Schwab Charles Investment Management Inc. cut its holdings in shares of Rowan Companies PLC (NYSE:RDC) by 23.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,550,148 shares of the oil and gas company’s stock after selling 477,762 shares during the period. Schwab Charles Investment Management Inc. owned about 1.23% of Rowan Companies worth $19,920,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. Wedbush Securities Inc. purchased a new stake in shares of Rowan Companies during the third quarter worth approximately $135,000. Smith Salley & Associates purchased a new stake in shares of Rowan Companies during the third quarter worth approximately $146,000. LMR Partners LLP purchased a new stake in shares of Rowan Companies during the third quarter worth approximately $165,000. Sciencast Management LP increased its stake in shares of Rowan Companies by 10.0% during the second quarter. Sciencast Management LP now owns 13,094 shares of the oil and gas company’s stock worth $134,000 after buying an additional 1,190 shares during the period. Finally, Pacad Investment Ltd. purchased a new stake in shares of Rowan Companies during the second quarter worth approximately $138,000.
A number of analysts recently weighed in on the stock. ValuEngine upgraded shares of Rowan Companies from a “sell” rating to a “hold” rating in a research note on Friday, December 1st. Zacks Investment Research lowered shares of Rowan Companies from a “buy” rating to a “hold” rating in a research note on Friday, November 17th. UBS upped their target price on shares of Rowan Companies from $15.00 to $18.00 and gave the stock a “buy” rating in a research note on Monday, November 6th. B. Riley restated a “buy” rating on shares of Rowan Companies in a research note on Wednesday, November 1st. Finally, Jefferies Group restated a “hold” rating and set a $15.00 target price on shares of Rowan Companies in a research note on Friday, November 3rd. Three investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and eight have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $16.52.
Rowan Companies (NYSE:RDC) last announced its quarterly earnings results on Wednesday, November 1st. The oil and gas company reported ($0.16) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.42) by $0.26. The company had revenue of $291.60 million for the quarter, compared to analyst estimates of $281.51 million. Rowan Companies had a negative net margin of 4.76% and a negative return on equity of 0.61%. The firm’s revenue was down 23.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.30 earnings per share. research analysts forecast that Rowan Companies PLC will post -0.65 EPS for the current year.
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Rowan Companies Company 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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