Walleye Capital LLC Cuts Stake in Seadrill Limited $SDRL

Key Points

• Walleye Capital LLC sharply reduced its Seadrill stake, cutting its position by 88.7% in the first quarter and selling 824,568 shares. It ended the period with 104,524 shares worth about $4.8 million.
• Seadrill’s stock rose 2.3% and opened at $44.95, with a market cap of $2.81 billion. The shares have traded between $27.40 and $55.47 over the past 12 months.
• Recent earnings were mixed: Seadrill reported a loss of $0.11 per share, slightly worse than estimates, but revenue of $358 million beat expectations. Analysts currently see a consensus rating of “Moderate Buy” with a $55 price target.

Walleye Capital LLC reduced its position in shares of Seadrill Limited (NYSE:SDRL - Free Report) by 88.7% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 104,524 shares of the oil and gas company's stock after selling 824,568 shares during the quarter. Walleye Capital LLC owned 0.17% of Seadrill worth $4,756,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Elliott Investment Management L.P. grew its holdings in shares of Seadrill by 23.1% during the fourth quarter. Elliott Investment Management L.P. now owns 4,558,758 shares of the oil and gas company's stock valued at $157,733,000 after buying an additional 855,012 shares during the last quarter. Vanguard Group Inc. increased its position in shares of 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 valued at $131,754,000 after acquiring an additional 23,672 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in Seadrill by 10.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,553,281 shares of the oil and gas company's stock worth $161,671,000 after acquiring an additional 326,835 shares during the last quarter. Adage Capital Partners GP L.L.C. raised its holdings in Seadrill by 12.0% in the 4th 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 acquiring an additional 373,176 shares during the last quarter. Finally, Goehring & Rozencwajg Associates LLC lifted its position in Seadrill by 27.6% in the 1st 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 acquiring an additional 529,884 shares in the last quarter. 95.67% of the stock is owned by hedge funds and other institutional investors.

Seadrill Stock Up 2.3%

Shares of Seadrill stock opened at $44.95 on Thursday. The company has a market cap of $2.81 billion, a price-to-earnings ratio of -40.13 and a beta of 1.27. The company's 50 day moving average is $43.98 and its 200 day moving average is $43.33. Seadrill Limited has a twelve month low of $27.40 and a twelve month high of $55.47. The company has a quick ratio of 1.94, a current ratio of 1.94 and a debt-to-equity ratio of 0.22.

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

Wall Street Analyst Weigh In

Several brokerages have commented on SDRL. Citigroup increased their target price on Seadrill from $46.00 to $48.00 and gave the company a "neutral" rating in a research note on Wednesday, April 15th. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Seadrill in a report on Tuesday, June 30th. BTIG Research upped their price target on Seadrill from $50.00 to $55.00 and gave the company a "buy" rating in a report on Friday, April 17th. Zacks Research raised Seadrill from a "strong sell" rating to a "hold" rating in a research report on Tuesday, April 28th. Finally, BWS Financial reiterated a "buy" rating and issued a $80.00 price objective on shares of Seadrill in a report on Monday, June 29th. Three investment 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 issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus 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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