Ensco (ESV) Bonds Rise 1.4% During Trading

An issue of Ensco Plc (NYSE:ESV) debt rose 1.4% against its face value during trading on Wednesday. The high-yield issue of debt has a 5.2% coupon and will mature on March 15, 2025. The debt is now trading at $77.90 and was trading at $74.50 last week. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its share price.

Several research firms recently commented on ESV. Piper Jaffray Companies reiterated a “hold” rating and issued a $9.00 price target on shares of Ensco in a research note on Tuesday, October 9th. Barclays boosted their price target on Ensco from $4.00 to $5.00 and gave the stock an “underweight” rating in a research note on Thursday, August 9th. Societe Generale upgraded Ensco from a “hold” rating to a “buy” rating in a research note on Friday, October 12th. Jefferies Financial Group reiterated a “hold” rating and issued a $9.00 price target on shares of Ensco in a research note on Sunday, October 21st. Finally, Cowen reiterated a “hold” rating and issued a $5.00 price target on shares of Ensco in a research note on Monday. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $8.74.

NYSE:ESV opened at $5.81 on Thursday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 2.58 and a current ratio of 2.58. Ensco Plc has a one year low of $4.10 and a one year high of $9.51. The stock has a market capitalization of $2.54 billion, a P/E ratio of -11.17 and a beta of 1.78.

Ensco (NYSE:ESV) last announced its quarterly earnings data on Monday, October 29th. The offshore drilling services provider reported ($0.33) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate 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 quarter in the prior year, the firm posted ($0.05) earnings per share. Ensco’s revenue for the quarter was down 6.3% compared to the same quarter last year. As a group, equities research analysts predict that Ensco Plc will post -1.32 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Monday, December 3rd will be paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a yield of 0.69%. The ex-dividend date of this dividend is Friday, November 30th. Ensco’s payout ratio is currently -7.69%.

In other Ensco news, VP Steven Joseph Brady sold 4,500 shares of the company’s stock in a transaction that occurred on Wednesday, November 14th. The stock was sold at an average price of $6.22, for a total transaction of $27,990.00. Following the sale, the vice president now owns 314,864 shares in the company, valued at $1,958,454.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.72% of the company’s stock.

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in Ensco by 0.9% during the third quarter. Vanguard Group Inc. now owns 38,680,474 shares of the offshore drilling services provider’s stock valued at $326,463,000 after buying an additional 336,835 shares in the last quarter. FMR LLC raised its stake in Ensco by 6.9% during the second quarter. FMR LLC now owns 34,395,479 shares of the offshore drilling services provider’s stock valued at $249,712,000 after buying an additional 2,213,621 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Ensco by 1.2% during the second quarter. Dimensional Fund Advisors LP now owns 30,453,455 shares of the offshore drilling services provider’s stock valued at $221,091,000 after buying an additional 368,448 shares in the last quarter. BlackRock Inc. raised its position in shares of Ensco by 2.3% during the 3rd quarter. BlackRock Inc. now owns 29,626,647 shares of the offshore drilling services provider’s stock worth $250,048,000 after purchasing an additional 663,521 shares during the period. Finally, Capital International Investors raised its position in shares of Ensco by 4.4% during the 3rd quarter. Capital International Investors now owns 20,147,782 shares of the offshore drilling services provider’s stock worth $170,047,000 after purchasing an additional 846,997 shares during the period. Hedge funds and other institutional investors own 96.71% of the company’s stock.

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About Ensco (NYSE:ESV)

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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