Elliott's substantial open-market selling at elevated prices ($46-$51 range) suggests reduced conviction or profit-taking after the stock's rally from the $30 level where it was buying in December 2025. The large swap overlay (6.5% economic exposure) indicates Elliott retains significant downside protection and could re-engage if the stock declines. Watch for any changes in the swap positions or further 13D amendments that could signal a shift in strategy.
Price Chart
Executive Summary
Elliott Investment Management filed Amendment No. 8 to its Schedule 13D on Seadrill Ltd, disclosing a reduction in its beneficial ownership to 3,643,112 common shares (5.8% of shares outstanding as of August 6, 2026). The filing details open-market sales of 796,569 shares between August 10 and September 21, 2026, at prices ranging from $46.00 to $51.08 per share. Elliott also disclosed cash-settled swaps representing economic exposure to an additional 4,042,300 shares (6.5%), bringing combined economic exposure to approximately 12.3% of outstanding common shares. The reduction in the direct stake signals potential de-escalation or profit-taking, though the large derivative overlay maintains significant economic interest.
Key Financial Metrics
Key Facts
- Elliott Investment Management reduced its beneficial ownership to 3,643,112 common shares (5.8%) from an undisclosed prior level.
- Sold 796,569 shares in the open market between August 10 and September 21, 2026, at prices between $46.00 and $51.08 per share.
- Aggregate cost of reported common shares is approximately $80,653,737.
- Elliott holds cash-settled swaps on 4,042,300 shares (6.5% economic exposure) with no voting or dispositive power.
- Combined economic exposure (shares + swaps) is approximately 12.3% of outstanding common shares.
- Percentage based on 62,541,443 shares outstanding as of August 6, 2026, per the issuer's Form 10-Q.
- Prior filing (Dec 2025) showed purchases of 509,400 shares at $29.47-$32.27 per share, indicating a significant price appreciation since then.
Financial Impact
Elliott sold 796,569 shares at an estimated total of approximately $38 million (based on weighted average prices around $47-$48). The reduction in direct stake from a higher prior level (not disclosed) represents a material decrease in activist alignment.
Risk Factors
- Elliott's selling could pressure the stock if it continues or accelerates.
- The derivative overlay creates potential for rapid position changes without public disclosure.
- Reduced direct stake may weaken Elliott's ability to influence management or board decisions.
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC 13D/A Filing (Primary) | 0000919574-26-006414 |
| Document: 0000919574-26-006414-index-headers.html | 0000919574-26-006414 |
| Document: 0000919574-26-006414-index.html | 0000919574-26-006414 |
| Document: 0000919574-26-006414.txt | 0000919574-26-006414 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 8, 2026 18d ago | SC 13D/A | $46.15 $46.99 | ▼ −1.82% | ▼ −1.88% | $51.95 (−12.57%) |
Sep 21, 2026 5w ago | SC 13D/A | $46.85 $46.43 | ▲ +0.90% | ▲ +0.18% | $51.95 (−10.89%) |
Jun 30, 2026 16w ago | 8-K | $38.85 $39.87 | ▲ +2.63% | ▲ +2.76% | $51.95 (+33.72%) |
Jun 22, 2026 18w ago | 8-K | $39.77 $37.70 | ▼ −5.20% | ▼ −5.16% | $51.95 (+30.63%) |
Jun 15, 2026 19w ago | 8-K | $42.39 $40.22 | ▼ −5.12% | ▼ −4.52% | $51.95 (+22.55%) |
Jun 12, 2026 19w ago | Insider Cluster | $44.25 $42.39 | ▼ −4.20% | ▼ −5.97% | $51.95 (+17.40%) |
Jun 5, 2026 20w ago | 8-K | $44.38 $45.47 | ▲ +2.46% | ▲ +2.23% | $51.95 (+17.06%) |
Feb 25, 2026 34w ago | 8-K | $43.26 $43.88 | ▲ +1.43% | ▲ +1.89% | $51.95 (+20.09%) |
US Market Status
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