Rowan Companies PLC (RDC) Stake Increased by Maverick Capital Ltd.
Maverick Capital Ltd. lifted its position in shares of Rowan Companies PLC (NYSE:RDC) by 186.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 213,380 shares of the oil and gas company’s stock after acquiring an additional 138,810 shares during the period. Maverick Capital Ltd. owned approximately 0.17% of Rowan Companies PLC worth $2,185,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also recently modified their holdings of RDC. LS Investment Advisors LLC lifted its holdings in shares of Rowan Companies PLC by 24.8% during the 2nd quarter. LS Investment Advisors LLC now owns 10,330 shares of the oil and gas company’s stock worth $106,000 after acquiring an additional 2,050 shares during the period. Pacad Investment Ltd. bought a new stake in shares of Rowan Companies PLC during the 2nd quarter worth approximately $138,000. Prescott Group Capital Management L.L.C. bought a new stake in shares of Rowan Companies PLC during the 2nd quarter worth approximately $143,000. Neuberger Berman Group LLC lifted its holdings in shares of Rowan Companies PLC by 0.5% during the 1st quarter. Neuberger Berman Group LLC now owns 10,237 shares of the oil and gas company’s stock worth $159,000 after acquiring an additional 55 shares during the period. Finally, Capital Fund Management S.A. bought a new stake in shares of Rowan Companies PLC during the 2nd quarter worth approximately $161,000.
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A number of brokerages have recently weighed in on RDC. Barclays PLC reaffirmed a “hold” rating and set a $14.00 price target on shares of Rowan Companies PLC in a report on Friday, August 4th. BMO Capital Markets set a $12.00 price target on shares of Rowan Companies PLC and gave the stock a “hold” rating in a report on Saturday, August 5th. Jefferies Group LLC reaffirmed a “hold” rating and set a $12.00 price target (down previously from $15.00) on shares of Rowan Companies PLC in a report on Tuesday, July 18th. Seaport Global Securities downgraded shares of Rowan Companies PLC from a “neutral” rating to a “sell” rating and cut their price target for the stock from $12.00 to $10.00 in a report on Wednesday, June 21st. Finally, TheStreet downgraded shares of Rowan Companies PLC from a “c” rating to a “d” rating in a report on Wednesday, August 2nd. Four investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating and five have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average price target of $16.41.
Shares of Rowan Companies PLC (NYSE:RDC) traded up 0.46% during trading on Friday, reaching $13.08. 4,875,116 shares of the company’s stock traded hands. Rowan Companies PLC has a 52-week low of $9.02 and a 52-week high of $21.68. The company’s 50-day moving average is $10.97 and its 200 day moving average is $12.14. The company’s market cap is $1.65 billion.
Rowan Companies PLC (NYSE:RDC) last announced its quarterly earnings data on Wednesday, August 2nd. The oil and gas company reported ($0.25) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.30) by $0.05. The firm had revenue of $320.20 million during the quarter, compared to analyst estimates of $296.87 million. Rowan Companies PLC had a negative net margin of 2.62% and a positive return on equity of 0.51%. The business’s quarterly revenue was down 47.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.75 EPS. Equities analysts forecast that Rowan Companies PLC will post ($0.94) EPS for the current year.
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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