Seadrill Ltd (SDRL) Short Interest Update

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Seadrill Ltd (NYSE:SDRL) was the target of a significant drop in short interest in 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. Based on an average daily trading volume, of 681,173 shares, the days-to-cover ratio is presently 0.5 days. Currently, 0.5% of the shares of the company are sold short.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Cullen Frost Bankers Inc. lifted its stake in Seadrill by 146.9% during 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 bought a new position in Seadrill during the third quarter worth about $12,191,000. Finally, California Public Employees Retirement System bought a new position in Seadrill during the first quarter worth about $169,000. Hedge funds and other institutional investors own 0.10% of the company’s stock.

Shares of SDRL opened at $20.36 on Thursday. Seadrill has a 12 month low of $15.76 and a 12 month high of $26.72.

Separately, BTIG Research started coverage on shares of Seadrill in a research note on Wednesday, October 24th. They set a “buy” rating for the company.

About Seadrill

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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