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.

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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