Marshall Wace North America L.P. cut its position in shares of Rowan Companies PLC (NYSE:RDC) by 51.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 939,069 shares of the oil and gas company’s stock after selling 1,002,726 shares during the period. Marshall Wace North America L.P. owned approximately 0.74% of Rowan Companies PLC worth $9,391,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Bank of New York Mellon Corp raised its position in shares of Rowan Companies PLC by 5.0% in the first quarter. Bank of New York Mellon Corp now owns 2,330,321 shares of the oil and gas company’s stock worth $36,306,000 after buying an additional 111,480 shares during the period. Elkfork Partners LLC raised its position in shares of Rowan Companies PLC by 430.0% in the first quarter. Elkfork Partners LLC now owns 263,424 shares of the oil and gas company’s stock worth $4,104,000 after buying an additional 213,724 shares during the period. Chicago Equity Partners LLC raised its position in shares of Rowan Companies PLC by 45.3% in the first quarter. Chicago Equity Partners LLC now owns 49,475 shares of the oil and gas company’s stock worth $771,000 after buying an additional 15,425 shares during the period. State Treasurer State of Michigan raised its position in shares of Rowan Companies PLC by 1.0% in the first quarter. State Treasurer State of Michigan now owns 51,000 shares of the oil and gas company’s stock worth $795,000 after buying an additional 500 shares during the period. Finally, Great West Life Assurance Co. Can raised its position in shares of Rowan Companies PLC by 6.9% in the first quarter. Great West Life Assurance Co. Can now owns 109,692 shares of the oil and gas company’s stock worth $1,707,000 after buying an additional 7,068 shares during the period.

Rowan Companies PLC (RDC) opened at 9.60 on Friday. Rowan Companies PLC has a 52 week low of $9.02 and a 52 week high of $21.68. The company’s market cap is $1.21 billion. The company has a 50-day moving average of $10.56 and a 200 day moving average of $13.36.

Rowan Companies PLC (NYSE:RDC) last posted its earnings results on Wednesday, August 2nd. The oil and gas company reported ($0.25) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.05. Rowan Companies PLC had a negative net margin of 2.62% and a positive return on equity of 0.51%. The firm had revenue of $320.20 million during the quarter, compared to analyst estimates of $296.87 million. During the same period last year, the firm posted $0.75 earnings per share. Rowan Companies PLC’s revenue for the quarter was down 47.7% compared to the same quarter last year. On average, equities analysts forecast that Rowan Companies PLC will post ($0.95) EPS for the current fiscal year.

ILLEGAL ACTIVITY NOTICE: This piece was first reported by TheOlympiaReport and is the property of of TheOlympiaReport. If you are viewing this piece on another publication, it was stolen and reposted in violation of U.S. and international copyright legislation. The correct version of this piece can be viewed at https://theolympiareport.com/2017/08/27/marshall-wace-north-america-l-p-cuts-position-in-rowan-companies-plc-rdc.html.

A number of research analysts have issued reports on the stock. Barclays PLC decreased their target price on shares of Rowan Companies PLC from $19.00 to $16.00 and set an “equal weight” rating on the stock in a research report on Monday, May 1st. Jefferies Group LLC decreased their target price on shares of Rowan Companies PLC from $17.00 to $15.00 and set a “hold” rating on the stock in a research report on Wednesday, May 3rd. Deutsche Bank AG decreased their target price on shares of Rowan Companies PLC from $17.00 to $16.00 and set a “hold” rating on the stock in a research report on Wednesday, May 3rd. BidaskClub upgraded shares of Rowan Companies PLC from a “strong sell” rating to a “sell” rating in a research report on Tuesday, June 13th. Finally, ValuEngine lowered shares of Rowan Companies PLC from a “buy” rating to a “hold” rating in a research report on Friday, June 2nd. Three equities research analysts have rated the stock with a sell rating, sixteen have issued a hold rating and six have given a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $16.40.

Rowan Companies PLC Company Profile

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.

Want to see what other hedge funds are holding RDC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Rowan Companies PLC (NYSE:RDC).

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

Receive News & Ratings for Rowan Companies PLC Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Rowan Companies PLC and related companies with Analyst Ratings Network's FREE daily email newsletter.