Zacks Investment Research downgraded shares of ENSCO PLC (NYSE:ESV) from a hold rating to a sell rating in a research report report published on Monday, October 30th.
According to Zacks, “Ensco’s pricing chart is unimpressive and reflects weaknesses over the period of last three months. The company lost 1.6%, underperforming the industry’s 1.4% increase. Ensco’s third quarter earnings and revenue both declined year over year mainly due to lower day rates from floaters and jackups, which was partially offset by higher jackup utilization. Since 2016, cash flow from core operations for Ensco has been declining steeply with no sign of improvement. Also, the company’s balance sheet started to show declining cash balances reflecting weak financials. We believe that reduced rig operating days following lower utilization of floaters continue to hurt Ensco’s net cashflow. Considering these factors, we prefer to remain in the sidelines and wait for a better entry point”
A number of other research analysts also recently commented on ESV. BMO Capital Markets reissued a hold rating and issued a $4.75 price target on shares of ENSCO PLC in a report on Tuesday, July 11th. ValuEngine downgraded ENSCO PLC from a hold rating to a sell rating in a report on Wednesday, July 12th. Seaport Global Securities reissued a sell rating on shares of ENSCO PLC in a report on Wednesday, July 12th. Jefferies Group LLC reissued a hold rating and issued a $6.00 price target (down previously from $9.00) on shares of ENSCO PLC in a report on Tuesday, July 18th. Finally, UBS AG raised ENSCO PLC from a neutral rating to a buy rating and increased their price target for the company from $6.00 to $8.00 in a report on Monday, September 25th. Six investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and twelve have given a buy rating to the company’s stock. ENSCO PLC presently has an average rating of Hold and an average target price of $8.47.
Shares of ENSCO PLC (NYSE ESV) traded up $0.08 during midday trading on Monday, hitting $6.25. The stock had a trading volume of 16,529,699 shares, compared to its average volume of 16,946,116. ENSCO PLC has a 52 week low of $4.10 and a 52 week high of $12.04. The company has a quick ratio of 5.04, a current ratio of 5.04 and a debt-to-equity ratio of 0.58.
ENSCO PLC (NYSE:ESV) last issued its quarterly earnings results on Thursday, October 26th. The offshore drilling services provider reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.11. The firm had revenue of $460.00 million during the quarter, compared to the consensus estimate of $457.79 million. ENSCO PLC had a negative return on equity of 0.37% and a negative net margin of 3.04%. ENSCO PLC’s revenue for the quarter was down 16.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.28 earnings per share. research analysts anticipate that ENSCO PLC will post -0.48 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Monday, December 4th will be given a $0.01 dividend. This represents a $0.04 annualized dividend and a yield of 0.64%. The ex-dividend date of this dividend is Friday, December 1st. ENSCO PLC’s dividend payout ratio is currently -21.05%.
A number of institutional investors and hedge funds have recently bought and sold shares of ESV. GWM Advisors LLC acquired a new stake in ENSCO PLC in the 2nd quarter valued at approximately $107,000. Raymond James Financial Services Advisors Inc. acquired a new stake in ENSCO PLC in the 2nd quarter valued at approximately $116,000. Harvest Management LLC acquired a new stake in ENSCO PLC in the 3rd quarter valued at approximately $119,000. Crossmark Global Holdings Inc. acquired a new stake in ENSCO PLC in the 3rd quarter valued at approximately $121,000. Finally, Riverhead Capital Management LLC increased its position in ENSCO PLC by 94.3% in the 2nd quarter. Riverhead Capital Management LLC now owns 23,905 shares of the offshore drilling services provider’s stock valued at $123,000 after acquiring an additional 11,605 shares during the period. Hedge funds and other institutional investors own 91.09% of the company’s stock.
ENSCO PLC Company Profile
Ensco plc is an offshore contract drilling company. The Company provides offshore contract drilling services to the international oil and gas industry. Its segments include Floaters, Jackups and Other. The Floaters segment includes its drillships and semisubmersible rigs, and provides contract drilling.
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