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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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