Seadrill Ltd (SDRL) Announces Quarterly Earnings Results
Seadrill Ltd (NASDAQ:SDRL) released its quarterly earnings data on Tuesday. The company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.06. The company had revenue of $743 million for the quarter, compared to analyst estimates of $721.81 million. During the same quarter in the prior year, the company earned $0.21 earnings per share. The business’s revenue was down 24.6% compared to the same quarter last year.
Seadrill (NASDAQ:SDRL) opened at 2.46 on Tuesday. Seadrill has a 1-year low of $1.57 and a 1-year high of $7.49. The firm’s 50-day moving average price is $2.33 and its 200 day moving average price is $2.79. The firm’s market capitalization is $1.25 billion.
Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Fund Advisors increased its position 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 increased its position 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 in the last quarter. State Street Corp increased its position 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 in the last quarter. Shah Capital Management increased its position 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 in the last quarter. Finally, Lombard Odier Asset Management USA Corp acquired a new position in shares of Seadrill during the third quarter valued at approximately $3,255,000.
Several research analysts have issued reports on the company. Evercore ISI set a $2.00 price objective on Seadrill and gave the stock a “sell” rating in a research note on Sunday, August 28th. Canaccord Genuity reiterated a “sell” rating on shares of Seadrill in a research note on Sunday, August 21st. Morgan Stanley lowered Seadrill from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, July 26th. Credit Suisse Group AG reiterated a “sell” rating and set a $1.00 price objective on shares of Seadrill in a research note on Monday, September 26th. Finally, Goldman Sachs Group Inc. reiterated a “sell” rating on shares of Seadrill in a research note on Thursday, September 22nd. Five investment analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. Seadrill currently has a consensus rating of “Sell” and a consensus target price of $3.05.
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.
Receive News & Stock Ratings for Seadrill Ltd Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Seadrill Ltd and related stocks with our FREE daily email newsletter.