Seadrill Ltd (NASDAQ:SDRL)’s share price gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $2.37, but opened at $2.46. Seadrill shares last traded at $2.50, with a volume of 14,615,216 shares trading hands.

The company reported $0.28 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.06. The firm had revenue of $743 million for the quarter, compared to the consensus estimate of $721.81 million. During the same period in the prior year, the company earned $0.21 EPS. The company’s revenue for the quarter was down 24.6% compared to the same quarter last year.

Several equities research analysts recently weighed in on SDRL shares. Goldman Sachs Group Inc. reaffirmed a “sell” rating on shares of Seadrill in a research report on Thursday, September 22nd. Morgan Stanley cut shares of Seadrill from an “overweight” rating to an “equal weight” rating in a research report on Tuesday, July 26th. Canaccord Genuity reaffirmed a “sell” rating on shares of Seadrill in a research report on Sunday, August 21st. Credit Suisse Group AG reaffirmed a “sell” rating and set a $1.00 price objective on shares of Seadrill in a research report on Monday, September 26th. Finally, Evercore ISI set a $2.00 target price on shares of Seadrill and gave the stock a “sell” rating in a report on Sunday, August 28th. Five investment analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. The company currently has an average rating of “Sell” and an average price target of $3.05.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Boothbay Fund Management LLC boosted its position in Seadrill by 144.0% in the first quarter. Boothbay Fund Management LLC now owns 32,610 shares of the company’s stock worth $108,000 after buying an additional 19,247 shares during the period. BNP Paribas Arbitrage SA increased its position in Seadrill by 64.5% in the second quarter. BNP Paribas Arbitrage SA now owns 44,608 shares of the company’s stock valued at $145,000 after buying an additional 17,487 shares in the last quarter. Svenska Handelsbanken AB publ purchased a new position in Seadrill during the second quarter valued at about $221,000. Creative Planning increased its position in Seadrill by 46.6% in the second quarter. Creative Planning now owns 117,900 shares of the company’s stock valued at $382,000 after buying an additional 37,504 shares in the last quarter. Finally, Shah Capital Management increased its position in Seadrill by 7.7% in the second quarter. Shah Capital Management now owns 1,562,500 shares of the company’s stock valued at $5,062,000 after buying an additional 111,661 shares in the last quarter.

The stock’s 50-day moving average is $2.33 and its 200-day moving average is $2.79. The stock’s market capitalization is $1.27 billion.

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Seadrill Company Profile

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.

5 Day Chart for NASDAQ:SDRL

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