Lakewood Capital Management LP Cuts Stock Position in Seadrill Limited $SDRL

Lakewood Capital Management LP lessened its stake in shares of Seadrill Limited (NYSE:SDRL) by 4.8% in the third quarter, Holdings Channel reports. The institutional investor owned 500,100 shares of the oil and gas company’s stock after selling 25,000 shares during the period. Seadrill accounts for approximately 1.1% of Lakewood Capital Management LP’s portfolio, making the stock its 28th biggest position. Lakewood Capital Management LP’s holdings in Seadrill were worth $15,108,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the stock. Raymond James Financial Inc. purchased a new stake in shares of Seadrill in the second quarter worth $27,000. EverSource Wealth Advisors LLC purchased a new position in shares of Seadrill in the 2nd quarter worth about $42,000. Farther Finance Advisors LLC raised its position in shares of Seadrill by 19.7% in the 3rd quarter. Farther Finance Advisors LLC now owns 2,086 shares of the oil and gas company’s stock worth $63,000 after purchasing an additional 343 shares during the last quarter. State of Alaska Department of Revenue bought a new position in Seadrill in the 3rd quarter worth about $68,000. Finally, Amica Retiree Medical Trust boosted its stake in Seadrill by 13.7% in the 3rd quarter. Amica Retiree Medical Trust now owns 2,942 shares of the oil and gas company’s stock worth $89,000 after purchasing an additional 355 shares in the last quarter. 95.67% of the stock is owned by institutional investors.

Seadrill Price Performance

NYSE SDRL opened at $42.97 on Friday. Seadrill Limited has a one year low of $17.74 and a one year high of $45.90. The stock has a 50-day moving average of $39.90 and a 200 day moving average of $34.42. The company has a debt-to-equity ratio of 0.21, a quick ratio of 2.03 and a current ratio of 2.03. The company has a market capitalization of $2.68 billion, a price-to-earnings ratio of -34.66 and a beta of 1.45.

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

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SDRL. BTIG Research raised their price objective on shares of Seadrill from $33.00 to $40.00 and gave the company a “buy” rating in a research note on Friday, January 9th. Zacks Research downgraded shares of Seadrill from a “hold” rating to a “strong sell” rating in a research note on Monday, February 16th. BWS Financial reiterated a “buy” rating and set a $80.00 price target on shares of Seadrill in a report on Friday, January 23rd. Weiss Ratings downgraded shares of Seadrill from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Tuesday, January 6th. Finally, Citigroup upgraded shares of Seadrill from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $32.00 to $46.00 in a report on Thursday, March 5th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $48.00.

About Seadrill

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.