Ensco PLC (ESV) Upgraded to “Market Perform” at BMO Capital Markets
Ensco PLC (NYSE:ESV) was upgraded by stock analysts at BMO Capital Markets from an “underperform” rating to a “market perform” rating in a report released on Monday. The firm currently has a $8.00 target price on the offshore drilling services provider’s stock. BMO Capital Markets’ target price would indicate a potential downside of 3.73% from the stock’s current price. The analysts noted that the move was a valuation call.
A number of other brokerages also recently commented on ESV. DNB Markets downgraded Ensco PLC from a “hold” rating to a “sell” rating in a research report on Tuesday, July 19th. Bank of America Corp. began coverage on Ensco PLC in a research report on Sunday, June 19th. They set an “underperform” rating and a $10.53 price objective on the stock. Zacks Investment Research downgraded Ensco PLC from a “hold” rating to a “strong sell” rating in a research report on Monday, July 18th. Jefferies Group reiterated a “hold” rating on shares of Ensco PLC in a research report on Sunday, July 10th. Finally, Evercore ISI reiterated a “buy” rating on shares of Ensco PLC in a research report on Wednesday, June 29th. Seven investment analysts have rated the stock with a sell rating, thirteen have given a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $11.61.
Ensco PLC (NYSE:ESV) traded up 0.12% during mid-day trading on Monday, reaching $8.31. The company’s stock had a trading volume of 4,418,103 shares. The firm’s 50 day moving average is $7.71 and its 200-day moving average is $9.36. The company’s market cap is $2.51 billion. Ensco PLC has a 12-month low of $6.50 and a 12-month high of $18.93.
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Ensco PLC (NYSE:ESV) last announced its quarterly earnings data on Wednesday, July 27th. The offshore drilling services provider reported $2.04 EPS for the quarter, topping the Zacks’ consensus estimate of $0.53 by $1.51. Ensco PLC had a positive return on equity of 10.06% and a negative net margin of 39.67%. The firm had revenue of $910 million for the quarter, compared to the consensus estimate of $746.55 million. During the same quarter last year, the business posted $1.11 earnings per share. The firm’s revenue was down 14.1% compared to the same quarter last year. Equities analysts anticipate that Ensco PLC will post $1.57 earnings per share for the current fiscal year.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ESV. Vanguard Group Inc. raised its position in Ensco PLC by 30.5% in the second quarter. Vanguard Group Inc. now owns 32,399,404 shares of the offshore drilling services provider’s stock worth $314,598,000 after buying an additional 7,576,931 shares during the period. BlackRock Fund Advisors raised its position in Ensco PLC by 35.6% in the second quarter. BlackRock Fund Advisors now owns 11,446,745 shares of the offshore drilling services provider’s stock worth $111,148,000 after buying an additional 3,004,527 shares during the period. Point72 Asset Management L.P. bought a new position in Ensco PLC during the second quarter worth about $24,093,000. BlackRock Institutional Trust Company N.A. raised its position in Ensco PLC by 29.1% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 9,224,245 shares of the offshore drilling services provider’s stock worth $89,567,000 after buying an additional 2,076,854 shares during the period. Finally, State Street Corp raised its position in Ensco PLC by 16.6% in the second quarter. State Street Corp now owns 14,491,794 shares of the offshore drilling services provider’s stock worth $140,714,000 after buying an additional 2,060,673 shares during the period. Hedge funds and other institutional investors own 85.79% of the company’s stock.
About Ensco PLC
Ensco plc is an offshore contract drilling company. The Company provides offshore contract drilling services to the international oil and gas industry. The Company’s segments include Floaters, Jackups and Other. Its Floaters segment includes the Company’s drillships and semisubmersible rigs, and provides contract drilling.
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