Hedge Funds Are Betting On Rowan Companies PLC (RDC)

As industry-wide interest jumped, key hedge funds have jumped into Rowan Companies PLC (NYSE:RDC) headfirst. HBK Investments, managed by David Costen Haley, created the most outsized position in Rowan Companies PLC (NYSE:RDC). HBK Investments had $17.2 million invested in the company at the end of the quarter. Israel Englander’s Millennium Management also initiated an $11.2 million position during the quarter. The other funds with new positions in the stock are Kenneth Tropin’s Graham Capital Management, David Keidan’s Buckingham Capital Management, and Robert Vollero and Gentry T. Beach’s Vollero Beach Capital Partners.

Let’s go over hedge fund activity in other stocks similar to Rowan Companies PLC (NYSE:RDC). We will take a look at Cavium Inc (NASDAQ:CAVM), Washington Federal Inc. (NASDAQ:WAFD), Pampa Energia S.A. (ADR) (NYSE:PAM), and FS Investment Corporation (NYSE:FSIC). This group of stocks’ market valuations are similar to RDC’s market valuation.

As you can see these stocks had an average of 14 hedge funds with bullish positions and the average amount invested in these stocks was $167 million. That figure was $413 million in RDC’s case. Cavium Inc (NASDAQ:CAVM) is the most popular stock in this table. On the other hand FS Investment Corporation (NYSE:FSIC) is the least popular one with only 3 bullish hedge fund positions. Compared to these stocks Rowan Companies PLC (NYSE:RDC) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.

Disclosure: None