Market Overview

UPDATE: JP Morgan Reduces PT to $78 on Ensco on Uneventful Fleet Update

Share:
Related ESV
Long-Suffering Ensco Bulls May Have More To Endure
Daily Movers: Welcoming Fitbit; BioMarin Soars Again, While Oracle Slumps
Petrobras Cut Its Capex By 40%; Are Ensco, Diamond And Paragon At Risk? (Seeking Alpha)

JP Morgan reiterated its Overweight rating on Ensco (NYSE: ESV) and lowered its price target from $79 to $78.

JP Morgan commented, "Ensco released a relatively uneventful fleet status report after market closed last Friday, detailing 63 incremental days of downtime for its deepwater fleet (mostly in 2H) and 110 days for jackups. With a highly contracted floater fleet, the company reported only a few contracts and extensions for the jackup fleet at modestly higher dayrates that were generally below our forecast (detailed below). We updated our model to incorporate changes in the fleet status report, keeping our dayrate forecast unchanged, which lowers our 2013E EPS by $0.10 to $7.00 while our 2012E EPS is unchanged at $5.40."

Ensco closed at $57.88 on Friday.

Latest Ratings for ESV

DateFirmActionFromTo
Jun 2015JefferiesMaintainsHold
Jun 2015JP MorganMaintainsUnderweight
Jun 2015SusquehannaMaintainsNeutral

View More Analyst Ratings for ESV
View the Latest Analyst Ratings

Posted-In: JP MorganAnalyst Color Price Target Reiteration Intraday Update Analyst Ratings

 

Related Articles (ESV)

Around the Web, We're Loving...

Get Benzinga's Newsletters