BlackRock Advisors LLC increased its stake in shares of Rowan Cos. (NYSE:RDC) by 1.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 143,105 shares of the company’s stock after buying an additional 1,843 shares during the period. BlackRock Advisors LLC’s holdings in Rowan Cos. were worth $2,169,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. LS Investment Advisors LLC increased its stake in shares of Rowan Cos. by 75.6% in the second quarter. LS Investment Advisors LLC now owns 7,582 shares of the company’s stock valued at $134,000 after buying an additional 3,265 shares during the period. Tower Research Capital LLC TRC increased its stake in shares of Rowan Cos. by 91.3% in the second quarter. Tower Research Capital LLC TRC now owns 7,666 shares of the company’s stock valued at $135,000 after buying an additional 3,658 shares during the period. Rational Advisors LLC acquired a new stake in shares of Rowan Cos. during the second quarter valued at about $143,000. Oakbrook Investments LLC acquired a new stake in shares of Rowan Cos. during the third quarter valued at about $174,000. Finally, Bank of Hawaii acquired a new stake in shares of Rowan Cos. during the second quarter valued at about $179,000.
Shares of Rowan Cos. (NYSE:RDC) traded down 1.30% during trading on Thursday, reaching $18.91. The company’s stock had a trading volume of 1,588,161 shares. The stock has a 50-day moving average of $19.41 and a 200-day moving average of $15.77. Rowan Cos. has a 52-week low of $10.67 and a 52-week high of $21.68. The stock has a market cap of $2.37 billion, a P/E ratio of 5.09 and a beta of 1.73.
Rowan Cos. (NYSE:RDC) last issued its quarterly earnings data on Tuesday, November 1st. The company reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.32. The firm earned $379.40 million during the quarter, compared to analyst estimates of $362.38 million. Rowan Cos. had a return on equity of 7.52% and a net margin of 23.15%. The company’s revenue for the quarter was down 30.4% on a year-over-year basis. During the same period in the previous year, the company posted $0.89 EPS. Analysts predict that Rowan Cos. will post $2.00 earnings per share for the current fiscal year.
A number of research analysts recently issued reports on the company. Credit Suisse Group AG downgraded Rowan Cos. from an “outperform” rating to a “neutral” rating and decreased their price objective for the stock from $15.00 to $13.00 in a report on Friday, September 23rd. Zephirin Group reiterated a “buy” rating and set a $22.00 price objective (up from $20.00) on shares of Rowan Cos. in a report on Tuesday, December 27th. FBR & Co decreased their price objective on Rowan Cos. from $25.00 to $16.00 and set an “outperform” rating for the company in a report on Thursday, November 3rd. Seaport Global Securities downgraded Rowan Cos. from a “buy” rating to a “neutral” rating and set a $15.00 price objective for the company. in a report on Friday, October 7th. Finally, Societe Generale upgraded Rowan Cos. from a “sell” rating to a “hold” rating and set a $14.00 price objective for the company in a report on Thursday, November 3rd. Four analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and nine have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $17.20.
About Rowan Cos.
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. Its fleet consists of approximately 30 mobile offshore drilling units, including self-elevating jack-up rigs and ultra-deepwater drillships.
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