Ensco (ESV) Bonds Rise 2.2% During Trading

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An issue of Ensco Plc (NYSE:ESV) debt rose 2.2% as a percentage of its face value during trading on Wednesday. The high-yield issue of debt has a 4.5% coupon and will mature on October 1, 2024. The debt is now trading at $81.50 and was trading at $84.25 last week. Price moves in a company’s debt in credit markets sometimes anticipate parallel moves in its stock price.

ESV has been the topic of several recent research reports. ValuEngine lowered shares of Ensco from a “strong-buy” rating to a “buy” rating in a research report on Thursday, July 12th. Tudor Pickering upgraded shares of Ensco from a “hold” rating to a “buy” rating in a research report on Thursday, July 12th. BTIG Research initiated coverage on shares of Ensco in a research report on Monday, September 17th. They issued a “buy” rating and a $10.00 price target on the stock. UBS Group set a $12.00 price target on shares of Ensco and gave the stock a “buy” rating in a research report on Wednesday, October 10th. Finally, Societe Generale upgraded shares of Ensco from a “hold” rating to a “buy” rating in a research report on Friday, October 12th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $8.65.

NYSE ESV traded up $0.17 on Wednesday, hitting $7.14. 16,369,500 shares of the stock were exchanged, compared to its average volume of 13,353,553. Ensco Plc has a 52-week low of $4.10 and a 52-week high of $9.51. The company has a debt-to-equity ratio of 0.59, a quick ratio of 2.66 and a current ratio of 2.66. The stock has a market cap of $3.21 billion, a price-to-earnings ratio of -13.73 and a beta of 1.86.

Ensco (NYSE:ESV) last posted its quarterly earnings data on Monday, October 29th. The offshore drilling services provider reported ($0.33) earnings per share for the quarter, topping the consensus estimate of ($0.35) by $0.02. Ensco had a negative net margin of 36.53% and a negative return on equity of 5.93%. The firm had revenue of $431.00 million for the quarter, compared to analysts’ expectations of $424.66 million. During the same period in the previous year, the company posted ($0.05) EPS. The company’s quarterly revenue was down 6.3% compared to the same quarter last year. On average, research analysts forecast that Ensco Plc will post -1.35 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. FMR LLC grew its position in Ensco by 6.9% during the 2nd quarter. FMR LLC now owns 34,395,479 shares of the offshore drilling services provider’s stock worth $249,712,000 after purchasing an additional 2,213,621 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Ensco by 1.2% during the 2nd 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 during the period. Contrarius Investment Management Ltd boosted its stake in shares of Ensco by 22.8% during the 2nd quarter. Contrarius Investment Management Ltd now owns 14,709,917 shares of the offshore drilling services provider’s stock valued at $106,794,000 after buying an additional 2,730,330 shares during the period. Millennium Management LLC acquired a new stake in shares of Ensco during the 2nd quarter valued at $92,724,000. Finally, Elephas Investment Management Ltd boosted its stake in shares of Ensco by 16.4% during the 2nd quarter. Elephas Investment Management Ltd now owns 9,485,025 shares of the offshore drilling services provider’s stock valued at $68,861,000 after buying an additional 1,338,304 shares during the period. Hedge funds and other institutional investors own 98.02% of the company’s stock.

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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