Seadrill Partners LLC (NASDAQ:SDLP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage presently has a $3.00 price target on the oil and gas company’s stock. Zacks Investment Research‘s price target points to a potential upside of 9.89% from the stock’s previous close.

According to Zacks, “Seadrill Partners LLC is engaged in owning, operating and acquiring offshore drilling rigs. The Company’s drilling rigs are under long-term contracts with major oil companies. Seadrill Partners LLC is based in London, United Kingdom. “

A number of other equities analysts have also issued reports on the company. BidaskClub lowered Seadrill Partners from a “hold” rating to a “sell” rating in a research note on Tuesday, August 1st. ValuEngine raised Seadrill Partners from a “hold” rating to a “buy” rating in a research note on Thursday, July 27th. Two research analysts have rated the stock with a sell rating and three have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $5.50.

Shares of Seadrill Partners (NASDAQ:SDLP) opened at 2.73 on Tuesday. Seadrill Partners has a 52-week low of $2.61 and a 52-week high of $5.32. The stock has a market capitalization of $250.67 million and a P/E ratio of 0.84. The firm’s 50-day moving average price is $3.14 and its 200-day moving average price is $3.42.

Seadrill Partners (NASDAQ:SDLP) last issued its quarterly earnings results on Wednesday, May 24th. The oil and gas company reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.43. The firm had revenue of $327.50 million during the quarter, compared to analyst estimates of $367 million. Seadrill Partners had a return on equity of 18.72% and a net margin of 32.64%. Equities analysts forecast that Seadrill Partners will post $1.50 earnings per share for the current fiscal year.

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Several large investors have recently added to or reduced their stakes in the company. Bank of America Corp DE raised its stake in Seadrill Partners by 160.8% in the first quarter. Bank of America Corp DE now owns 2,559,492 shares of the oil and gas company’s stock valued at $9,214,000 after buying an additional 1,577,949 shares in the last quarter. Prescott Group Capital Management L.L.C. raised its stake in Seadrill Partners by 115.4% in the second quarter. Prescott Group Capital Management L.L.C. now owns 1,905,269 shares of the oil and gas company’s stock valued at $6,478,000 after buying an additional 1,020,869 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Seadrill Partners by 481.6% in the first quarter. Goldman Sachs Group Inc. now owns 835,066 shares of the oil and gas company’s stock valued at $3,006,000 after buying an additional 691,492 shares in the last quarter. Renaissance Technologies LLC bought a new stake in Seadrill Partners during the fourth quarter valued at $1,492,000. Finally, Arrowstreet Capital Limited Partnership bought a new stake in Seadrill Partners during the second quarter valued at $1,170,000.

About Seadrill Partners

Seadrill Partners LLC is an offshore deepwater drilling company. The Company owns, operates and acquires offshore drilling units. The Company’s subsidiaries include Seadrill Operating LP, Seadrill Capricorn Holdings LLC and Seadrill Partners Operating LLC (collectively, OPCO). The Company’s segment is OPCO’s fleet.

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