Seadrill Ltd (SDRL) Stock Price Down 10.6%
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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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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