Trade Report: Today, Seadrill Ltd (SDRL) Shares Up 9.6% After Earnings Beat

Today, Seadrill Ltd (SDRL) Shares Up 9.6% After Earnings Beat

Seadrill Ltd (NASDAQ:SDRL) shares were up 9.6% on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $2.95 and last traded at $2.74, with a volume of 21,821,612 shares. The stock had previously closed at $2.50.

The company reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.22 by $0.06. The company earned $743 million during the quarter, compared to analysts’ expectations of $721.81 million. The company’s quarterly revenue was down 24.6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.21 earnings per share.

A number of equities research analysts recently commented on SDRL shares. Morgan Stanley reissued an “equal weight” rating and issued a $7.50 price target on shares of Seadrill in a research report on Wednesday, August 31st. Credit Suisse Group AG reissued a “sell” rating and issued a $1.00 price target on shares of Seadrill in a research report on Monday, September 26th. Canaccord Genuity reissued a “sell” rating on shares of Seadrill in a research report on Sunday, August 21st. Goldman Sachs Group Inc. reissued a “sell” rating on shares of Seadrill in a research report on Thursday, September 22nd. Finally, Evercore ISI set a $2.00 price target on Seadrill and gave the company a “sell” rating in a research report on Sunday, August 28th. Five analysts have rated the stock with a sell rating and two have assigned a hold rating to the company’s stock. The stock currently has a consensus rating of “Sell” and a consensus price target of $3.05.

Several large investors have recently made changes to their positions in SDRL. BlackRock Fund Advisors raised its stake in shares of Seadrill by 188.6% in the second quarter. BlackRock Fund Advisors now owns 8,811,162 shares of the company’s stock valued at $28,548,000 after buying an additional 5,758,155 shares in the last quarter. First Trust Advisors LP raised its stake in shares of Seadrill by 133.8% in the second quarter. First Trust Advisors LP now owns 4,838,709 shares of the company’s stock valued at $15,677,000 after buying an additional 2,769,386 shares during the period. State Street Corp raised its stake in shares of Seadrill by 43.0% in the second quarter. State Street Corp now owns 6,787,305 shares of the company’s stock valued at $21,991,000 after buying an additional 2,041,086 shares during the period. Shah Capital Management raised its stake in shares of Seadrill by 98.2% in the third quarter. Shah Capital Management now owns 3,097,000 shares of the company’s stock valued at $7,339,000 after buying an additional 1,534,500 shares during the period. Finally, Lombard Odier Asset Management USA Corp purchased a new stake in shares of Seadrill during the third quarter valued at $3,255,000.

The stock’s market capitalization is $1.39 billion. The firm has a 50 day moving average of $2.34 and a 200 day moving average of $2.78.

About Seadrill

Seadrill Limited is an offshore drilling contractor providing offshore drilling services to the oil and gas industry. The Company’s primary business is the ownership and operation of drillships, semi-submersible rigs and jack-up rigs for operations in shallow and deep water areas, as well as benign and harsh environments.

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