Morgan Stanley Downgrades Seadrill Partners LLC (SDLP) to Equal Weight
Seadrill Partners LLC (NASDAQ:SDLP) was downgraded by research analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research note issued on Tuesday. They currently have a $7.50 target price on the stock. Morgan Stanley’s price objective would indicate a potential upside of 121.89% from the company’s current price.
Separately, Wells Fargo & Co. restated a “hold” rating and issued a $2.50 target price on shares of Seadrill Partners in a report on Thursday, July 7th.
Seadrill Partners (NASDAQ:SDLP) traded down 1.46% during mid-day trading on Tuesday, hitting $3.38. 491,145 shares of the stock traded hands. The company has a market cap of $310.35 million and a price-to-earnings ratio of 1.71. Seadrill Partners has a 12-month low of $1.70 and a 12-month high of $12.20. The firm’s 50-day moving average is $3.43 and its 200-day moving average is $4.50.
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A hedge fund recently raised its stake in Seadrill Partners stock. Eqis Capital Management Inc. boosted its position in Seadrill Partners LLC (NASDAQ:SDLP) by 30.6% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 37,407 shares of the company’s stock after buying an additional 8,775 shares during the period. Eqis Capital Management Inc.’s holdings in Seadrill Partners were worth $132,000 at the end of the most recent reporting period.
Seadrill Partners Company Profile
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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