowan Companies and gave the stock a “buy” rating in a research note on Friday, September 7th. BTIG Research began coverage on shares of Rowan Companies in a research note on Monday, September 17th. They set a “hold” rating for the company. Finally, Citigroup upgraded shares of Rowan Companies from a “neutral” rating to a “buy” rating and increased their target price for the stock from $15.00 to $19.00 in a research note on Friday, September 7th. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $15.46.
Rowan Companies (NYSE:RDC) last posted its quarterly earnings results on Wednesday, October 31st. The oil and gas company reported ($1.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.15) by $0.02. The firm had revenue of $192.90 million during the quarter, compared to analysts’ expectations of $179.39 million. Rowan Companies had a negative net margin of 23.47% and a negative return on equity of 7.11%. The firm’s revenue for the quarter was down 33.8% on a year-over-year basis. During the same period in the prior year, the company posted ($0.16) earnings per share. As a group, sell-side analysts predict that Rowan Companies PLC will post -3.65 EPS for the current fiscal year.
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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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