Cowen Begins Coverage on Ensco (ESV)

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Cowen initiated coverage on shares of Ensco (NYSE:ESV) in a report released on Saturday morning. The brokerage issued a hold rating and a $7.00 price target on the offshore drilling services provider’s stock.

Other analysts have also issued reports about the stock. ValuEngine lowered shares of Ensco from a strong-buy rating to a buy rating in a research note on Thursday, July 12th. Tudor Pickering raised shares of Ensco from a hold rating to a buy rating in a research note on Thursday, July 12th. BTIG Research initiated coverage on shares of Ensco in a research note on Monday, September 17th. They set a buy rating and a $10.00 price objective for the company. UBS Group set a $12.00 price objective on shares of Ensco and gave the company a buy rating in a research note on Wednesday, October 10th. Finally, Societe Generale raised shares of Ensco from a hold rating to a buy rating in a research note on Friday. Two investment analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Ensco presently has an average rating of Hold and an average price target of $7.71.

ESV stock opened at $8.82 on Friday. The company has a quick ratio of 2.66, a current ratio of 2.66 and a debt-to-equity ratio of 0.59. Ensco has a one year low of $4.10 and a one year high of $9.51. The stock has a market cap of $3.69 billion, a price-to-earnings ratio of -16.85 and a beta of 1.86.

Ensco (NYSE:ESV) last posted its quarterly earnings data on Wednesday, July 25th. The offshore drilling services provider reported ($0.30) EPS for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.03. Ensco had a negative net margin of 29.25% and a negative return on equity of 4.51%. The company had revenue of $458.50 million during the quarter, compared to analyst estimates of $449.69 million. During the same period in the prior year, the firm earned ($0.10) earnings per share. The business’s quarterly revenue was up .2% on a year-over-year basis. Sell-side analysts predict that Ensco will post -1.34 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, September 21st. Stockholders of record on Monday, September 10th were given a $0.01 dividend. This represents a $0.04 dividend on an annualized basis and a dividend yield of 0.45%. The ex-dividend date of this dividend was Friday, September 7th. Ensco’s dividend payout ratio (DPR) is -7.69%.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Whittier Trust Co. of Nevada Inc. lifted its position in shares of Ensco by 254.5% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 11,322 shares of the offshore drilling services provider’s stock worth $629,000 after purchasing an additional 8,128 shares in the last quarter. Arizona State Retirement System lifted its position in shares of Ensco by 2.9% in the second quarter. Arizona State Retirement System now owns 303,474 shares of the offshore drilling services provider’s stock worth $2,203,000 after purchasing an additional 8,482 shares in the last quarter. Check Capital Management Inc. CA lifted its position in shares of Ensco by 39.5% in the second quarter. Check Capital Management Inc. CA now owns 31,525 shares of the offshore drilling services provider’s stock worth $229,000 after purchasing an additional 8,930 shares in the last quarter. Alps Advisors Inc. lifted its position in shares of Ensco by 10.3% in the second quarter. Alps Advisors Inc. now owns 118,967 shares of the offshore drilling services provider’s stock worth $864,000 after purchasing an additional 11,143 shares in the last quarter. Finally, Aperio Group LLC lifted its position in shares of Ensco by 2.3% in the second quarter. Aperio Group LLC now owns 505,341 shares of the offshore drilling services provider’s stock worth $3,669,000 after purchasing an additional 11,308 shares in the last quarter. 97.58% of the stock is owned by institutional investors and hedge funds.

About Ensco

Ensco plc provides offshore contract drilling services to the oil and gas industry worldwide. It operates through three segments: Floaters, Jackups, and Other. The company owns and operates an offshore drilling rig fleet of 65 rigs, including 32 located in the Middle East, Africa, and the Asia Pacific, which comprise 3 rigs under construction; 14 located in North and South America, such as Brazil; and 19 located in Europe and the Mediterranean.

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Analyst Recommendations for Ensco (NYSE:ESV)

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