Seadrill Ltd (NASDAQ:SDRL) shares shot up 26.4% during mid-day trading on Tuesday . The company traded as high as $0.28 and last traded at $0.35. 25,908,230 shares traded hands during trading, an increase of 183% from the average session volume of 9,143,260 shares. The stock had previously closed at $0.28.
A number of brokerages have recently issued reports on SDRL. Societe Generale cut shares of Seadrill from a “hold” rating to a “sell” rating in a report on Wednesday, May 31st. Zacks Investment Research cut shares of Seadrill from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st.
The stock’s 50-day moving average price is $0.28 and its 200 day moving average price is $0.60. The firm’s market capitalization is $174.44 million.
Several large investors have recently added to or reduced their stakes in the company. Van ECK Associates Corp grew its position 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 buying an additional 1,366,977 shares during the period. Shah Capital Management grew its position 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 buying an additional 1,887,000 shares during the period. LMR Partners LLP grew its position 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 buying an additional 1,521,556 shares during the period. OxFORD Asset Management LLP purchased a new stake in shares of Seadrill in the 2nd quarter worth about $196,000. Finally, Commerzbank Aktiengesellschaft FI grew its position 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 buying an additional 8,067 shares during the period.
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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