683 Capital Management LLC Buys Shares of 60,000 Seadrill Limited $SDRL

Key Points

• 683 Capital Management LLC has taken a new position in Seadrill Limited, purchasing 60,000 shares valued at approximately $1.5 million.
• Seadrill's shares have recently experienced a slight increase of 0.7%, with the stock currently priced at $31.92.
• Despite reporting negative earnings per share of ($0.68), the company's revenue of $377 million surpassed analysts' expectations of $365.73 million.

683 Capital Management LLC acquired a new stake in Seadrill Limited (NYSE:SDRL - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 60,000 shares of the oil and gas company's stock, valued at approximately $1,500,000. 683 Capital Management LLC owned 0.10% of Seadrill as of its most recent SEC filing.

Several other large investors have also bought and sold shares of SDRL. Adage Capital Partners GP L.L.C. raised its position in Seadrill by 22.5% in the first quarter. Adage Capital Partners GP L.L.C. now owns 4,200,535 shares of the oil and gas company's stock worth $105,013,000 after acquiring an additional 771,366 shares in the last quarter. Maverick Capital Ltd. grew its stake in shares of Seadrill by 189.0% in the 1st quarter. Maverick Capital Ltd. now owns 22,572 shares of the oil and gas company's stock worth $564,000 after purchasing an additional 14,761 shares during the last quarter. Caption Management LLC bought a new stake in shares of Seadrill in the 1st quarter worth approximately $685,000. Corsair Capital Management L.P. acquired a new stake in Seadrill during the first quarter valued at approximately $175,000. Finally, Canada Pension Plan Investment Board lifted its stake in Seadrill by 345.0% during the first quarter. Canada Pension Plan Investment Board now owns 140,346 shares of the oil and gas company's stock valued at $3,509,000 after purchasing an additional 108,810 shares during the last quarter. Institutional investors own 95.67% of the company's stock.

Seadrill Price Performance

Shares of SDRL remained flat at $32.74 during mid-day trading on Friday. The stock had a trading volume of 575,784 shares, compared to its average volume of 779,585. The company has a market cap of $2.04 billion, a P/E ratio of 29.23 and a beta of 1.62. The company has a 50-day moving average price of $29.80 and a two-hundred day moving average price of $26.14. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.87 and a current ratio of 1.87. Seadrill Limited has a one year low of $17.74 and a one year high of $42.41.

Seadrill (NYSE:SDRL - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The oil and gas company reported ($0.68) earnings per share for the quarter, missing analysts' consensus estimates of $0.68 by ($1.36). The business had revenue of $377.00 million for the quarter, compared to analysts' expectations of $365.73 million. Seadrill had a net margin of 5.68% and a return on equity of 1.58%. On average, analysts predict that Seadrill Limited will post 1.86 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have issued reports on SDRL. Fearnley Fonds lowered shares of Seadrill from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 30th. BWS Financial reissued a "buy" rating and set a $80.00 price objective on shares of Seadrill in a research note on Tuesday, May 13th. SEB Equity Research set a $33.00 target price on Seadrill in a research report on Monday, September 1st. Citigroup upped their target price on Seadrill from $36.00 to $40.00 and gave the company a "buy" rating in a report on Friday, August 29th. Finally, Zacks Research raised Seadrill to a "strong sell" rating in a research note on Tuesday, August 12th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $45.25.

About Seadrill

Seadrill Ltd. engages in the provision of offshore drilling services to the oil and gas industry. It operates through the following segments: Floaters, Jack-up rigs, and Other. The Floaters segment encompasses drilling, completion, and maintenance of offshore exploration and production wells. the Jack-up Rigs segment includes drilling contracts relate to jack-up rigs for operations in harsh and benign environments in shallow water.