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.
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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