Cubic Asset Management LLC Holds Position in Rowan Companies PLC (RDC)

Cubic Asset Management LLC maintained its position in shares of Rowan Companies PLC (NYSE:RDC) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 21,500 shares of the oil and gas company’s stock at the end of the second quarter. Cubic Asset Management LLC’s holdings in Rowan Companies PLC were worth $220,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Neuberger Berman Group LLC boosted its position in shares of Rowan Companies PLC by 0.5% in the first quarter. Neuberger Berman Group LLC now owns 10,237 shares of the oil and gas company’s stock worth $159,000 after buying an additional 55 shares in the last quarter. LS Investment Advisors LLC boosted its position in shares of Rowan Companies PLC by 24.8% in the second quarter. LS Investment Advisors LLC now owns 10,330 shares of the oil and gas company’s stock worth $106,000 after buying an additional 2,050 shares in the last quarter. Renaissance Group LLC bought a new position in shares of Rowan Companies PLC during the first quarter worth approximately $163,000. Meeder Asset Management Inc. bought a new position in shares of Rowan Companies PLC during the first quarter worth approximately $189,000. Finally, Parkwood LLC bought a new position in shares of Rowan Companies PLC during the first quarter worth approximately $198,000.

Rowan Companies PLC (RDC) opened at 9.33 on Friday. The company’s market capitalization is $1.18 billion. Rowan Companies PLC has a 12-month low of $9.05 and a 12-month high of $21.68. The stock’s 50 day moving average price is $10.74 and its 200 day moving average price is $13.67.

Rowan Companies PLC (NYSE:RDC) last announced its quarterly earnings results on Wednesday, August 2nd. The oil and gas company reported ($0.25) EPS for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.05. The firm had revenue of $320.20 million during the quarter, compared to analysts’ expectations of $296.87 million. Rowan Companies PLC had a negative net margin of 2.62% and a positive return on equity of 0.51%. The company’s revenue for the quarter was down 47.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.75 earnings per share. On average, equities research analysts anticipate that Rowan Companies PLC will post ($0.95) earnings per share for the current fiscal year.

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Several research firms recently commented on RDC. BMO Capital Markets set a $12.00 price target on Rowan Companies PLC and gave the stock a “hold” rating in a research note on Saturday, August 5th. Nomura cut their price target on Rowan Companies PLC from $14.00 to $13.00 and set a “neutral” rating on the stock in a research note on Thursday, August 3rd. Cowen and Company reiterated a “hold” rating and issued a $15.00 price target on shares of Rowan Companies PLC in a research note on Thursday, August 3rd. TheStreet cut Rowan Companies PLC from a “c” rating to a “d” rating in a research note on Wednesday, August 2nd. Finally, Barclays PLC reiterated a “hold” rating and issued a $14.00 price target on shares of Rowan Companies PLC in a research note on Friday, August 4th. Four investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $16.37.

About Rowan Companies PLC

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.

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

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