Seadrill Partners LLC (SDLP) Short Interest Up 64.5% in August
Seadrill Partners LLC (NYSE:SDLP) saw a significant growth in short interest during the month of August. As of August 31st, there was short interest totalling 2,458,069 shares, a growth of 64.5% from the August 15th total of 1,494,035 shares. Based on an average trading volume of 777,876 shares, the days-to-cover ratio is currently 3.2 days. Approximately 5.0% of the company’s stock are sold short.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Acrospire Investment Management LLC bought a new position in shares of Seadrill Partners during the first quarter valued at $104,000. State Street Corp raised its position in shares of Seadrill Partners by 3.9% in the first quarter. State Street Corp now owns 42,397 shares of the company’s stock valued at $148,000 after buying an additional 1,583 shares during the last quarter. Barclays PLC raised its position in shares of Seadrill Partners by 7.9% in the first quarter. Barclays PLC now owns 86,197 shares of the company’s stock valued at $259,000 after buying an additional 6,317 shares during the last quarter. Finally, Babson Capital Management LLC raised its position in shares of Seadrill Partners by 326.1% in the first quarter. Babson Capital Management LLC now owns 635,944 shares of the company’s stock valued at $2,213,000 after buying an additional 486,700 shares during the last quarter.
A number of research analysts recently issued reports on the stock. Wells Fargo & Co. downgraded shares of Seadrill Partners from a “market perform” rating to an “underperform” rating in a research note on Friday, September 9th. Morgan Stanley downgraded shares of Seadrill Partners from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, July 26th. Two analysts have rated the stock with a sell rating and three have issued a hold rating to the stock. Seadrill Partners has a consensus rating of “Hold” and an average price target of $6.63.
Shares of Seadrill Partners (NYSE:SDLP) opened at 3.19 on Monday. Seadrill Partners has a 12 month low of $1.70 and a 12 month high of $12.20. The stock’s 50 day moving average is $3.80 and its 200 day moving average is $4.54. The stock has a market cap of $292.91 million, a P/E ratio of 1.62 and a beta of 2.20.
About Seadrill Partners
Seadrill Partners LLC is an offshore deepwater drilling company. The Company owns, operates and acquires offshore drilling units. The Company’s subsidiaries include Seadrill Operating LP, Seadrill Capricorn Holdings LLC and Seadrill Partners Operating LLC (collectively, OPCO). The Company’s segment is OPCO’s fleet.
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