Seadrill Ltd. (NASDAQ:SDRL) dropped 2.5% on Wednesday . The company traded as low as $2.70 and last traded at $2.72, with a volume of 2,796,466 shares trading hands. The stock had previously closed at $2.79.

SDRL has been the subject of a number of research reports. Morgan Stanley cut Seadrill from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, July 26th. Zacks Investment Research raised Seadrill from a “sell” rating to a “hold” rating in a research note on Wednesday, June 8th. Evercore ISI reaffirmed a “sell” rating on shares of Seadrill in a research note on Saturday, July 2nd. Bank of America Corp. reaffirmed a “sell” rating and issued a $1.70 price objective on shares of Seadrill in a research note on Sunday, May 29th. Finally, Canaccord Genuity reaffirmed a “sell” rating on shares of Seadrill in a research note on Sunday, May 29th. Four investment analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. Seadrill has a consensus rating of “Sell” and a consensus target price of $1.35.

The company’s market capitalization is $1.36 billion. The stock’s 50-day moving average price is $3.00 and its 200-day moving average price is $3.19.

Seadrill (NASDAQ:SDRL) last posted its earnings results on Thursday, May 26th. The company reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.38 by $0.12. During the same quarter in the prior year, the firm posted $0.86 earnings per share. The company earned $891 million during the quarter, compared to analysts’ expectations of $893.48 million. The business’s quarterly revenue was down 28.4% compared to the same quarter last year. Equities research analysts anticipate that Seadrill Ltd. will post $1.27 EPS for the current year.

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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