Schroder Investment Management Group Sells 691,066 Shares of Rowan Companies PLC (RDC)

Schroder Investment Management Group cut its stake in Rowan Companies PLC (NYSE:RDC) by 44.8% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 852,625 shares of the oil and gas company’s stock after selling 691,066 shares during the quarter. Schroder Investment Management Group owned about 0.67% of Rowan Companies worth $16,055,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of RDC. Oppenheimer & Co. Inc. acquired a new stake in shares of Rowan Companies in the 2nd quarter worth $162,000. Fox Run Management L.L.C. acquired a new stake in shares of Rowan Companies in the 3rd quarter worth $261,000. Riverhead Capital Management LLC increased its stake in shares of Rowan Companies by 25.1% in the 2nd quarter. Riverhead Capital Management LLC now owns 18,931 shares of the oil and gas company’s stock worth $307,000 after acquiring an additional 3,800 shares during the last quarter. Coastline Trust Co increased its stake in shares of Rowan Companies by 25.4% in the 3rd quarter. Coastline Trust Co now owns 20,590 shares of the oil and gas company’s stock worth $388,000 after acquiring an additional 4,170 shares during the last quarter. Finally, Meadow Creek Investment Management LLC increased its stake in shares of Rowan Companies by 25.0% in the 2nd quarter. Meadow Creek Investment Management LLC now owns 25,636 shares of the oil and gas company’s stock worth $416,000 after acquiring an additional 5,134 shares during the last quarter. 99.08% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE:RDC opened at $13.86 on Monday. The company has a debt-to-equity ratio of 0.45, a current ratio of 2.97 and a quick ratio of 2.97. The stock has a market cap of $1.76 billion, a P/E ratio of -21.66 and a beta of 1.89. Rowan Companies PLC has a 12-month low of $10.94 and a 12-month high of $20.87.

Rowan Companies (NYSE:RDC) last issued its quarterly earnings data on Wednesday, October 31st. The oil and gas company reported ($1.13) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.15) by $0.02. The firm had revenue of $192.90 million during the quarter, compared to the consensus estimate of $179.39 million. Rowan Companies had a negative return on equity of 7.11% and a negative net margin of 23.47%. The company’s quarterly revenue was down 33.8% on a year-over-year basis. During the same period last year, the company earned ($0.16) EPS. On average, sell-side analysts forecast that Rowan Companies PLC will post -3.65 EPS for the current year.

A number of analysts have issued reports on the company. TheStreet raised Rowan Companies from a “d+” rating to a “c-” rating in a research note on Friday, October 5th. JPMorgan Chase & Co. downgraded Rowan Companies from an “overweight” rating to a “neutral” rating in a research note on Friday, October 12th. Credit Suisse Group raised Rowan Companies from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $16.00 to $20.00 in a research note on Monday, September 24th. HSBC downgraded Rowan Companies from a “buy” rating to a “hold” rating and set a $17.00 target price for the company. in a research note on Friday, September 21st. Finally, Royal Bank of Canada raised Rowan Companies from a “sector perform” rating to an “outperform” rating in a research report on Thursday, September 20th. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. Rowan Companies has an average rating of “Hold” and a consensus target price of $15.42.

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About Rowan Companies

Rowan Companies plc provides offshore oil and gas contract drilling services to the oil and gas industry. The company operates through Deepwater, Jack-ups, and ARO segments. The Deepwater segment operates 4 ultra-deepwater drillships. The Jack-ups segment operates 23 self-elevating jack-up rigs. The ARO segment operates 5 self-elevating jack-up rigs.

Further Reading: Asset Allocation and Your Retirement

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

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