BTIG Starts Seadrill Ltd. (SDRL) at Buy

BTIG analyst Greg Lewis initiates coverage on Seadrill Ltd. (NYSE: SDRL) with a Buy rating and a price target of $35.00.

The analyst comments "While we would have liked to see more debt converted to equity during the restructuring with no debt amortization until 2020 and cash of $1.8B, SDRL has ample liquidity through 2022 as it waits for the offshore drilling recovery to gain traction. With utilization on the upswing for both jackups and floaters and some signs of pricing improvement for both we look to be in the early days of an offshore drilling recovery. We note the march higher toward mid-cycle will take years (thinking 2021-2022) not quarters."

For an analyst ratings summary and ratings history on Seadrill Ltd. click here. For more ratings news on Seadrill Ltd. click here.

Shares of Seadrill Ltd. closed at $20.95 yesterday.

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