512,753 Shares in Seadrill Limited $SDRL Bought by Bank of America Corp DE

Key Points

• Bank of America acquired 512,753 Seadrill shares worth approximately $19.4 million, giving it a 0.82% stake. Institutional investors collectively owned 95.67% of the company.
• Seadrill exceeded quarterly expectations, reporting $0.47 in earnings per share versus the $0.29 consensus estimate and revenue of $430 million versus $388.46 million expected.
• Analyst sentiment is generally positive, with an average “Buy” rating and a $59.40 average price target, compared with the stock’s reported price of $46.49.

Bank of America Corp DE acquired a new stake in Seadrill Limited (NYSE:SDRL - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 512,753 shares of the oil and gas company's stock, valued at approximately $19,392,000. Bank of America Corp DE owned 0.82% of Seadrill at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. BlackRock Inc. acquired a new position in Seadrill in the second quarter valued at $207,509,000. Patient Capital Management LLC purchased a new position in shares of Seadrill during the second quarter worth about $73,876,000. Webs Creek Capital Management LP purchased a new position in shares of Seadrill during the second quarter worth about $49,368,299. Goehring & Rozencwajg Associates LLC increased its position in 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 period. Finally, Man Group plc acquired a new position in Seadrill in the 2nd quarter valued at about $14,634,000. 95.67% of the stock is currently owned by hedge funds and other institutional investors.

Seadrill Stock Performance

Shares of SDRL stock opened at $46.49 on Friday. 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 stock has a 50 day simple moving average of $46.27 and a 200-day simple moving average of $45.60. The company has a market cap of $2.91 billion, a price-to-earnings ratio of 1,549.80 and a beta of 1.22. Seadrill Limited has a 12-month low of $28.10 and a 12-month high of $55.47.

Seadrill (NYSE:SDRL - Get Free Report) last posted its quarterly earnings results on Monday, August 10th. The oil and gas company reported $0.47 earnings per share for the quarter, beating analysts' consensus estimates of $0.29 by $0.18. The firm had revenue of $430.00 million for the quarter, compared to the consensus estimate of $388.46 million. Seadrill had a return on equity of 0.64% and a net margin of 0.07%. On average, equities analysts forecast that Seadrill Limited will post 0.47 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have commented on the company. BWS Financial reaffirmed a "buy" rating and set a $80.00 price objective on shares of Seadrill in a research note on Tuesday, August 11th. Weiss Ratings reissued a "sell (d+)" rating on shares of Seadrill in a report on Tuesday, June 30th. Zacks Research upgraded Seadrill from a "hold" rating to a "strong-buy" rating in a research note on Monday, September 14th. Capital One Financial set a $55.00 price target on Seadrill and gave the stock an "overweight" rating in a research note on Wednesday, July 1st. Finally, Citigroup reaffirmed a "neutral" rating on shares of Seadrill in a report on Monday, September 7th. Four investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $59.40.

Seadrill Profile

Seadrill Limited is an offshore drilling contractor that provides drilling services to international oil and gas companies. The company operates and manages offshore drilling units, including drillships and semisubmersible rigs, for exploration, development and production projects in deepwater and harsh-environment locations.

Its services include contract drilling, rig operations, well construction support and related offshore services. Seadrill's activities have historically covered major offshore energy regions such as the North Sea, the Gulf of Mexico, Brazil and other markets in the Atlantic and international offshore basins.

Founded in 2005 and headquartered in Hamilton, Bermuda, Seadrill has expanded through fleet investments and industry transactions.

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