Seadrill Ltd (NASDAQ:SDRL) shares dropped 10.6% on Wednesday . The company traded as low as $0.27 and last traded at $0.29. Approximately 14,660,656 shares changed hands during trading, an increase of 100% from the average daily volume of 7,347,480 shares. The stock had previously closed at $0.32.

A number of analysts have issued reports on SDRL shares. Zacks Investment Research upgraded shares of Seadrill from a “hold” rating to a “buy” rating and set a $0.50 price target on the stock in a report on Tuesday, June 20th. Societe Generale downgraded shares of Seadrill from a “hold” rating to a “sell” rating in a report on Wednesday, May 31st. Four equities research analysts have rated the stock with a sell rating and one has given a hold rating to the company’s stock. The company currently has a consensus rating of “Sell” and a consensus target price of $0.75.

The company’s market cap is $144.78 million. The stock’s 50 day moving average price is $0.32 and its 200 day moving average price is $0.71.

A number of institutional investors and hedge funds have recently bought and sold shares of SDRL. Shah Capital Management lifted its holdings in Seadrill by 36.3% during the second quarter. Shah Capital Management now owns 7,089,967 shares of the company’s stock valued at $2,556,000 after purchasing an additional 1,887,000 shares in the last quarter. LMR Partners LLP lifted its holdings in Seadrill by 2,004.1% during the second quarter. LMR Partners LLP now owns 1,597,477 shares of the company’s stock valued at $576,000 after purchasing an additional 1,521,556 shares in the last quarter. Van ECK Associates Corp lifted its holdings in Seadrill by 23.7% during the second quarter. Van ECK Associates Corp now owns 7,128,920 shares of the company’s stock valued at $2,571,000 after purchasing an additional 1,366,977 shares in the last quarter. OxFORD Asset Management LLP purchased a new position in Seadrill during the second quarter valued at $196,000. Finally, Commerzbank Aktiengesellschaft FI lifted its holdings in Seadrill by 2.1% during the second quarter. Commerzbank Aktiengesellschaft FI now owns 396,276 shares of the company’s stock valued at $143,000 after purchasing an additional 8,067 shares in the last quarter.

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About Seadrill

Seadrill Limited is an offshore drilling contractor providing offshore drilling services to the oil and gas industry. The Company’s primary business is the ownership and operation of drillships, semi-submersible rigs and jack-up rigs for operations in shallow-, mid-, deep-, and ultra deepwater areas, and in benign and harsh environments.

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