ENSCO plc (ESV) Coverage Resumed as Buy at Deutsche Bank

ENSCO plc (ESV) has been re-initiated today with coverage from the research analysts at Deutsche Bank.  Deutsche Bank begins this coverage resumption of ENSCO with a price target set at $64 dollars and rates performance of ESV as “buy.”  Deutsche Bank noted they are pleased with ENSCO’s acquisition of Pride International, Inc., a move that was made on May 31st, 2011.  The bank also pointed out a few notables regarding ESV which include that they have a more efficient balance sheet, growth and has made inroads to a whole new shareholder base as a liquid driller and believe the company should be traded at a premium.

Despite these positive notes that Deutsche Bank made today even with the ‘buy’ rating, shares of ESV are on a three day slide.  ESV has predominately been stuck within a consolidation channel with little definitive direction since the beginning of May, 2011.

ENSCO is slated to release their next earnings report on August 9th, 2011,  and is estimated to post EPS of 71 cents.  Their last earnings report was released on April 20th, 2011, and announced EPS of 45 cents with revenue totaling $361.5 million which was down -19.4 % year to year.  ESV is currently trading between its 50 & 200-day moving averages and 2011 is mostly break-even at this point.

ENSCO plc is a global offshore contract drilling company. As of February 15, 2011, their offshore rig fleet included 40 jackup rigs, five ultra-deepwater semisubmersible rigs and one barge rig. Additionally, they have three ultra-deepwater semisubmersible rigs and two ultra-high specification harsh environment jackup rigs under construction.  The company has market capitalization of $7,987,500,000 and 150,000,000 shares outstanding.  ESV has a 52-week high of $60.31 with the low being $36.53 dollars.

Pride International, Inc.

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