Ensco (ESV) Debt Trading 1% Lower

An issue of Ensco Plc (NYSE:ESV) bonds fell 1% as a percentage of their face value during trading on Wednesday. The debt issue has a 5.75% coupon and is set to mature on October 1, 2044. The bonds in the issue are now trading at $68.00 and were trading at $69.75 last week. Price changes in a company’s bonds in credit markets sometimes anticipate parallel changes in its stock price.

ESV has been the subject of a number of research analyst reports. BMO Capital Markets set a $5.00 price target on Ensco and gave the company a “hold” rating in a research report on Tuesday, October 17th. initiated coverage on Ensco in a research report on Thursday, October 19th. They set a “buy” rating and a $7.30 price target for the company. Cowen set a $4.00 price target on Ensco and gave the company a “hold” rating in a research report on Wednesday, October 18th. FBR & Co reaffirmed a “hold” rating on shares of Ensco in a research report on Thursday, October 19th. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and set a $6.10 price target on shares of Ensco in a research report on Sunday, October 22nd. Five equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and seven have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $7.52.

Shares of Ensco Plc (NYSE:ESV) traded down $0.08 during midday trading on Wednesday, reaching $5.01. The company’s stock had a trading volume of 18,589,006 shares, compared to its average volume of 15,010,000. Ensco Plc has a 1-year low of $4.10 and a 1-year high of $11.26. The company has a market capitalization of $2,180.00, a price-to-earnings ratio of -21.78 and a beta of 1.74. The company has a current ratio of 5.04, a quick ratio of 5.04 and a debt-to-equity ratio of 0.58.

A number of hedge funds and other institutional investors have recently made changes to their positions in ESV. BlackRock Inc. grew its holdings in Ensco by 45.4% during the fourth quarter. BlackRock Inc. now owns 48,257,622 shares of the offshore drilling services provider’s stock valued at $285,202,000 after purchasing an additional 15,071,031 shares during the period. Majedie Asset Management Ltd boosted its holdings in shares of Ensco by 182.2% in the fourth quarter. Majedie Asset Management Ltd now owns 18,008,535 shares of the offshore drilling services provider’s stock worth $106,430,000 after acquiring an additional 11,626,102 shares during the period. Capital International Investors boosted its holdings in shares of Ensco by 49.1% in the third quarter. Capital International Investors now owns 15,811,810 shares of the offshore drilling services provider’s stock worth $94,397,000 after acquiring an additional 5,205,307 shares during the period. Van Den Berg Management I Inc. boosted its holdings in shares of Ensco by 205.4% in the fourth quarter. Van Den Berg Management I Inc. now owns 7,705,642 shares of the offshore drilling services provider’s stock worth $45,540,000 after acquiring an additional 5,182,896 shares during the period. Finally, Orbis Allan Gray Ltd boosted its holdings in shares of Ensco by 8,457.4% in the fourth quarter. Orbis Allan Gray Ltd now owns 3,422,263 shares of the offshore drilling services provider’s stock worth $20,226,000 after acquiring an additional 3,382,271 shares during the period. 62.00% of the stock is owned by institutional investors and hedge funds.

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About Ensco

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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