Rowan Companies PLC (RDC) Shares Sold by Riverhead Capital Management LLC

Riverhead Capital Management LLC reduced its holdings in Rowan Companies PLC (NYSE:RDC) by 32.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 159,775 shares of the oil and gas company’s stock after selling 75,359 shares during the period. Riverhead Capital Management LLC owned about 0.13% of Rowan Companies PLC worth $1,636,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in RDC. BlackRock Inc. lifted its stake in Rowan Companies PLC by 4,558.9% in the 1st quarter. BlackRock Inc. now owns 10,987,886 shares of the oil and gas company’s stock worth $171,191,000 after acquiring an additional 10,752,038 shares in the last quarter. MARSHALL WACE ASIA Ltd purchased a new stake in Rowan Companies PLC in the 1st quarter worth about $31,069,000. Marshall Wace North America L.P. purchased a new stake in Rowan Companies PLC in the 1st quarter worth about $31,069,000. AQR Capital Management LLC lifted its stake in Rowan Companies PLC by 19.5% in the 1st quarter. AQR Capital Management LLC now owns 5,702,609 shares of the oil and gas company’s stock worth $88,847,000 after acquiring an additional 931,612 shares in the last quarter. Finally, Bank of America Corp DE lifted its stake in Rowan Companies PLC by 129.1% in the 1st quarter. Bank of America Corp DE now owns 197,144 shares of the oil and gas company’s stock worth $3,071,000 after acquiring an additional 875,233 shares in the last quarter.

Shares of Rowan Companies PLC (NYSE RDC) opened at 11.24 on Friday. The firm’s market cap is $1.42 billion. The firm has a 50-day moving average price of $10.24 and a 200-day moving average price of $12.58. 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 released its earnings results on Wednesday, August 2nd. The oil and gas company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.30) by $0.05. Rowan Companies PLC had a positive return on equity of 0.51% and a negative net margin of 2.62%. The business had revenue of $320.20 million for the quarter, compared to analyst estimates of $296.87 million. During the same quarter in the prior year, the company posted $0.75 earnings per share. Rowan Companies PLC’s revenue was down 47.7% on a year-over-year basis. Equities research analysts anticipate that Rowan Companies PLC will post ($0.95) EPS for the current year.

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Several equities research analysts recently issued reports on RDC shares. ValuEngine raised Rowan Companies PLC from a “hold” rating to a “buy” rating in a research note on Saturday, May 27th. Clarkson Capital raised Rowan Companies PLC from a “neutral” rating to a “buy” rating and set a $20.00 price objective for the company in a research note on Tuesday, May 30th. Royal Bank Of Canada reissued a “sell” rating and issued a $13.50 price objective on shares of Rowan Companies PLC in a research note on Thursday, July 20th. BidaskClub downgraded Rowan Companies PLC from a “sell” rating to a “strong sell” rating in a research note on Friday, June 23rd. Finally, Jefferies Group LLC reissued a “hold” rating and issued a $12.00 price objective (down from $15.00) on shares of Rowan Companies PLC in a research note on Tuesday, July 18th. Three analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have assigned a buy rating to the company. Rowan Companies PLC has an average rating of “Hold” and an average price target of $16.36.

About Rowan Companies PLC

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.

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

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