Cullen Frost Bankers Inc. purchased a new stake in shares of Rowan Companies PLC (NYSE:RDC) during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 3,405 shares of the oil and gas company’s stock, valued at approximately $37,000.
Other hedge funds have also recently added to or reduced their stakes in the company. NumerixS Investment Technologies Inc purchased a new stake in Rowan Companies in the fourth quarter valued at approximately $30,000. Endurance Wealth Management Inc. raised its position in Rowan Companies by 600.0% in the fourth quarter. Endurance Wealth Management Inc. now owns 7,000 shares of the oil and gas company’s stock valued at $59,000 after purchasing an additional 6,000 shares during the period. United Services Automobile Association raised its position in Rowan Companies by 9.0% in the fourth quarter. United Services Automobile Association now owns 29,311 shares of the oil and gas company’s stock valued at $246,000 after purchasing an additional 2,427 shares during the period. Nisa Investment Advisors LLC purchased a new stake in Rowan Companies in the fourth quarter valued at approximately $250,000. Finally, Caption Management LLC purchased a new stake in Rowan Companies in the fourth quarter valued at approximately $252,000. 99.06% of the stock is currently owned by hedge funds and other institutional investors.
RDC has been the topic of a number of research analyst reports. ValuEngine lowered Rowan Companies from a “buy” rating to a “hold” rating in a research report on Saturday, February 2nd. Zacks Investment Research lowered Rowan Companies from a “hold” rating to a “sell” rating in a research report on Tuesday, January 15th. Credit Suisse Group set a $11.00 target price on Rowan Companies and gave the company a “hold” rating in a research report on Friday, March 1st. Finally, 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 report on Friday, March 8th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $14.67.
NYSE:RDC opened at $10.93 on Friday. The firm has a market capitalization of $1.39 billion, a price-to-earnings ratio of -2.94 and a beta of 2.52. The company has a debt-to-equity ratio of 0.46, a current ratio of 2.87 and a quick ratio of 2.87. Rowan Companies PLC has a 52 week low of $7.77 and a 52 week high of $20.87.
Rowan Companies (NYSE:RDC) last posted its quarterly earnings results on Wednesday, February 27th. The oil and gas company reported ($1.11) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.07) by ($0.04). The business had revenue of $179.40 million during the quarter, compared to analyst estimates of $166.30 million. Rowan Companies had a negative return on equity of 9.19% and a negative net margin of 42.12%. The business’s revenue was down 39.5% on a year-over-year basis. During the same quarter last year, the firm earned ($0.31) EPS. On average, sell-side analysts anticipate that Rowan Companies PLC will post -3.61 earnings per share for the current fiscal year.
Rowan Companies Profile
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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