Seadrill Ltd (NYSE:SDRL) saw a significant drop in short interest in the month of October. As of October 15th, there was short interest totalling 359,443 shares, a drop of 55.8% from the September 28th total of 813,957 shares. Approximately 0.5% of the company’s shares are sold short. Based on an average daily volume of 681,173 shares, the short-interest ratio is presently 0.5 days.
SDRL opened at $19.91 on Friday. Seadrill has a twelve month low of $15.76 and a twelve month high of $26.72.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Cullen Frost Bankers Inc. raised its holdings in Seadrill by 146.9% in the third quarter. Cullen Frost Bankers Inc. now owns 33,446 shares of the oil and gas company’s stock worth $829,000 after purchasing an additional 19,898 shares during the period. DNB Asset Management AS acquired a new stake in Seadrill in the third quarter worth $12,191,000. Finally, California Public Employees Retirement System acquired a new stake in Seadrill in the first quarter worth $169,000. Institutional investors own 0.10% of the company’s stock.
Separately, BTIG Research initiated coverage on shares of Seadrill in a report on Wednesday, October 24th. They issued a “buy” rating on the stock.
Seadrill Limited, an offshore drilling contractor, provides offshore drilling services to the oil and gas industry worldwide. The company operates in three segments: Floaters, Jack-up Rigs, and Other. The Floaters segment offers drilling, completion, and maintenance services for offshore exploration and production wells.
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