Wells Fargo & Company MN grew its stake in shares of Rowan Companies PLC (NYSE:RDC) by 164.0% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 258,250 shares of the oil and gas company’s stock after purchasing an additional 160,417 shares during the period. Wells Fargo & Company MN owned approximately 0.20% of Rowan Companies PLC worth $2,645,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in RDC. LS Investment Advisors LLC raised its holdings in shares of Rowan Companies PLC by 24.8% during the second quarter. LS Investment Advisors LLC now owns 10,330 shares of the oil and gas company’s stock valued at $106,000 after purchasing an additional 2,050 shares during the period. Pacad Investment Ltd. acquired a new position in shares of Rowan Companies PLC during the second quarter valued at about $138,000. Prescott Group Capital Management L.L.C. acquired a new position in shares of Rowan Companies PLC during the second quarter valued at about $143,000. Neuberger Berman Group LLC raised its holdings in shares of Rowan Companies PLC by 0.5% during the first quarter. Neuberger Berman Group LLC now owns 10,237 shares of the oil and gas company’s stock valued at $159,000 after purchasing an additional 55 shares during the period. Finally, Strs Ohio acquired a new position in shares of Rowan Companies PLC during the second quarter valued at about $181,000.

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Shares of Rowan Companies PLC (RDC) opened at 13.10 on Friday. The stock’s 50 day moving average is $12.08 and its 200 day moving average is $12.03. The stock’s market cap is $1.65 billion. Rowan Companies PLC has a 52-week low of $9.02 and a 52-week high of $21.68.

Rowan Companies PLC (NYSE:RDC) last released its quarterly earnings results on Wednesday, August 2nd. The oil and gas company reported ($0.25) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.30) by $0.05. The company had revenue of $320.20 million for the quarter, compared to the consensus estimate of $296.87 million. Rowan Companies PLC had a negative net margin of 2.62% and a positive return on equity of 0.51%. Rowan Companies PLC’s revenue was down 47.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.75 earnings per share. Equities research analysts forecast that Rowan Companies PLC will post ($0.93) earnings per share for the current year.

Several equities analysts have recently weighed in on the stock. Barclays PLC reiterated a “hold” rating and set a $14.00 price objective on shares of Rowan Companies PLC in a report on Friday, August 4th. Piper Jaffray Companies restated a “buy” rating and issued a $15.00 target price on shares of Rowan Companies PLC in a report on Sunday. BMO Capital Markets set a $12.00 target price on shares of Rowan Companies PLC and gave the stock a “hold” rating in a report on Saturday, August 5th. Jefferies Group LLC restated a “hold” rating and issued a $12.00 target price (down previously from $15.00) on shares of Rowan Companies PLC in a report on Tuesday, July 18th. Finally, TheStreet lowered shares of Rowan Companies PLC from a “c” rating to a “d” rating in a report on Wednesday, August 2nd. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and eight have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $16.04.

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

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