Jesup & Lamont Upgrades ENSCO International (ESV) to Hold; Improving Outlook for 2010

October 23, 2009 9:59 AM EDT

Jesup & Lamont upgrades ENSCO International (NYSE: ESV) from Sell to Hold.

Jesup analyst says, "ENSCO announced third quarter earnings of $1.05 per share in-line with consensus and our estimate on revenues of 425.4 million. The company indicated stabilization in jackup markets worldwide, an increase in inquiries with oil at $80 a barrel, an expected increase in jackup budgets by clients in 2010, and increasing deepwater revenues as the newbuilds begin their contracts...We are maintaining our 2009 earnings estimate of $5.40 per share. We are raising our 2010 earnings estimate to $3.70 from $3.40 per share...The company has a low debt to equity ratio and a strong balance sheet. Presently, cash stands at over $1 billion."

To see more analyst ratings on ESV Click Here.

ENSCO International Incorporated, together with its subsidiaries, provides offshore contract drilling services to the oil and gas industry.

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