Ensco (NYSE:ESV) Upgraded by Johnson Rice to Buy

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Ensco (NYSE:ESV) was upgraded by investment analysts at Johnson Rice from an “accumulate” rating to a “buy” rating in a research report issued on Wednesday, October 17th, Marketbeat Ratings reports. The brokerage currently has a $12.00 price target on the offshore drilling services provider’s stock. Johnson Rice’s target price would indicate a potential upside of 71.92% from the company’s previous close.

Several other research firms have also recently commented on ESV. JPMorgan Chase & Co. raised Ensco from an “underweight” rating to a “neutral” rating and set a $8.00 price objective on the stock in a research report on Friday, October 12th. Piper Jaffray Companies reaffirmed a “hold” rating and set a $6.25 price objective on shares of Ensco in a research report on Friday, July 20th. DNB Markets cut Ensco from a “hold” rating to a “sell” rating in a research report on Friday, September 7th. Susquehanna Bancshares set a $8.00 price objective on Ensco and gave the company a “hold” rating in a research report on Friday, July 27th. Finally, Wells Fargo & Co raised Ensco from a “market perform” rating to an “outperform” rating and set a $11.00 price objective on the stock in a research report on Tuesday, October 9th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $8.89.

ESV stock traded up $0.05 during midday trading on Wednesday, hitting $6.98. The stock had a trading volume of 15,791,627 shares, compared to its average volume of 12,486,970. Ensco has a 52-week low of $4.10 and a 52-week high of $9.51. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.60.

Ensco (NYSE:ESV) last released its earnings results on Monday, October 29th. The offshore drilling services provider reported ($0.33) EPS for the quarter, topping analysts’ consensus estimates of ($0.35) by $0.02. Ensco had a negative return on equity of 5.98% and a negative net margin of 36.53%. The firm had revenue of $431.00 million for the quarter, compared to analysts’ expectations of $424.66 million. During the same period in the prior year, the firm posted ($0.05) earnings per share. The company’s quarterly revenue was down 6.3% on a year-over-year basis. Analysts forecast that Ensco will post -1.34 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ESV. Timber Hill LLC purchased a new position in Ensco during the 3rd quarter valued at approximately $106,000. Wetherby Asset Management Inc. purchased a new position in Ensco during the 3rd quarter valued at approximately $107,000. Vanguard Capital Wealth Advisors purchased a new position in Ensco during the 2nd quarter valued at approximately $111,000. Nomura Asset Management Co. Ltd. grew its holdings in Ensco by 151.4% during the 1st quarter. Nomura Asset Management Co. Ltd. now owns 26,400 shares of the offshore drilling services provider’s stock valued at $116,000 after buying an additional 15,900 shares in the last quarter. Finally, Deprince Race & Zollo Inc. purchased a new position in Ensco during the 3rd quarter valued at approximately $127,000. Institutional investors and hedge funds own 98.91% of the company’s stock.

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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