Credit Suisse Group Upgrades Ensco (ESV) to “Buy”

Credit Suisse Group upgraded shares of Ensco (NYSE:ESV) from a neutral rating to a buy rating in a research note published on Friday morning, MarketBeat.com reports. The brokerage currently has $8.00 target price on the offshore drilling services provider’s stock.

A number of other equities analysts have also weighed in on ESV. Zacks Investment Research lowered Ensco from a hold rating to a sell rating in a research note on Thursday, December 28th. Jefferies Group set a $6.00 price objective on Ensco and gave the stock a hold rating in a research note on Thursday, January 4th. Piper Jaffray lowered Ensco from an overweight rating to a neutral rating and set a $6.00 price objective for the company. in a research note on Thursday, January 11th. Cowen set a $6.00 price objective on Ensco and gave the stock a hold rating in a research note on Thursday, January 11th. Finally, Susquehanna Bancshares set a $7.00 price objective on Ensco and gave the stock a hold rating in a research note on Friday, January 12th. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and six have given a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $6.61.

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NYSE ESV opened at $5.43 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 2.13 and a quick ratio of 2.13. Ensco has a twelve month low of $4.10 and a twelve month high of $8.75.

Ensco (NYSE:ESV) last released its quarterly earnings data on Tuesday, February 27th. The offshore drilling services provider reported ($0.23) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.26) by $0.03. The firm had revenue of $454.00 million during the quarter, compared to analyst estimates of $453.21 million. Ensco had a negative return on equity of 1.86% and a negative net margin of 16.48%. The business’s quarterly revenue was down 10.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.10 earnings per share. equities analysts anticipate that Ensco will post -0.98 EPS for the current fiscal year.

Institutional investors have recently made changes to their positions in the stock. New York State Common Retirement Fund lifted its stake in shares of Ensco by 7.7% in the 3rd quarter. New York State Common Retirement Fund now owns 1,413,100 shares of the offshore drilling services provider’s stock valued at $8,436,000 after purchasing an additional 101,200 shares during the last quarter. Legal & General Group Plc lifted its stake in shares of Ensco by 3.3% in the 3rd quarter. Legal & General Group Plc now owns 923,290 shares of the offshore drilling services provider’s stock valued at $5,509,000 after purchasing an additional 29,539 shares during the last quarter. Schwab Charles Investment Management Inc. lifted its stake in shares of Ensco by 22.2% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 2,069,292 shares of the offshore drilling services provider’s stock valued at $12,354,000 after purchasing an additional 376,450 shares during the last quarter. Private Advisor Group LLC bought a new stake in shares of Ensco in the 3rd quarter valued at approximately $100,000. Finally, Allianz Asset Management GmbH bought a new stake in shares of Ensco in the 3rd quarter valued at approximately $3,598,000. 92.16% of the stock is owned by institutional investors.

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Ensco Company Profile

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.

Analyst Recommendations for Ensco (NYSE:ESV)

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