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

Several other brokerages also recently issued reports on SDLP. BidaskClub downgraded shares of Seadrill Partners from a “buy” rating to a “hold” rating in a research note on Tuesday, July 11th. ValuEngine raised shares of Seadrill Partners from a “hold” rating to a “buy” rating in a research note on Thursday, July 27th. Two investment analysts have rated the stock with a sell rating and three have assigned a buy rating to the stock. Seadrill Partners presently has an average rating of “Hold” and an average target price of $5.50.

Shares of Seadrill Partners (NASDAQ:SDLP) opened at 2.731 on Tuesday. The firm has a market cap of $250.76 million and a PE ratio of 0.838. Seadrill Partners has a 12-month low of $2.61 and a 12-month high of $5.33. The stock’s 50 day moving average price is $3.14 and its 200 day moving average price is $3.42.

Seadrill Partners (NASDAQ:SDLP) last posted its quarterly earnings results on Wednesday, May 24th. The oil and gas company reported $0.75 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.32 by $0.43. The company had revenue of $327.50 million for the quarter, compared to analysts’ expectations of $367 million. Seadrill Partners had a return on equity of 18.72% and a net margin of 32.64%. On average, equities research analysts predict that Seadrill Partners will post $1.50 EPS for the current fiscal year.

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Hedge funds have recently made changes to their positions in the stock. Bank of America Corp DE increased its stake in shares of 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 during the period. Prescott Group Capital Management L.L.C. increased its stake in shares of 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 during the period. Goldman Sachs Group Inc. increased its stake in shares of Seadrill Partners by 11.4% in the second quarter. Goldman Sachs Group Inc. now owns 930,251 shares of the oil and gas company’s stock valued at $3,163,000 after buying an additional 95,185 shares during the period. Acadian Asset Management LLC increased its stake in shares of Seadrill Partners by 49.7% in the first quarter. Acadian Asset Management LLC now owns 684,003 shares of the oil and gas company’s stock valued at $2,463,000 after buying an additional 227,004 shares during the period. Finally, Renaissance Technologies LLC purchased a new stake in shares of Seadrill Partners during the fourth quarter valued at about $1,492,000.

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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