Seadrill Ltd (NASDAQ:SDRL) shares shot up 9.6% on Wednesday following a stronger than expected earnings report. The company traded as high as $2.95 and last traded at $2.74, with a volume of 21,821,612 shares trading hands. The stock had previously closed at $2.50.

The company reported $0.28 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.22 by $0.06. The business had revenue of $743 million for the quarter, compared to analyst estimates of $721.81 million. The business’s quarterly revenue was down 24.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.21 EPS.

SDRL has been the subject of several analyst reports. Morgan Stanley reiterated an “equal weight” rating and issued a $7.50 target price on shares of Seadrill in a report on Wednesday, August 31st. Credit Suisse Group AG reiterated a “sell” rating and issued a $1.00 target price on shares of Seadrill in a report on Monday, September 26th. Goldman Sachs Group Inc. reiterated a “sell” rating on shares of Seadrill in a report on Thursday, September 22nd. Canaccord Genuity reiterated a “sell” rating on shares of Seadrill in a report on Wednesday, September 7th. Finally, Evercore ISI set a $2.00 target price on shares of Seadrill and gave the company a “sell” rating in a report on Sunday, August 28th. Five equities research analysts have rated the stock with a sell rating and two have issued a hold rating to the stock. Seadrill currently has an average rating of “Sell” and a consensus target price of $3.05.

A number of hedge funds have recently bought and sold shares of the company. LPL Financial LLC increased its stake in Seadrill by 36.4% in the third quarter. LPL Financial LLC now owns 188,012 shares of the company’s stock worth $500,000 after buying an additional 50,164 shares during the period. Verition Fund Management LLC bought a new stake in Seadrill during the third quarter worth about $104,000. Lombard Odier Asset Management USA Corp bought a new stake in Seadrill during the third quarter worth about $3,255,000. Panagora Asset Management Inc. increased its stake in Seadrill by 56.9% in the third quarter. Panagora Asset Management Inc. now owns 1,403,078 shares of the company’s stock worth $3,297,000 after buying an additional 508,853 shares during the period. Finally, Moors & Cabot Inc. increased its stake in Seadrill by 3.2% in the third quarter. Moors & Cabot Inc. now owns 51,785 shares of the company’s stock worth $120,000 after buying an additional 1,583 shares during the period.

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

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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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