Seadrill Limited $SDRL Holdings Boosted by Elliott Investment Management L.P.

Key Points

• Elliott Investment Management increased its Seadrill stake by 3.5% in the first quarter, owning 4.72 million shares valued at approximately $214.7 million, or 7.55% of the company. Institutional investors collectively own 95.67% of Seadrill.
• Seadrill shares were trading down 4.4% at $42.95, below the company’s 50-day and 200-day moving averages. The company reported quarterly revenue of $358 million but missed earnings expectations, posting a loss of $0.11 per share.
• Analyst sentiment remains positive, with a consensus rating of “Moderate Buy” and an average price target of $55.00. Recent upgrades included Barclays raising its target to $59 and BTIG lifting its target to $55.

Elliott Investment Management L.P. increased its holdings in Seadrill Limited (NYSE:SDRL - Free Report) by 3.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,719,085 shares of the oil and gas company's stock after buying an additional 160,327 shares during the period. Seadrill comprises approximately 1.1% of Elliott Investment Management L.P.'s investment portfolio, making the stock its 10th biggest holding. Elliott Investment Management L.P. owned about 7.55% of Seadrill worth $214,718,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Schf GPE LLC purchased a new position in shares of Seadrill in the 2nd quarter valued at $60,132,000. Thomist Capital Management LP boosted its position in Seadrill by 44.6% during the fourth quarter. Thomist Capital Management LP now owns 1,835,718 shares of the oil and gas company's stock valued at $63,387,000 after purchasing an additional 566,419 shares in the last quarter. Goehring & Rozencwajg Associates LLC boosted its position in Seadrill by 27.6% during the first 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 purchasing an additional 529,884 shares in the last quarter. Barclays PLC grew its stake in Seadrill by 123.2% in the fourth quarter. Barclays PLC now owns 704,039 shares of the oil and gas company's stock valued at $24,360,000 after purchasing an additional 388,634 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. grew its stake in Seadrill by 12.0% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 3,484,940 shares of the oil and gas company's stock valued at $120,579,000 after purchasing an additional 373,176 shares during the last quarter. Hedge funds and other institutional investors own 95.67% of the company's stock.

Seadrill Trading Down 4.4%

Shares of NYSE:SDRL opened at $42.95 on Tuesday. The business's 50-day moving average is $43.48 and its 200 day moving average is $43.54. Seadrill Limited has a 1 year low of $27.40 and a 1 year high of $55.47. The firm has a market capitalization of $2.69 billion, a P/E ratio of -38.34 and a beta of 1.27. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.94 and a quick ratio of 1.94.

Seadrill (NYSE:SDRL - Get Free Report) last released its quarterly earnings results on Monday, May 11th. The oil and gas company reported ($0.11) EPS for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.01). Seadrill had a negative net margin of 4.79% and a negative return on equity of 1.84%. The business had revenue of $358.00 million during the quarter, compared to analysts' expectations of $326.75 million. On average, research analysts predict that Seadrill Limited will post 0.37 earnings per share for the current fiscal year.

Analysts Set New Price Targets

SDRL has been the subject of several analyst reports. Fearnley Fonds raised shares of Seadrill from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, May 12th. BTIG Research lifted their price objective on shares of Seadrill from $50.00 to $55.00 and gave the stock a "buy" rating in a research report on Friday, April 17th. Barclays upgraded shares of Seadrill from an "equal weight" rating to an "overweight" rating and boosted their price objective for the stock from $41.00 to $59.00 in a research note on Thursday, May 7th. Citigroup increased their target price on shares of Seadrill from $46.00 to $48.00 and gave the company a "neutral" rating in a research report on Wednesday, April 15th. Finally, Capital One Financial set a $55.00 target price on shares of Seadrill and gave the company an "overweight" rating in a research note on Wednesday, July 1st. Three equities research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $55.00.

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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