As the largest deepwater driller based on market cap and one of the best dividend stocks out there, a lot was riding on Seadrill’s (SDRL) latest earnings report. That was especially true after good quarterly numbers came from rivals Transocean (RIG) and Noble (NBL). Deepwater drilling has been a cash cow for firms like SDRL, RIG and NBL as day rates for the most state of the art deepwater drilling rigs continue to command $600,000.
But unfortunately for investors in SDRL stock, the mixed bag that Seadrill reported hasn’t been too pleasing on the portfolio. Seadrill was already one of the best dividend stocks (with a yield of 8.8%) and boosted its payout … but the market isn’t too happy with the dividend stock’s outlook. However, the short-term pain in SDRL stock could be the one of the best buying opportunities for investors looking for high-yielding stocks. Overall, the dour Seadrill earnings should prove to be temporary as deepwater drilling continues in spades.
Source: InvestorPlace
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