JPMorgan Chase & Co. Sells 78,993 Shares of Seadrill Limited $SDRL

JPMorgan Chase & Co. trimmed its stake in Seadrill Limited (NYSE:SDRL) by 12.8% in the third quarter, HoldingsChannel reports. The firm owned 535,856 shares of the oil and gas company’s stock after selling 78,993 shares during the period. JPMorgan Chase & Co.’s holdings in Seadrill were worth $16,188,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Raymond James Financial Inc. acquired a new stake in shares of Seadrill in the 2nd quarter valued at about $27,000. EverSource Wealth Advisors LLC bought a new position in Seadrill in the second quarter worth approximately $42,000. Farther Finance Advisors LLC boosted its holdings in Seadrill by 19.7% in the third quarter. Farther Finance Advisors LLC now owns 2,086 shares of the oil and gas company’s stock worth $63,000 after acquiring an additional 343 shares in the last quarter. State of Alaska Department of Revenue acquired a new stake in Seadrill in the third quarter valued at approximately $68,000. Finally, Osaic Holdings Inc. raised its position in shares of Seadrill by 18.8% during the second quarter. Osaic Holdings Inc. now owns 3,521 shares of the oil and gas company’s stock worth $92,000 after purchasing an additional 558 shares during the period. Institutional investors and hedge funds own 95.67% of the company’s stock.

Seadrill Price Performance

Seadrill stock opened at $42.87 on Wednesday. Seadrill Limited has a 52 week low of $17.74 and a 52 week high of $45.90. The company’s 50 day moving average price is $38.48 and its two-hundred day moving average price is $33.75. The stock has a market cap of $2.68 billion, a P/E ratio of -34.57 and a beta of 1.45. The company has a quick ratio of 1.89, a current ratio of 1.89 and a debt-to-equity ratio of 0.21.

Seadrill (NYSE:SDRL) last released its earnings results on Wednesday, February 25th. The oil and gas company reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.05. The company had revenue of $362.00 million during the quarter, compared to analyst estimates of $335.36 million. Seadrill had a negative return on equity of 2.07% and a negative net margin of 5.36%. On average, equities analysts predict that Seadrill Limited will post 1.86 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on SDRL shares. Barclays lifted their price target on shares of Seadrill from $39.00 to $41.00 and gave the company an “equal weight” rating in a research report on Monday. Dnb Carnegie upgraded shares of Seadrill to a “strong-buy” rating in a report on Tuesday, November 4th. Weiss Ratings lowered shares of Seadrill from a “hold (c-)” rating to a “sell (d+)” rating in a report on Tuesday, January 6th. Citigroup cut shares of Seadrill from a “neutral” rating to a “sell” rating and dropped their price target for the company from $35.00 to $32.00 in a research report on Monday, January 12th. Finally, BTIG Research boosted their price objective on Seadrill from $33.00 to $40.00 and gave the stock a “buy” rating in a report on Friday, January 9th. One analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, Seadrill has a consensus rating of “Hold” and an average price target of $45.20.

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.