Williams Financial Group Starts ENSCO International Plc (ESV) at Buy; Successful Transition to Leading Driller

Williams Financial Group initiates coverage on ENSCO International Plc (NYSE: ESV) with a Buy. PT $74.00.

Analyst, Matt Beeby, said, "The trade into ESV as the second-largest offshore driller post-Macondo was well documented. While we favored that move, the stock has perhaps lost some of its luster, and without exercising further drillship options, y/y earnings growth expected for 2013 will not be duplicated beyond that point with EPS peaking in the $7-$8 range. That being said we anticipate further highspec rig additions (though not from the 8500-series), and believe shares do represent a substantial value today. We would own ESV into the quarter with confidence that results will be roughly inline with expectations."

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 $52.52 yesterday.

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