Jefferies Comments on Ensco's Merger with Pride

Jefferies is providing commentary on Ensco's (NYSE: ESV) merger.

“With the Pride (NYSE: PDE) merger complete, ESV is now positioned as the 2nd largest offshore driller in the world, with significant leverage to improving UDW floater and jack-up fundamentals,” Jefferies writes. “ESV remains one of our favorite offshore drillers due to its attractive earnings leverage and NAV growth over the next three years.”

Ensco closed Thursday at $55.30.