Ensco (ESV) Shares Down 7.7%

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Ensco Plc (NYSE:ESV)’s share price traded down 7.7% during mid-day trading on Thursday . The stock traded as low as $6.91 and last traded at $6.93. 12,890,430 shares traded hands during trading, a decline of 3% from the average session volume of 13,321,231 shares. The stock had previously closed at $7.51.

Several equities analysts have recently issued reports on the company. DNB Markets raised Ensco from a “sell” rating to a “hold” rating in a research note on Tuesday, October 30th. JPMorgan Chase & Co. raised Ensco from an “underweight” rating to a “neutral” rating and set a $8.00 price target on the stock in a research note on Friday, October 12th. Piper Jaffray Companies reaffirmed a “hold” rating and set a $6.25 price target on shares of Ensco in a research note on Friday, July 20th. Jefferies Financial Group reaffirmed a “hold” rating and set a $9.00 price target on shares of Ensco in a research note on Sunday, October 21st. Finally, Wells Fargo & Co reaffirmed a “buy” rating on shares of Ensco in a research note on Friday, November 2nd. 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 assigned a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $8.89.

The company has a debt-to-equity ratio of 0.60, a current ratio of 2.58 and a quick ratio of 2.58.

Ensco (NYSE:ESV) last released its quarterly earnings data on Monday, October 29th. The offshore drilling services provider reported ($0.33) EPS for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.02. The business had revenue of $431.00 million during the quarter, compared to the consensus estimate of $424.66 million. Ensco had a negative return on equity of 5.98% and a negative net margin of 36.53%. The firm’s revenue was down 6.3% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.05) earnings per share. On average, sell-side analysts forecast that Ensco Plc will post -1.34 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Monday, December 3rd will be issued a $0.01 dividend. The ex-dividend date of this dividend is Friday, November 30th. This represents a $0.04 dividend on an annualized basis and a yield of 0.57%. Ensco’s dividend payout ratio is presently -7.69%.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Whittier Trust Co. of Nevada Inc. increased its holdings in Ensco by 254.5% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 11,322 shares of the offshore drilling services provider’s stock valued at $629,000 after purchasing an additional 8,128 shares during the last quarter. Arizona State Retirement System increased its holdings in shares of Ensco by 2.9% in the second quarter. Arizona State Retirement System now owns 303,474 shares of the offshore drilling services provider’s stock worth $2,203,000 after acquiring an additional 8,482 shares in the last quarter. Check Capital Management Inc. CA increased its holdings in shares of Ensco by 39.5% in the second quarter. Check Capital Management Inc. CA now owns 31,525 shares of the offshore drilling services provider’s stock worth $229,000 after acquiring an additional 8,930 shares in the last quarter. American International Group Inc. increased its holdings in shares of Ensco by 1.0% in the third quarter. American International Group Inc. now owns 880,627 shares of the offshore drilling services provider’s stock worth $7,432,000 after acquiring an additional 9,026 shares in the last quarter. Finally, Alps Advisors Inc. increased its holdings in shares of Ensco by 10.3% in the second quarter. Alps Advisors Inc. now owns 118,967 shares of the offshore drilling services provider’s stock worth $864,000 after acquiring an additional 11,143 shares in the last quarter. Institutional investors and hedge funds own 98.91% 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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