American International Group Inc. Cuts Stake in Rowan Companies PLC (RDC)

American International Group Inc. lessened its position in shares of Rowan Companies PLC (NYSE:RDC) by 5.1% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 310,675 shares of the oil and gas company’s stock after selling 16,832 shares during the quarter. American International Group Inc. owned approximately 0.25% of Rowan Companies worth $3,992,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in RDC. BlackRock Inc. raised its stake in shares of Rowan Companies by 30.3% during the 2nd quarter. BlackRock Inc. now owns 14,315,633 shares of the oil and gas company’s stock worth $146,590,000 after buying an additional 3,327,747 shares during the last quarter. Northern Trust Corp raised its stake in shares of Rowan Companies by 145.7% during the 2nd quarter. Northern Trust Corp now owns 3,151,757 shares of the oil and gas company’s stock worth $32,274,000 after buying an additional 1,869,194 shares during the last quarter. Odey Asset Management Group Ltd acquired a new position in shares of Rowan Companies during the 2nd quarter worth $16,866,000. Key Group Holdings Cayman LTD. raised its stake in shares of Rowan Companies by 142.8% during the 2nd quarter. Key Group Holdings Cayman LTD. now owns 2,783,345 shares of the oil and gas company’s stock worth $28,501,000 after buying an additional 1,636,896 shares during the last quarter. Finally, State Street Corp increased its position in Rowan Companies by 24.1% during the 2nd quarter. State Street Corp now owns 5,078,230 shares of the oil and gas company’s stock worth $52,005,000 after purchasing an additional 986,257 shares in the last quarter.

Rowan Companies PLC (RDC) traded down $0.86 on Thursday, reaching $14.20. The company’s stock had a trading volume of 3,333,900 shares, compared to its average volume of 3,407,053. The company has a debt-to-equity ratio of 0.47, a current ratio of 5.80 and a quick ratio of 5.80. Rowan Companies PLC has a 52 week low of $9.02 and a 52 week high of $21.68.

Rowan Companies (NYSE:RDC) last posted its quarterly earnings results on Wednesday, November 1st. The oil and gas company reported ($0.16) EPS for the quarter, beating the consensus estimate of ($0.42) by $0.26. The company had revenue of $291.60 million during the quarter, compared to analysts’ expectations of $281.51 million. Rowan Companies had a negative return on equity of 0.61% and a negative net margin of 4.76%. The firm’s revenue was down 23.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.30 EPS. sell-side analysts forecast that Rowan Companies PLC will post -0.67 EPS for the current fiscal year.

A number of analysts recently commented on RDC shares. BMO Capital Markets set a $12.00 price objective on Rowan Companies and gave the stock a “hold” rating in a research report on Tuesday, October 17th. ValuEngine upgraded Rowan Companies from a “sell” rating to a “hold” rating in a research report on Friday, September 1st. Royal Bank Of Canada set a $14.00 price objective on Rowan Companies and gave the stock a “hold” rating in a research report on Sunday, October 8th. FBR & Co reiterated a “buy” rating on shares of Rowan Companies in a research report on Thursday, October 19th. Finally, B. Riley reiterated a “buy” rating on shares of Rowan Companies in a research report on Wednesday, November 1st. Three investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and eight have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $16.52.

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Rowan Companies 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 (NYSE:RDC)

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