Contrarius Investment Management Ltd Purchases Shares of 954,001 Rowan Companies plc (RDC)
Contrarius Investment Management Ltd purchased a new position in Rowan Companies plc (NYSE:RDC) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 954,001 shares of the oil and gas company’s stock, valued at approximately $12,259,000. Contrarius Investment Management Ltd owned approximately 0.76% of Rowan Companies plc at the end of the most recent quarter.
Other hedge funds and other institutional investors have also bought and sold shares of the company. LS Investment Advisors LLC lifted its holdings in Rowan Companies plc by 24.8% in the 2nd quarter. LS Investment Advisors LLC now owns 10,330 shares of the oil and gas company’s stock worth $106,000 after purchasing an additional 2,050 shares in the last quarter. Wedbush Securities Inc. purchased a new position in Rowan Companies plc in the 3rd quarter worth approximately $135,000. Smith Salley & Associates purchased a new position in Rowan Companies plc in the 3rd quarter worth approximately $146,000. Sciencast Management LP lifted its holdings in Rowan Companies plc by 10.0% in the 2nd quarter. Sciencast Management LP now owns 13,094 shares of the oil and gas company’s stock worth $134,000 after purchasing an additional 1,190 shares in the last quarter. Finally, Pacad Investment Ltd. bought a new stake in Rowan Companies plc in the 2nd quarter worth approximately $138,000.
Shares of Rowan Companies plc (RDC) traded down $0.05 during trading on Friday, reaching $13.76. The company’s stock had a trading volume of 4,083,800 shares, compared to its average volume of 3,438,501. The company has a debt-to-equity ratio of 0.47, a quick ratio of 5.80 and a current ratio of 5.80. Rowan Companies plc has a 12 month low of $9.02 and a 12 month high of $21.68.
Rowan Companies plc (NYSE:RDC) last announced its quarterly earnings data on Wednesday, November 1st. The oil and gas company reported ($0.16) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.42) by $0.26. The company had revenue of $291.60 million for the quarter, compared to the consensus estimate of $281.51 million. Rowan Companies plc had a negative return on equity of 0.61% and a negative net margin of 4.76%. Rowan Companies plc’s quarterly revenue was down 23.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.30 EPS. equities analysts expect that Rowan Companies plc will post -0.8 EPS for the current fiscal year.
RDC has been the topic of a number of research reports. Seaport Global Securities raised Rowan Companies plc from a “sell” rating to a “neutral” rating and lifted their price objective for the stock from $10.00 to $11.00 in a research note on Thursday, July 20th. Royal Bank Of Canada reaffirmed a “sell” rating and issued a $13.50 price objective on shares of Rowan Companies plc in a research note on Thursday, July 20th. Cowen and Company reaffirmed a “hold” rating and issued a $15.00 price objective on shares of Rowan Companies plc in a research note on Thursday, August 3rd. Nomura reduced their price objective on Rowan Companies plc from $14.00 to $13.00 and set a “neutral” rating on the stock in a research note on Thursday, August 3rd. Finally, TheStreet downgraded Rowan Companies plc from a “c” rating to a “d” rating in a research note on Wednesday, August 2nd. Four investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and eight have assigned a buy rating to the stock. Rowan Companies plc currently has an average rating of “Hold” and a consensus price target of $16.52.
Rowan Companies plc 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.
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