Barclays Maintains an 'Overweight' on ENSCO International (ESV); Adjusting Estimates for Downtime and New Contracts

Barclays maintains an 'Overweight' on ENSCO International (NYSE: ESV) price target of $61.00.

Barclays analyst says, "Near-Term Floater Downtime Offset by New Contracts: Ensco's recent fleet status report unveiled an increase in near-term downtime for the company's floater fleet. However, a number of positive jackup developments and a sublet for the DS-3 at a higher than previous dayrate improves the company's outlook in 2012 and 2013."

"We are adjusting our 4Q EPS estimate to $0.97 from $1.11 due to increased floater downtime. We are bumping our 2012 and 2013 EPS estimates to $5.90 (from $5.85) and $6.70 (from $6.65), respectively, due to the DS-3 sublet, new contracts and extensions."

For an analyst ratings summary and ratings history on ENSCO International click here. For more ratings news on ENSCO International click here.

Shares of ENSCO International closed at $49.95 yesterday.

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