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

SDRL has been the topic of a number of recent research reports. Societe Generale lowered Seadrill from a “hold” rating to a “sell” rating in a research report on Wednesday, May 31st. Zacks Investment Research upgraded Seadrill from a “hold” rating to a “buy” rating and set a $0.50 price objective on the stock in a research report on Tuesday, June 20th.

The company has a 50 day moving average of $0.31 and a 200-day moving average of $0.70. The company’s market cap is $116.07 million.

Several hedge funds have recently made changes to their positions in the business. Commerzbank Aktiengesellschaft FI grew its stake in shares of Seadrill by 2.1% in the 2nd 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 during the last quarter. OxFORD Asset Management LLP purchased a new position in shares of Seadrill in the 2nd quarter valued at approximately $196,000. Van ECK Associates Corp grew its stake in shares of Seadrill by 23.7% in the 2nd 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 during the last quarter. LMR Partners LLP grew its stake in shares of Seadrill by 2,004.1% in the 2nd 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 during the last quarter. Finally, Shah Capital Management grew its stake in shares of Seadrill by 36.3% in the 2nd 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 during the last quarter.

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Seadrill Company Profile

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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