Short Interest Update on Rowan Companies plc (RDC)

Rowan Companies plc (RDC) : The traders have covered their outstanding shorts in Rowan Companies plc (RDC) to the tune of -2,058,193 shares, a change of -9.8%. As on Jul 29, 2016, the outstanding shorts on the stock were 21,023,343 shares, however, by August 15, 2016, the shorts had reduced to 18,965,150 shares. The covering shows that the traders dont believe that a large downside exists in the stock from current levels. The open short positions equal 15.3% of the free float of the stock. It takes 5 days to cover the outstanding short positions. The stock has an average daily volume of 4,059,446 shares. The short interest information was released on Wednesday Aug 24th after the market close.

Rowan Companies plc (NYSE:RDC): The stock opened at $13.01 on Wednesday but the bulls could not build on the opening and the stock topped out at $13.35 for the day. The stock traded down to $13.01 during the day, due to lack of any buying support eventually closed down at $13.09 with a loss of -0.38% for the day. The stock had closed at $13.14 on the previous day. The total traded volume was 3,214,647 shares.


In a related news, According to the information disclosed by the Securities and Exchange Commission in a Form 4 filing, the director of Rowan Companies Plc, Sandvold Tore I, had purchased 5,000 shares in a transaction dated on May 19, 2015. The transaction was executed at $22.29 per share with total amount equaling $111,450.

Rowan Companies plc (Rowan) is a provider of international and domestic offshore oil and gas contract drilling services. Its operation broadly consists of Drilling Fleet and Contracts. It has a fleet of 30 self-elevating mobile offshore jack-up drilling units and four ultra-deepwater drillships. It conducts offshore drilling operations in the United States Gulf of Mexico (US GOM), the United Kingdom (UK) and Norwegian sectors of the North Sea, the Middle East, West and North Africa, Southeast Asia and Trinidad. The Companys jack-ups are capable of drilling wells to depths ranging from 25,000 to 40,000 feet and in water depths ranging from 250 to 550 feet. Its ultra-deepwater drillships are capable of drilling wells to depths of 40,000 feet and in water depths of 12,000 feet. The Companys drilling contracts provide for a fixed amount of compensation per day, and are either well-to-well, multiple-well or fixed-term generally ranging from one month to several years.

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