Seadrill Ltd (NASDAQ:SDRL)’s share price dropped 33.7% during mid-day trading on Tuesday . The company traded as low as $0.19 and last traded at $0.26. Approximately 20,223,556 shares changed hands during trading, an increase of 166% from the average daily volume of 7,589,740 shares. The stock had previously closed at $0.19.
SDRL has been the subject of a number of research analyst reports. Zacks Investment Research upgraded shares of Seadrill from a “hold” rating to a “buy” rating and set a $0.50 price objective for the company in a research report on Tuesday, June 20th. Societe Generale cut shares of Seadrill from a “hold” rating to a “sell” rating in a research report on Wednesday, May 31st.
The firm’s market capitalization is $113.50 million. The stock’s 50-day moving average is $0.30 and its 200 day moving average is $0.67.
Several institutional investors and hedge funds have recently made changes to their positions in the company. OxFORD Asset Management LLP bought a new stake in shares of Seadrill in the 2nd quarter worth approximately $196,000. Van ECK Associates Corp lifted its holdings in shares of Seadrill by 23.7% in the 2nd quarter. Van ECK Associates Corp now owns 7,128,920 shares of the company’s stock worth $2,571,000 after acquiring an additional 1,366,977 shares during the last quarter. Commerzbank Aktiengesellschaft FI lifted its holdings in shares of Seadrill by 2.1% in the 2nd quarter. Commerzbank Aktiengesellschaft FI now owns 396,276 shares of the company’s stock worth $143,000 after acquiring an additional 8,067 shares during the last quarter. LMR Partners LLP lifted its holdings in shares of Seadrill by 2,004.1% in the 2nd quarter. LMR Partners LLP now owns 1,597,477 shares of the company’s stock worth $576,000 after acquiring an additional 1,521,556 shares during the last quarter. Finally, Shah Capital Management lifted its holdings in shares of Seadrill by 36.3% in the 2nd quarter. Shah Capital Management now owns 7,089,967 shares of the company’s stock worth $2,556,000 after acquiring an additional 1,887,000 shares during the last quarter.
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Seadrill Company Profile
Seadrill Limited is an offshore drilling contractor providing offshore drilling services to the oil and gas industry. The Company’s primary business is the ownership and operation of drillships, semi-submersible rigs and jack-up rigs for operations in shallow-, mid-, deep-, and ultra deepwater areas, and in benign and harsh environments.
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