Rowan Companies PLC (NYSE:RDC) shareholders have witnessed an increase in enthusiasm from smart money of late. RDC was in 32 hedge funds’ portfolios at the end of the third quarter of 2013. There were 25 hedge funds in hedge fund experts Insider Monkey’s database with RDC holdings at the end of the previous quarter.
According to North Ford Vue, “Rowan Companies PLC (NYSE:RDC) was downgraded by Zacks from a “neutral” rating to an “underperform” rating in a research report issued on Thursday, AmericanBankingNews.com reports. They currently have a $31.00 price objective on the stock.”
With all of this in mind, we’re going to take a gander at the key action regarding Rowan Companies PLC (NYSE:RDC).
What have hedge funds been doing with Rowan Companies PLC (NYSE:RDC)?
Heading into Q4, a total of 32 of the hedge funds we track held long positions in this stock, a change of 28 percent from the previous quarter. With the smart money’s positions undergoing their usual ebb and flow, there exists a few key hedge fund managers who were increasing their stakes meaningfully.
According to hedge fund experts at Insider Monkey, First Pacific Advisors LLC, managed by Robert Rodriguez and Steven Romick, holds the largest position in Rowan Companies PLC (NYSE:RDC). First Pacific Advisors LLC has a $202.7 million position in the stock, comprising 2.1 percent of its 13F portfolio. Coming in second is Citadel Investment Group, managed by Ken Griffin, which held a $85 million position; the fund has 0.1 percent of its 13F portfolio invested in the stock. Other hedge funds with similar optimism contain Phill Gross and Robert Atchinson’s Adage Capital Management, Israel Englander’s Millennium Management and Daniel Gold’s QVT Financial.
As industrywide interest jumped, specific money managers have been driving this bullishness. Long Oar Global Investors, managed by Colin Hall and James Davidson, created the most outsized position in Rowan Companies PLC (NYSE:RDC). Long Oar Global Investors had 6.4 million invested in the company at the end of the quarter. Millennium Management Subsidiary’s Green Arrow Capital Management also made a $3.5 million investment in the stock during the quarter. The following funds were also among the new RDC investors: Jay Petschek and Steven Major’s Corsair Capital Management, Peter Muller’s PDT Partners, and John Burbank’s Passport Capital.
Insider trading activity in Rowan Companies PLC (NYSE:RDC)
Insider purchases made by high-level executives is best served when the company in question has experienced transactions within the past half-year. Over the last 180-day time frame, Rowan Companies PLC (NYSE:RDC) has seen zero unique insiders purchasing, and 2 insider sales (see the details of insider trades here).
Let’s check out hedge fund and insider activity in other stocks similar to Rowan Companies PLC (NYSE:RDC). These stocks are QEP Resources Inc (NYSE:QEP), Atwood Oceanics, Inc. (NYSE:ATW), Patterson-UTI Energy, Inc. (NASDAQ:PTEN), Penn West Petroleum Ltd (USA) (NYSE:PWE), and Nabors Industries Ltd. (NYSE:NBR). All of these stocks are in the oil & gas drilling & exploration industry and their market caps are similar to RDC’s market cap.
|Company Name||# of Hedge Funds||# of Insiders Buying||# of Insiders Selling|
|QEP Resources Inc (NYSE:QEP)||27||0||2|
|Atwood Oceanics, Inc. (NYSE:ATW)||21||0||7|
|Patterson-UTI Energy, Inc. (NASDAQ:PTEN)||21||0||0|
|Penn West Petroleum Ltd (USA) (NYSE:PWE)||20||0||0|
|Nabors Industries Ltd. (NYSE:NBR)||29||2||0|
Rowan Companies PLC was the most widely held oil & gas drilling & exploration equity among the hedge funds Insider Monkey tracks at the end of the third quarter.