Canaccord Genuity Maintains a 'Buy' on ENSCO International (ESV); Possible Rig Downtime
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Price: $8.27 --0%
Rating Summary:
19 Buy, 16 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
19 Buy, 16 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity maintains a 'Buy' on ENSCO International Plc (NYSE: ESV) price target of $82.00.
Canaccord analyst, Scott Burk, says, "Noble Energy (NYSE: NBL) is reportedly seeking to swap out an Ensco (Pride) rig drilling on its Leviathan prospect in Israel, according to a media report. The news is a minor negative to EPS, but we would expect this relatively new deepwater rig to find additional work after Noble, likely at a similar to slightly higher rate."
"Lowering estimates slightly. We now assume 33% utilization for Q3/11 and 60% utilization for Q4/11 (for repairs and time to secure a new contract), which reduces 2011 EPS by $0.08/share."
For more ratings news on ENSCO International Plc click here and for the rating history of ENSCO International Plc click here.
Shares of ENSCO International Plc closed at $47.81 yesterday.
Canaccord analyst, Scott Burk, says, "Noble Energy (NYSE: NBL) is reportedly seeking to swap out an Ensco (Pride) rig drilling on its Leviathan prospect in Israel, according to a media report. The news is a minor negative to EPS, but we would expect this relatively new deepwater rig to find additional work after Noble, likely at a similar to slightly higher rate."
"Lowering estimates slightly. We now assume 33% utilization for Q3/11 and 60% utilization for Q4/11 (for repairs and time to secure a new contract), which reduces 2011 EPS by $0.08/share."
For more ratings news on ENSCO International Plc click here and for the rating history of ENSCO International Plc click here.
Shares of ENSCO International Plc closed at $47.81 yesterday.
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