Meeder Asset Management Inc. Invests $189,000 in Rowan Companies PLC (RDC)

Meeder Asset Management Inc. acquired a new position in shares of Rowan Companies PLC (NYSE:RDC) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 12,190 shares of the oil and gas company’s stock, valued at approximately $189,000.

Other institutional investors have also recently bought and sold shares of the company. Luminus Management LLC purchased a new position in Rowan Companies PLC during the fourth quarter worth $48,498,000. Norges Bank purchased a new position in Rowan Companies PLC during the fourth quarter worth $29,506,000. Franklin Resources Inc. raised its position in Rowan Companies PLC by 77.8% in the fourth quarter. Franklin Resources Inc. now owns 2,438,264 shares of the oil and gas company’s stock worth $46,059,000 after buying an additional 1,066,584 shares in the last quarter. Laurion Capital Management LP raised its position in Rowan Companies PLC by 120.9% in the first quarter. Laurion Capital Management LP now owns 125,546 shares of the oil and gas company’s stock worth $1,956,000 after buying an additional 724,846 shares in the last quarter. Finally, Thrivent Financial For Lutherans raised its position in Rowan Companies PLC by 30.2% in the first quarter. Thrivent Financial For Lutherans now owns 2,014,830 shares of the oil and gas company’s stock worth $31,391,000 after buying an additional 467,760 shares in the last quarter.

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

Shares of Rowan Companies PLC (NYSE:RDC) traded down 4.85% on Tuesday, hitting $11.39. 2,343,058 shares of the stock traded hands. The stock has a market cap of $1.44 billion, a price-to-earnings ratio of 6.95 and a beta of 1.75. The stock has a 50-day moving average price of $12.89 and a 200 day moving average price of $16.26. Rowan Companies PLC has a 12-month low of $11.19 and a 12-month high of $21.68.

Rowan Companies PLC (NYSE:RDC) last released its quarterly earnings results on Tuesday, May 2nd. The oil and gas company reported $0.07 EPS for the quarter, missing the Zacks’ consensus estimate of $0.13 by $0.06. Rowan Companies PLC had a net margin of 2.75% and a return on equity of 0.79%. The firm had revenue of $374.30 million during the quarter, compared to the consensus estimate of $358.01 million. During the same period in the prior year, the business earned $0.98 EPS. The company’s revenue for the quarter was down 25.2% compared to the same quarter last year. On average, analysts anticipate that Rowan Companies PLC will post ($0.99) earnings per share for the current fiscal year.

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Several equities analysts recently commented on the stock. ValuEngine raised shares of Rowan Companies PLC from a “hold” rating to a “buy” rating in a research report on Saturday, May 27th. Fearnley Fonds raised shares of Rowan Companies PLC to a “buy” rating in a research report on Friday, April 28th. Clarkson Capital raised shares of Rowan Companies PLC from a “neutral” rating to a “buy” rating and set a $20.00 price target for the company in a research report on Tuesday, May 30th. BMO Capital Markets set a $15.00 price target on shares of Rowan Companies PLC and gave the stock a “hold” rating in a research report on Tuesday, April 18th. Finally, Deutsche Bank AG dropped their price target on shares of Rowan Companies PLC from $17.00 to $16.00 and set a “hold” rating for the company in a research report on Wednesday, May 3rd. Three investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and eight have assigned a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $18.25.

Rowan Companies PLC 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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