Seadrill (NYSE:SDRL) Stock Price Up 4.4% – Here’s What Happened

Seadrill Limited (NYSE:SDRL)’s stock price shot up 4.4% during trading on Tuesday. The company traded as high as $49.26 and last traded at $49.0650. 37,964 shares changed hands during mid-day trading, a decline of 95% from the average session volume of 773,937 shares. The stock had previously closed at $46.99.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Capital One Financial set a $55.00 target price on Seadrill and gave the stock an “overweight” rating in a report on Wednesday, July 1st. Zacks Research raised Seadrill from a “hold” rating to a “strong-buy” rating in a research note on Monday, September 14th. Weiss Ratings upgraded Seadrill from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, October 9th. Citigroup reiterated a “neutral” rating on shares of Seadrill in a research report on Monday, September 7th. Finally, BWS Financial reiterated a “buy” rating and set a $80.00 target price on shares of Seadrill in a research report on Wednesday. Four research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Seadrill currently has an average rating of “Buy” and an average target price of $59.40.

Seadrill Price Performance

The company has a fifty day moving average price of $46.97 and a two-hundred day moving average price of $45.78. The company has a current ratio of 2.50, a quick ratio of 2.50 and a debt-to-equity ratio of 0.26. The firm has a market cap of $2.93 billion, a P/E ratio of 158.06 and a beta of 1.25.

Seadrill (NYSE:SDRL) last announced its earnings results on Monday, August 10th. The oil and gas company reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.18. Seadrill had a net margin of 0.07% and a return on equity of 0.64%. The firm had revenue of $430.00 million during the quarter, compared to analyst estimates of $388.46 million. Equities analysts anticipate that Seadrill Limited will post 0.98 earnings per share for the current year.

Hedge Funds Weigh In On Seadrill

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Elliott Investment Management L.P. raised its holdings in shares of Seadrill by 3.5% during the 1st quarter. Elliott Investment Management L.P. now owns 4,719,085 shares of the oil and gas company’s stock worth $214,718,000 after buying an additional 160,327 shares in the last quarter. BlackRock Inc. bought a new position in Seadrill in the 2nd quarter valued at approximately $207,509,000. Dimensional Fund Advisors LP increased its holdings in shares of Seadrill by 10.1% during the first quarter. Dimensional Fund Advisors LP now owns 3,553,281 shares of the oil and gas company’s stock worth $161,671,000 after buying an additional 326,835 shares in the last quarter. Goehring & Rozencwajg Associates LLC lifted its stake in shares of Seadrill by 27.6% in the 1st quarter. Goehring & Rozencwajg Associates LLC now owns 2,449,565 shares of the oil and gas company’s stock valued at $111,455,000 after acquiring an additional 529,884 shares during the last quarter. Finally, Patient Capital Management LLC acquired a new stake in shares of Seadrill during the 2nd quarter valued at $73,876,000. Institutional investors own 95.67% of the company’s stock.

About Seadrill

Seadrill Limited is an offshore drilling contractor that provides drilling services to oil and gas companies worldwide. The company operates and manages offshore drilling units, including drillships and semisubmersible rigs, used to explore for and develop oil and natural gas resources in deepwater and other challenging marine environments.

Its services include contract drilling, rig operations, well construction support and related offshore services. Seadrill’s fleet is designed to serve a range of offshore projects, with operations and contract activity spanning major energy-producing regions such as the Gulf of Mexico, Brazil, the North Sea, West Africa and other international markets.

Seadrill was founded in 2005 and has expanded through fleet development, acquisitions and strategic transactions.