UPDATE: JP Morgan Reduces PT to $78 on Ensco on Uneventful Fleet Update
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
|Jun 2015||JP Morgan||Maintains||Underweight|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.