92,430 Seadrill Limited $SDRL Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its Seadrill stake by 93.6% in the third quarter, selling 92,430 shares and retaining 6,366 shares valued at approximately $284,000.
• Institutional ownership remains substantial at 95.67%, although other investors made mixed moves, including significant increases by Farther Finance Advisors and GAMMA Investing.
• Seadrill recently exceeded earnings expectations, reporting $0.47 in quarterly EPS versus a $0.29 consensus estimate and $430 million in revenue. Analysts maintain an average “Buy” rating with a $59.40 price target, compared with the stock’s $52.32 opening price.

Assenagon Asset Management S.A. reduced its position in shares of Seadrill Limited (NYSE:SDRL - Free Report) by 93.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,366 shares of the oil and gas company's stock after selling 92,430 shares during the period. Assenagon Asset Management S.A.'s holdings in Seadrill were worth $284,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Contravisory Investment Management Inc. raised its position in shares of Seadrill by 16.0% in the third quarter. Contravisory Investment Management Inc. now owns 7,985 shares of the oil and gas company's stock valued at $357,000 after purchasing an additional 1,103 shares during the period. GAMMA Investing LLC grew its stake in Seadrill by 38.2% during the third quarter. GAMMA Investing LLC now owns 2,523 shares of the oil and gas company's stock valued at $113,000 after acquiring an additional 698 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in Seadrill by 137.1% during the 3rd quarter. Farther Finance Advisors LLC now owns 17,519 shares of the oil and gas company's stock worth $783,000 after acquiring an additional 10,129 shares during the period. Engineers Gate Manager LP lifted its stake in Seadrill by 7.2% in the 2nd quarter. Engineers Gate Manager LP now owns 23,772 shares of the oil and gas company's stock worth $899,000 after purchasing an additional 1,592 shares in the last quarter. Finally, Integrated Wealth Concepts LLC purchased a new stake in Seadrill in the 2nd quarter worth approximately $92,000. 95.67% of the stock is owned by hedge funds and other institutional investors.

Seadrill Price Performance

SDRL opened at $52.32 on Friday. The stock has a fifty day simple moving average of $47.34 and a two-hundred day simple moving average of $45.93. 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 company has a market cap of $3.27 billion, a price-to-earnings ratio of 158.68 and a beta of 1.25. 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 released 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 for the quarter, compared to the consensus estimate of $388.46 million. Research analysts predict that Seadrill Limited will post 0.63 earnings per share for the current fiscal year.

Analyst Ratings Changes

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

Seadrill Profile

Seadrill Limited NYSE: SDRL is an offshore drilling contractor that provides drilling services to oil and gas companies. The company operates a fleet of mobile offshore drilling units, including ultra-deepwater drillships and semisubmersible rigs, which are used to explore for and develop hydrocarbon resources beneath the seabed.

Seadrill's services include contract drilling, rig operations, well construction support and related offshore services. Its modern, high-specification fleet is designed to work in challenging deepwater and harsh-environment locations.

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