Shares of Seadrill Ltd. (NASDAQ:SDRL) dropped 2.6% on Tuesday . The company traded as low as $2.98 and last traded at $2.99, with a volume of 2,805,445 shares trading hands. The stock had previously closed at $3.07.

SDRL has been the topic of a number of analyst reports. Zacks Investment Research cut shares of Seadrill from a “hold” rating to a “sell” rating in a research note on Thursday, June 2nd. Morgan Stanley cut shares of Seadrill from an “overweight” rating to an “equal weight” rating in a research note on Tuesday, July 26th. Credit Suisse Group AG reissued a “sell” rating and issued a $1.00 target price on shares of Seadrill in a research note on Friday, May 27th. Evercore ISI reissued a “sell” rating on shares of Seadrill in a research note on Saturday, July 2nd. Finally, Canaccord Genuity reissued a “sell” rating on shares of Seadrill in a research note on Sunday, May 29th. Four research analysts have rated the stock with a sell rating and two have given a hold rating to the stock. Seadrill currently has an average rating of “Sell” and a consensus price target of $1.35.

The stock’s market cap is $1.48 billion. The company’s 50-day moving average price is $3.10 and its 200-day moving average price is $3.17.

Seadrill (NASDAQ:SDRL) last announced its quarterly earnings results on Thursday, May 26th. The company reported $0.26 EPS for the quarter, missing analysts’ consensus estimates of $0.38 by $0.12. The business had revenue of $891 million for the quarter, compared to analysts’ expectations of $893.48 million. During the same period in the prior year, the company posted $0.86 EPS. Seadrill’s revenue was down 28.4% on a year-over-year basis. Equities research analysts predict that Seadrill Ltd. will post $1.26 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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