Company shares last traded at $14.33 which is quite a bit above the 50 day moving average which is $12.71 and which is significantly above the 200 day moving average of $11.94. The 50 day moving average moved up $1.62 and the 200 day average was up $2.39. (NYSE:RDC) shares saw light trading volume with 3,102K shares changing hands on Tuesday. Trading volume was down 6.83% under the stocks average daily volume.
Traders are feeling more bullish on shares of Rowan Companies plc Class A Ord at least if you consider the downtick in short interest. The stock had a fall in short interest of -1.27% as of the latest report on October 13, 2017. Short shares fell from 23,586,245 to 23,286,964 over that period. With short interest at 23,286,964 and short average daily volume at 2,828,024, days to cover is 8.0 and the percentage of shorted shares was 0.18% on October 13.
The following firms have recently changed their position in RDC. As of quarter end Nationwide Fund Advisors had disposed of a total of 33,527 shares trimming its stake by 9.1%. The value of the company’s investment in Rowan Companies plc Class A Ord went from $3,762,000 to $4,290,000 a change of 14.0% since the last quarter. Cubic Asset Management, LLC trimmed its holdings by selling 5,000 shares a decrease of 23.3%. Cubic Asset Management, LLC claims 16,500 shares with a value of $212,000. The value of the position overall is down by 3.6%.
As of the end of the quarter Aperio Group, LLC had sold 3,362 shares trimming its holdings by 2.8%. The value of the investment in RDC increased from $1,214,000 to $1,481,000 a change of $267,000 quarter over quarter. State Of New Jersey Common Pension Fund D reduced its position by shedding 106,600 shares a decrease of 33.8% in the quarter. State Of New Jersey Common Pension Fund D now holds 208,400 shares worth $2,678,000. The total value of its holdings decreased 17.0%.
On August 3 Nomura kept the stock rating at “Neutral” but lowered the price expectation to $13.00 from $14.00. On August 25 the stock rating was upgraded from “Sector Perform” to “Sector Perform” by RBC Capital.
On September 25 the company was rated “Buy” by UBS which is up from the previous “Neutral” rating. On October 19, 2017 HSBC added the stock to its research portfolio with a rating of “Buy”.
As of the latest earnings report the EPS was $-0.30 and is expected to be $-0.91 for the current year with 126,240,000 shares now outstanding. Next quarter’s EPS is expected be $-0.34 with next year’s EPS anticipated to be $-2.44.
Rowan Companies plc, launched on October 11, 2011, 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 Business’s fleet consisted of 29 mobile offshore drilling units, including 25 self-elevating jack-up rigs and four ultra-deepwater drillships. The Business’s fleet operates across the world, including the United States Gulf of Mexico (US GOM), the United Kingdom and Norwegian sectors of the North Sea, the Middle East and Trinidad. Rowan Companies Inc. is the subsidiary of the Company..Advertisement