Seadrill (NYSE:SDRL) Given New $55.00 Price Target at Citigroup

Seadrill (NYSE:SDRL) had its price objective lifted by Citigroup from $54.00 to $55.00 in a research note released on Friday morning,Benzinga reports. The brokerage currently has a neutral rating on the oil and gas company’s stock.

SDRL has been the subject of several other research reports. Barclays raised their price target on Seadrill from $59.00 to $61.00 and gave the stock an “overweight” rating in a report on Monday, November 9th. Zacks Research downgraded shares of Seadrill from a “strong-buy” rating to a “hold” rating in a report on Wednesday, October 14th. Weiss Ratings lowered shares of Seadrill from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Thursday. Finally, BWS Financial reiterated a “buy” rating and issued a $80.00 target price on shares of Seadrill in a research note on Wednesday, October 14th. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $61.20.

Seadrill Stock Up 1.4%

Shares of SDRL traded up $0.62 during midday trading on Friday, hitting $45.47. 640,166 shares of the company’s stock traded hands, compared to its average volume of 812,767. The company has a current ratio of 2.18, a quick ratio of 2.18 and a debt-to-equity ratio of 0.26. The stock has a market capitalization of $2.80 billion, a price-to-earnings ratio of -156.79 and a beta of 1.17. Seadrill has a 1 year low of $28.65 and a 1 year high of $55.47. The firm’s fifty day moving average is $46.98 and its 200-day moving average is $45.30.

Seadrill (NYSE:SDRL) last announced its earnings results on Tuesday, November 3rd. The oil and gas company reported ($0.49) earnings per share for the quarter, missing the consensus estimate of $0.19 by ($0.68). Seadrill had a positive return on equity of 1.50% and a negative net margin of 1.13%. The business had revenue of $428.00 million for the quarter, compared to analysts’ expectations of $382.66 million. As a group, sell-side analysts anticipate that Seadrill will post -0.30 earnings per share for the current year.

Hedge Funds Weigh In On Seadrill

Several hedge funds have recently made changes to their positions in the company. Parallel Advisors LLC lifted its position in Seadrill by 55.2% during the 3rd quarter. Parallel Advisors LLC now owns 737 shares of the oil and gas company’s stock worth $33,000 after acquiring an additional 262 shares during the period. State of Wyoming purchased a new stake in Seadrill during the 2nd quarter valued at about $55,000. Integrated Wealth Concepts LLC purchased a new stake in Seadrill during the 2nd quarter valued at about $92,000. GAMMA Investing LLC increased its holdings in shares of Seadrill by 38.2% in the third quarter. GAMMA Investing LLC now owns 2,523 shares of the oil and gas company’s stock valued at $113,000 after purchasing an additional 698 shares during the period. Finally, Entropy Technologies LP acquired a new position in shares of Seadrill in the first quarter valued at about $205,000. 95.67% of the stock is owned by institutional investors and hedge funds.

Seadrill Company Profile

Seadrill Limited is an offshore drilling contractor that provides drilling services to oil and gas companies. Its work supports the exploration and development of offshore energy resources. The company operates a fleet of offshore drilling units, including drillships, semi-submersible rigs and jack-up rigs. These units are designed for operations in different water depths and offshore conditions. Founded in 2005, Seadrill serves customers in offshore markets around the world. Its business focuses on providing rig operations and related drilling services rather than producing oil and gas itself.