Profund Advisors LLC Decreases Stake in Rowan Companies PLC (RDC)

Profund Advisors LLC reduced its holdings in shares of Rowan Companies PLC (NYSE:RDC) by 18.9% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 24,160 shares of the oil and gas company’s stock after selling 5,616 shares during the quarter. Profund Advisors LLC’s holdings in Rowan Companies PLC were worth $247,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of RDC. Comerica Bank grew its stake in shares of Rowan Companies PLC by 4.3% during the 1st quarter. Comerica Bank now owns 104,561 shares of the oil and gas company’s stock worth $1,464,000 after acquiring an additional 4,333 shares in the last quarter. Swiss National Bank grew its stake in shares of Rowan Companies PLC by 1.6% during the 1st quarter. Swiss National Bank now owns 196,000 shares of the oil and gas company’s stock worth $3,054,000 after acquiring an additional 3,100 shares in the last quarter. UBS Asset Management Americas Inc. grew its stake in shares of Rowan Companies PLC by 150.4% during the 1st quarter. UBS Asset Management Americas Inc. now owns 201,515 shares of the oil and gas company’s stock worth $3,140,000 after acquiring an additional 121,050 shares in the last quarter. Ameriprise Financial Inc. grew its stake in shares of Rowan Companies PLC by 3.2% during the 1st quarter. Ameriprise Financial Inc. now owns 359,196 shares of the oil and gas company’s stock worth $5,596,000 after acquiring an additional 11,029 shares in the last quarter. Finally, SG Americas Securities LLC grew its stake in shares of Rowan Companies PLC by 113.9% during the 1st quarter. SG Americas Securities LLC now owns 35,441 shares of the oil and gas company’s stock worth $552,000 after acquiring an additional 18,872 shares in the last quarter.

Rowan Companies PLC (NYSE:RDC) last announced its quarterly earnings results on Wednesday, August 2nd. The oil and gas company reported ($0.25) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.30) by $0.05. Rowan Companies PLC had a positive return on equity of 0.51% and a negative net margin of 2.62%. The business had revenue of $320.20 million during the quarter, compared to the consensus estimate of $296.87 million. During the same quarter in the prior year, the company posted $0.75 earnings per share. Rowan Companies PLC’s revenue was down 47.7% compared to the same quarter last year.

Several equities analysts have recently weighed in on the stock. Nomura decreased their price target on shares of Rowan Companies PLC from $14.00 to $13.00 and set a “neutral” rating for the company in a research note on Thursday, August 3rd. Bank of America Corporation cut shares of Rowan Companies PLC from a “neutral” rating to an “underperform” rating in a research note on Friday, June 30th. Seaport Global Securities downgraded Rowan Companies PLC from a “neutral” rating to a “sell” rating and cut their price objective for the company from $12.00 to $10.00 in a report on Wednesday, June 21st. BidaskClub downgraded Rowan Companies PLC from a “sell” rating to a “strong sell” rating in a report on Friday, June 23rd. Finally, BMO Capital Markets reissued a “hold” rating and issued a $15.00 price objective on shares of Rowan Companies PLC in a report on Thursday, June 22nd. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating and five have given a buy rating to the company’s stock. Rowan Companies PLC has an average rating of “Hold” and a consensus price target of $16.38.

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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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