In a report published Thursday, Bank of America analyst Fiona Maclean reiterated a Neutral rating and $38.00 price target on Seadrill Ltd. SDRL.
In the report, Bank of America noted, “Seadrill's fleet saw an improvement in utilisation in 2Q following poor floater performance in 1Q. Revenue of US$1.2bn was flat QoQ, while EBITDA of US$641m was up slightly but missed our estimate by 4%. A variety of financial items and a tax benefit led net income of US$604m to be over double the 1Q level. The dividend of US$1.00 remained unchanged, and in line with our estimate.”
Seadrill closed on Wednesday at $36.75.
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