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

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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
Sep 2014Standpoint ResearchUpgradesHoldBuy
Aug 2014FBR CapitalMaintainsMarket Perform
Aug 2014Deutsche BankDowngradesHoldSell

View More Analyst Ratings for ESV
View the Latest Analyst Ratings

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

 

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