Ensco PLC (NYSE:ESV) dropped 4.6% during mid-day trading on Wednesday . The stock traded as low as $8.78 and last traded at $8.80, with a volume of 4,260,661 shares traded. The stock had previously closed at $9.22.

ESV has been the subject of several recent analyst reports. Zacks Investment Research cut Ensco PLC from a “buy” rating to a “hold” rating in a research note on Friday, April 8th. Bank of America Corp. initiated coverage on Ensco PLC in a research note on Sunday, June 19th. They set an “underperform” rating and a $10.53 target price for the company. Nomura initiated coverage on Ensco PLC in a research note on Friday, April 8th. They set a “reduce” rating and a $6.00 target price for the company. DNB Markets raised Ensco PLC from a “sell” rating to a “hold” rating in a research note on Tuesday, April 19th. Finally, Susquehanna raised Ensco PLC from a “negative” rating to a “neutral” rating in a research note on Tuesday, June 28th. Nine research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. Ensco PLC currently has a consensus rating of “Hold” and a consensus target price of $13.80.

The firm’s market cap is $2.07 billion. The stock has a 50-day moving average of $10.13 and a 200-day moving average of $10.11.

Ensco PLC (NYSE:ESV) last released its quarterly earnings results on Wednesday, July 27th. The offshore drilling services provider reported $2.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $1.51. The firm had revenue of $910 million for the quarter, compared to the consensus estimate of $746.55 million. The firm’s revenue for the quarter was down 14.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.11 EPS. On average, equities analysts forecast that Ensco PLC will post $1.68 earnings per share for the current fiscal year.

A number of hedge funds and institutional investors have recently added to or reduced their stakes in ESV. Vanguard Group Inc. raised its position in Ensco PLC by 9.1% in the fourth quarter. Vanguard Group Inc. now owns 25,384,257 shares of the offshore drilling services provider’s stock valued at $390,664,000 after buying an additional 2,124,002 shares during the last quarter. Principal Financial Group Inc. raised its position in Ensco PLC by 854.6% in the fourth quarter. Principal Financial Group Inc. now owns 3,261,415 shares of the offshore drilling services provider’s stock valued at $50,193,000 after buying an additional 2,919,774 shares during the last quarter. New York State Common Retirement Fund raised its stake in Ensco PLC by 4.5% in the fourth quarter. New York State Common Retirement Fund now owns 1,737,339 shares of the offshore drilling services provider’s stock valued at $26,738,000 after buying an additional 75,504 shares in the last quarter. California Public Employees Retirement System raised its stake in Ensco PLC by 3.4% in the fourth quarter. California Public Employees Retirement System now owns 680,700 shares of the offshore drilling services provider’s stock valued at $10,476,000 after buying an additional 22,300 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. raised its stake in Ensco PLC by 64.9% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 415,476 shares of the offshore drilling services provider’s stock valued at $6,395,000 after buying an additional 163,581 shares in the last quarter.

Ensco plc is an offshore contract drilling company. The Company provides offshore contract drilling services to the international oil and gas industry. The Company’s segments include Floaters, Jackups and Other. Its Floaters segment includes the Company’s drillships and semisubmersible rigs, and provides contract drilling.

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