Shares of Ensco PLC (NYSE:ESV) dropped 4.9% on Wednesday . The stock traded as low as $8.41 and last traded at $8.49, with a volume of 4,202,415 shares trading hands. The stock had previously closed at $8.93.

ESV has been the topic of a number of recent research reports. Bank of America Corp. initiated coverage on Ensco PLC in a research note on Sunday, June 19th. They issued an “underperform” rating and a $10.53 target price on the stock. DNB Markets downgraded Ensco PLC from a “hold” rating to a “sell” rating in a research note on Tuesday, July 19th. Zacks Investment Research downgraded Ensco PLC from a “hold” rating to a “strong sell” rating in a research note on Monday, July 18th. Susquehanna upgraded Ensco PLC from a “negative” rating to a “neutral” rating in a research note on Tuesday, June 28th. Finally, Jefferies Group restated a “hold” rating on shares of Ensco PLC in a research note on Friday, August 5th. Eight analysts have rated the stock with a sell rating, fourteen have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Ensco PLC has a consensus rating of “Hold” and an average target price of $12.10.

The stock’s market capitalization is $2.57 billion. The company has a 50-day moving average of $9.41 and a 200-day moving average of $9.97.

Ensco PLC (NYSE:ESV) last posted its quarterly earnings results on Wednesday, July 27th. The offshore drilling services provider reported $2.04 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.53 by $1.51. The company had revenue of $910 million for the quarter, compared to analyst estimates of $746.55 million. During the same quarter in the previous year, the business posted $1.11 earnings per share. Ensco PLC’s revenue was down 14.1% on a year-over-year basis. Equities research analysts predict that Ensco PLC will post $1.53 EPS for the current year.

Other hedge funds and institutional investors recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Ensco PLC by 95.1% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 71,300 shares of the offshore drilling services provider’s stock valued at $1,097,000 after buying an additional 34,750 shares in the last quarter. Nationwide Fund Advisors increased its position in shares of Ensco PLC by 2.3% in the fourth quarter. Nationwide Fund Advisors now owns 72,527 shares of the offshore drilling services provider’s stock valued at $1,116,000 after buying an additional 1,653 shares in the last quarter. GSA Capital Partners LLP increased its position in shares of Ensco PLC by 13.3% in the fourth quarter. GSA Capital Partners LLP now owns 72,548 shares of the offshore drilling services provider’s stock valued at $1,117,000 after buying an additional 8,526 shares in the last quarter. Aberdeen Asset Management PLC UK increased its position in shares of Ensco PLC by 9.3% in the fourth quarter. Aberdeen Asset Management PLC UK now owns 85,200 shares of the offshore drilling services provider’s stock valued at $1,415,000 after buying an additional 7,218 shares in the last quarter. Finally, Systematic Financial Management LP bought a new position in shares of Ensco PLC during the fourth quarter valued at about $1,724,000.

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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