UBS Maintains a 'Buy' on ENSCO International Plc (ESV); Raising PT & Estimates
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Price: $8.27 --0%
Rating Summary:
19 Buy, 16 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
Rating Summary:
19 Buy, 16 Hold, 5 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
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UBS maintains a 'Buy' on ENSCO International Plc (NYSE: ESV) price target raised from $65 to $67.
UBS analyst says, "ESV maintained its track record of strong execution this quarter and we continue to like the story for the company. Guidance for 2012 contract drilling expenses was essentially in-line with our ests despite a 9% increase in average wages."
"Biggest Conference Call Takeaways: (1) Dayrates still on upward trend across all rig classes with ultra-deepwater particularly tight, (2) increasing ultra-deepwater demand in 2012 in GoM, Brazil, West Africa, and Asia (expect incremental tenders) (3) more newbuild orders likely in ’12, including potentially by ESV, (4) midwater market remains challenged, however four of ESV’s six midwater rigs are contracted through ‘12, (5) premium jackup market tight, operators starting to ask about 1-2 year contracts, (6) PDE integration on track, reiterate synergy run-rate of $150m by end ’12, (7)."
UBS boosts FY12 EPS estimate from $5.58 to $5.69 and FY13 from $6.19 to $6.81.
For an analyst ratings summary and ratings history on ENSCO International Plc click here. For more ratings news on ENSCO International Plc click here.
Shares of ENSCO International Plc closed at $59.05 yesterday.
UBS analyst says, "ESV maintained its track record of strong execution this quarter and we continue to like the story for the company. Guidance for 2012 contract drilling expenses was essentially in-line with our ests despite a 9% increase in average wages."
"Biggest Conference Call Takeaways: (1) Dayrates still on upward trend across all rig classes with ultra-deepwater particularly tight, (2) increasing ultra-deepwater demand in 2012 in GoM, Brazil, West Africa, and Asia (expect incremental tenders) (3) more newbuild orders likely in ’12, including potentially by ESV, (4) midwater market remains challenged, however four of ESV’s six midwater rigs are contracted through ‘12, (5) premium jackup market tight, operators starting to ask about 1-2 year contracts, (6) PDE integration on track, reiterate synergy run-rate of $150m by end ’12, (7)."
UBS boosts FY12 EPS estimate from $5.58 to $5.69 and FY13 from $6.19 to $6.81.
For an analyst ratings summary and ratings history on ENSCO International Plc click here. For more ratings news on ENSCO International Plc click here.
Shares of ENSCO International Plc closed at $59.05 yesterday.
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