Patient Capital Management LLC Makes New Investment in Seadrill Limited $SDRL

Key Points

• Patient Capital Management purchased 1.95 million Seadrill shares worth approximately $73.9 million, giving it a 3.12% stake and making SDRL its 19th-largest holding.
• Institutional ownership remains high at 95.67%, with BlackRock making a sizable new investment and several other major funds increasing their positions.
• Analysts have a consensus “Moderate Buy” rating with a $55 price target; Seadrill recently beat quarterly earnings and revenue expectations, while shares opened at $47.39.

Patient Capital Management LLC purchased a new stake in Seadrill Limited (NYSE:SDRL - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 1,953,355 shares of the oil and gas company's stock, valued at approximately $73,876,000. Seadrill accounts for 2.4% of Patient Capital Management LLC's holdings, making the stock its 19th biggest position. Patient Capital Management LLC owned approximately 3.12% of Seadrill at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of SDRL. BlackRock Inc. acquired a new stake in shares of Seadrill in the second quarter worth approximately $207,509,000. Elliott Investment Management L.P. grew its holdings in Seadrill by 3.5% in the first quarter. Elliott Investment Management L.P. now owns 4,719,085 shares of the oil and gas company's stock valued at $214,718,000 after purchasing an additional 160,327 shares during the period. Vanguard Group Inc. increased its position in Seadrill by 0.6% during the fourth quarter. Vanguard Group Inc. now owns 3,807,933 shares of the oil and gas company's stock worth $131,754,000 after purchasing an additional 23,672 shares during the last quarter. Dimensional Fund Advisors LP increased its position in 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 purchasing an additional 326,835 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. raised its stake in Seadrill by 12.0% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 3,484,940 shares of the oil and gas company's stock worth $120,579,000 after purchasing an additional 373,176 shares during the period. Institutional investors and hedge funds own 95.67% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SDRL. Barclays upgraded shares of Seadrill from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $41.00 to $59.00 in a 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. Capital One Financial set a $55.00 price target on Seadrill and gave the company an "overweight" rating in a research report on Wednesday, July 1st. Zacks Research upgraded Seadrill from a "strong sell" rating to a "hold" rating in a report on Tuesday, April 28th. Finally, Fearnley Fonds upgraded Seadrill from a "hold" rating to a "strong-buy" rating in a report on Tuesday, May 12th. Three equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $55.00.

Seadrill Stock Up 0.2%

Shares of Seadrill stock opened at $47.39 on Monday. Seadrill Limited has a twelve month low of $28.10 and a twelve month high of $55.47. The stock has a market cap of $2.96 billion, a price-to-earnings ratio of 1,579.67 and a beta of 1.21. 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 fifty day moving average price of $42.37 and a 200 day moving average price of $44.66.

Seadrill (NYSE:SDRL - Get Free Report) last released its quarterly earnings data on Monday, August 10th. The oil and gas company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.29 by $0.18. The company had revenue of $430.00 million for the quarter, compared to analyst estimates of $388.46 million. Seadrill had a return on equity of 0.64% and a net margin of 0.07%. Equities research analysts forecast that Seadrill Limited will post 0.37 earnings per share for the current fiscal year.

Seadrill Company 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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