An issue of ENSCO PLC (NYSE:ESV) debt rose 1.2% against its face value during trading on Friday after FBR & Co lowered their price target on the stock from $9.00 to $6.00. The high-yield debt issue has a 8% coupon and will mature on January 31, 2024. The bonds in the issue are now trading at $99.90 and were trading at $100.50 last week. Price moves in a company’s debt in credit markets often anticipate parallel moves in its share price.
A number of other analysts also recently issued reports on the company. Jefferies Group LLC set a $9.00 target price on ENSCO PLC and gave the company a “hold” rating in a research report on Saturday, July 1st. Seaport Global Securities reaffirmed a “sell” rating on shares of ENSCO PLC in a research report on Wednesday, July 12th. ValuEngine raised ENSCO PLC from a “sell” rating to a “hold” rating in a research report on Tuesday, July 25th. BMO Capital Markets reaffirmed a “hold” rating and issued a $4.75 target price on shares of ENSCO PLC in a research report on Tuesday, July 11th. Finally, HSBC Holdings plc assumed coverage on ENSCO PLC in a research report on Thursday, October 19th. They issued a “buy” rating and a $7.30 target price on the stock. Five analysts have rated the stock with a sell rating, eight have assigned a hold rating and twelve have assigned a buy rating to the company. ENSCO PLC currently has an average rating of “Hold” and an average price target of $8.47.
Several hedge funds have recently modified their holdings of the stock. BlackRock Inc. boosted its stake in shares of ENSCO PLC by 25.3% in the second quarter. BlackRock Inc. now owns 32,777,289 shares of the offshore drilling services provider’s stock valued at $169,130,000 after buying an additional 6,612,735 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of ENSCO PLC by 170.3% in the second quarter. Dimensional Fund Advisors LP now owns 16,775,071 shares of the offshore drilling services provider’s stock valued at $86,564,000 after buying an additional 10,568,874 shares during the period. State Street Corp boosted its stake in shares of ENSCO PLC by 1.6% in the second quarter. State Street Corp now owns 12,112,020 shares of the offshore drilling services provider’s stock valued at $62,497,000 after buying an additional 192,165 shares during the period. Capital Guardian Trust Co. boosted its stake in shares of ENSCO PLC by 189.3% in the second quarter. Capital Guardian Trust Co. now owns 10,637,145 shares of the offshore drilling services provider’s stock valued at $54,888,000 after buying an additional 6,960,500 shares during the period. Finally, Capital International Investors boosted its stake in shares of ENSCO PLC by 181.5% in the second quarter. Capital International Investors now owns 10,606,503 shares of the offshore drilling services provider’s stock valued at $54,730,000 after buying an additional 6,838,484 shares during the period. Institutional investors and hedge funds own 91.56% of the company’s stock.
The stock’s 50 day moving average is $5.35 and its 200 day moving average is $5.90. The company has a market capitalization of $1.58 billion, a price-to-earnings ratio of 32.56 and a beta of 1.75.
ENSCO PLC (NYSE:ESV) last released its quarterly earnings data on Thursday, October 26th. The offshore drilling services provider reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.11. ENSCO PLC had a negative net margin of 3.04% and a negative return on equity of 0.37%. The business had revenue of $460.00 million during the quarter, compared to analyst estimates of $457.79 million. During the same period in the previous year, the business earned $0.28 EPS. ENSCO PLC’s revenue was down 16.1% compared to the same quarter last year. On average, equities analysts predict that ENSCO PLC will post ($0.40) EPS for the current year.
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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. Its segments include Floaters, Jackups and Other. The Floaters segment includes its drillships and semisubmersible rigs, and provides contract drilling.
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