BlackRock Inc. Purchases New Position in Seadrill Limited $SDRL

Key Points

• BlackRock acquired 5.49 million Seadrill shares worth approximately $207.5 million, giving it an 8.77% stake. Institutional investors collectively own 95.67% of the company.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $55.00; individual targets range from $55 to $80.
• Seadrill reported quarterly EPS of $0.47, beating estimates of $0.29, while revenue of $430 million exceeded expectations of $388.46 million. The stock recently opened at $48.50, within its 52-week range of $28.10 to $55.47.

BlackRock Inc. purchased a new stake in shares of Seadrill Limited (NYSE:SDRL - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 5,486,757 shares of the oil and gas company's stock, valued at approximately $207,509,000. BlackRock Inc. owned about 8.77% of Seadrill at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Schf GPE LLC bought a new stake in shares of Seadrill during the 2nd quarter valued at about $60,132,000. Elliott Investment Management L.P. raised its stake in Seadrill by 23.1% in the fourth quarter. Elliott Investment Management L.P. now owns 4,558,758 shares of the oil and gas company's stock worth $157,733,000 after buying an additional 855,012 shares in the last quarter. Thomist Capital Management LP lifted its holdings in Seadrill by 44.6% in the fourth quarter. Thomist Capital Management LP now owns 1,835,718 shares of the oil and gas company's stock worth $63,387,000 after buying an additional 566,419 shares during the period. Goehring & Rozencwajg Associates LLC lifted its holdings in Seadrill by 27.6% in the first quarter. Goehring & Rozencwajg Associates LLC now owns 2,449,565 shares of the oil and gas company's stock worth $111,455,000 after buying an additional 529,884 shares during the period. Finally, Barclays PLC boosted its position in Seadrill by 123.2% during the 4th quarter. Barclays PLC now owns 704,039 shares of the oil and gas company's stock valued at $24,360,000 after acquiring an additional 388,634 shares in the last quarter. Hedge funds and other institutional investors own 95.67% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the company. Capital One Financial set a $55.00 target price on Seadrill and gave the stock an "overweight" rating in a research report on Wednesday, July 1st. Weiss Ratings reiterated a "sell (d+)" rating on shares of Seadrill in a report on Tuesday, June 30th. Barclays raised Seadrill from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $41.00 to $59.00 in a research report on Thursday, May 7th. BWS Financial reaffirmed a "buy" rating and issued a $80.00 target price on shares of Seadrill in a research report on Tuesday, August 11th. Finally, Fearnley Fonds upgraded shares of Seadrill from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, May 12th. Three equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $55.00.

Seadrill Price Performance

SDRL opened at $48.50 on Friday. The firm has a market cap of $3.03 billion, a PE ratio of 1,616.73 and a beta of 1.21. The stock has a 50-day moving average price of $42.92 and a 200-day moving average price of $44.89. Seadrill Limited has a 1 year low of $28.10 and a 1 year high of $55.47. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.50 and a quick ratio of 2.50.

Seadrill (NYSE:SDRL - Get Free Report) last posted its quarterly earnings results on Monday, August 10th. The oil and gas company reported $0.47 EPS for the quarter, beating 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 analysts' expectations of $388.46 million. Sell-side analysts predict that Seadrill Limited will post 0.37 earnings per share for the current fiscal year.

Seadrill Profile

Seadrill Limited, trading on the New York Stock Exchange under the symbol SDRL, is a leading provider of offshore drilling services to the global oil and gas industry. The company specializes in the design, construction, deployment and operation of mobile offshore drilling units, serving major exploration and production companies with turnkey drilling solutions.

Seadrill’s fleet comprises ultra-deepwater drillships, semi-submersible rigs and high-specification jack-up units capable of operating in some of the world’s most challenging offshore environments.

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