Commonwealth Bank of Australia Acquires Shares of 37,900 Rowan Companies PLC (RDC)

Commonwealth Bank of Australia acquired a new stake in Rowan Companies PLC (NYSE:RDC) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 37,900 shares of the oil and gas company’s stock, valued at approximately $713,000.

Several other institutional investors have also made changes to their positions in the company. Rhumbline Advisers boosted its holdings in shares of Rowan Companies by 4.6% in the third quarter. Rhumbline Advisers now owns 231,866 shares of the oil and gas company’s stock valued at $4,366,000 after purchasing an additional 10,240 shares during the period. Prudential Financial Inc. boosted its holdings in shares of Rowan Companies by 8.7% in the third quarter. Prudential Financial Inc. now owns 86,103 shares of the oil and gas company’s stock valued at $1,621,000 after purchasing an additional 6,920 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Rowan Companies by 31.1% in the third quarter. JPMorgan Chase & Co. now owns 864,124 shares of the oil and gas company’s stock valued at $16,271,000 after purchasing an additional 204,753 shares during the period. Systematic Financial Management LP boosted its holdings in shares of Rowan Companies by 4.0% in the third quarter. Systematic Financial Management LP now owns 135,790 shares of the oil and gas company’s stock valued at $2,557,000 after purchasing an additional 5,210 shares during the period. Finally, Dupont Capital Management Corp boosted its holdings in shares of Rowan Companies by 6.6% in the third quarter. Dupont Capital Management Corp now owns 198,727 shares of the oil and gas company’s stock valued at $3,742,000 after purchasing an additional 12,246 shares during the period. Institutional investors and hedge funds own 96.18% of the company’s stock.

Rowan Companies stock opened at $14.40 on Friday. The company has a quick ratio of 2.97, a current ratio of 2.97 and a debt-to-equity ratio of 0.45. The firm has a market cap of $1.92 billion, a price-to-earnings ratio of -22.50 and a beta of 1.88. Rowan Companies PLC has a twelve month low of $10.94 and a twelve month high of $20.87.

Rowan Companies (NYSE:RDC) last posted its earnings results on Wednesday, October 31st. The oil and gas company reported ($1.13) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.15) by $0.02. The company had revenue of $192.90 million during the quarter, compared to analyst estimates of $179.39 million. Rowan Companies had a negative return on equity of 7.11% and a negative net margin of 23.47%. Rowan Companies’s revenue was down 33.8% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.16) earnings per share. Analysts anticipate that Rowan Companies PLC will post -3.65 earnings per share for the current fiscal year.

A number of analysts recently issued reports on RDC shares. Societe Generale upgraded Rowan Companies from a “hold” rating to a “buy” rating in a report on Thursday, August 2nd. Barclays boosted their price target on Rowan Companies from $10.00 to $11.00 and gave the company an “underweight” rating in a report on Thursday, August 9th. B. Riley set a $20.00 price target on Rowan Companies and gave the company a “buy” rating in a report on Monday, August 13th. Citigroup upgraded Rowan Companies from a “neutral” rating to a “buy” rating and boosted their price target for the company from $15.00 to $19.00 in a report on Friday, September 7th. Finally, BTIG Research started coverage on Rowan Companies in a report on Monday, September 17th. They issued a “hold” rating for the company. One investment analyst has rated the stock with a sell rating, eleven have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Rowan Companies has an average rating of “Hold” and a consensus price target of $15.42.

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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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Institutional Ownership by Quarter for Rowan Companies (NYSE:RDC)

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