Seadrill (NYSE:SDRL) Shares Gap Up Following Earnings Beat

Seadrill Limited (NYSE:SDRL)’s stock price gapped up before the market opened on Monday following a stronger than expected earnings report. The stock had previously closed at $43.24, but opened at $46.59. Seadrill shares last traded at $46.0650, with a volume of 115,000 shares traded.

The oil and gas company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.18. The firm had revenue of $430.00 million for the quarter, compared to analyst estimates of $388.46 million. Seadrill had a negative return on equity of 1.84% and a negative net margin of 4.79%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on SDRL. Fearnley Fonds upgraded Seadrill from a “hold” rating to a “strong-buy” rating in a report on Tuesday, May 12th. Capital One Financial set a $55.00 target price on shares of Seadrill and gave the company an “overweight” rating in a research report on Wednesday, July 1st. BTIG Research raised their target price on shares of Seadrill from $50.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, April 17th. BWS Financial reiterated a “buy” rating and set a $80.00 price target on shares of Seadrill in a research report on Monday, June 29th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of Seadrill in a research note on Tuesday, June 30th. Three equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $55.00.

Institutional Investors Weigh In On Seadrill

Hedge funds have recently bought and sold shares of the company. Raymond James Financial Inc. acquired a new position in shares of Seadrill in the 2nd quarter valued at $27,000. EverSource Wealth Advisors LLC acquired a new position in Seadrill in the second quarter valued at about $42,000. Aquatic Capital Management LLC bought a new stake in shares of Seadrill in the third quarter worth about $44,000. State of Wyoming bought a new stake in shares of Seadrill in the second quarter worth about $55,000. Finally, CIBC Private Wealth Group LLC acquired a new stake in shares of Seadrill during the third quarter worth about $61,000. 95.67% of the stock is currently owned by institutional investors and hedge funds.

Seadrill Price Performance

The company has a current ratio of 1.94, a quick ratio of 1.94 and a debt-to-equity ratio of 0.22. The company has a fifty day moving average price of $42.06 and a two-hundred day moving average price of $44.03. The firm has a market cap of $2.86 billion, a P/E ratio of -40.86 and a beta of 1.21.

About Seadrill

Seadrill Limited, trading on the New York Stock Exchange under the symbol SDRL, is a leading provider of offshore drilling services to the global oil and gas industry. The company specializes in the design, construction, deployment and operation of mobile offshore drilling units, serving major exploration and production companies with turnkey drilling solutions.

Seadrill’s fleet comprises ultra-deepwater drillships, semi-submersible rigs and high-specification jack-up units capable of operating in some of the world’s most challenging offshore environments.