Investment analysts at Bank of America assumed coverage on shares of Ensco Rowan (NYSE:ESV) in a note issued to investors on Monday, MarketBeat.com reports. The brokerage set an “underperform” rating and a $7.00 price target on the offshore drilling services provider’s stock. Bank of America‘s target price indicates a potential downside of 7.89% from the stock’s current price.

ESV has been the subject of a number of other research reports. Piper Jaffray Companies set a $16.00 target price on shares of Ensco Rowan and gave the company a “hold” rating in a research report on Tuesday, April 23rd. HSBC raised shares of Ensco Rowan from a “hold” rating to a “buy” rating and set a $7.00 target price for the company in a research report on Friday, March 8th. Barclays set a $5.00 target price on shares of Ensco Rowan and gave the company a “sell” rating in a research report on Wednesday, February 20th. Wells Fargo & Co reissued a “buy” rating on shares of Ensco Rowan in a research report on Friday, March 1st. Finally, Societe Generale set a $5.00 target price on shares of Ensco Rowan and gave the company a “hold” rating in a research report on Tuesday, March 26th. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the stock. Ensco Rowan currently has a consensus rating of “Hold” and a consensus target price of $10.05.

Shares of Ensco Rowan stock opened at $7.60 on Monday. The firm has a market capitalization of $1.55 billion, a P/E ratio of -1.42 and a beta of 2.31. Ensco Rowan has a fifty-two week low of $7.47 and a fifty-two week high of $38.04. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 0.64.

Ensco Rowan (NYSE:ESV) last issued its quarterly earnings results on Wednesday, May 1st. The offshore drilling services provider reported ($1.69) EPS for the quarter, beating the consensus estimate of ($1.79) by $0.10. The company had revenue of $405.90 million for the quarter, compared to the consensus estimate of $405.12 million. Ensco Rowan had a negative net margin of 40.72% and a negative return on equity of 7.65%. The firm’s revenue was down 2.7% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.32) EPS. On average, sell-side analysts forecast that Ensco Rowan will post -4.91 EPS for the current year.

Several hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. raised its holdings in shares of Ensco Rowan by 0.9% in the first quarter. BlackRock Inc. now owns 30,790,349 shares of the offshore drilling services provider’s stock worth $121,006,000 after buying an additional 280,561 shares during the last quarter. Contrarius Investment Management Ltd raised its holdings in shares of Ensco Rowan by 4.7% in the fourth quarter. Contrarius Investment Management Ltd now owns 19,667,693 shares of the offshore drilling services provider’s stock worth $70,017,000 after buying an additional 879,497 shares during the last quarter. Majedie Asset Management Ltd raised its holdings in shares of Ensco Rowan by 2.5% in the first quarter. Majedie Asset Management Ltd now owns 19,193,312 shares of the offshore drilling services provider’s stock worth $75,492,000 after buying an additional 475,356 shares during the last quarter. Elephas Investment Management Ltd raised its holdings in shares of Ensco Rowan by 1,573.7% in the fourth quarter. Elephas Investment Management Ltd now owns 8,859,379 shares of the offshore drilling services provider’s stock worth $31,539,000 after buying an additional 8,330,054 shares during the last quarter. Finally, Van ECK Associates Corp raised its holdings in shares of Ensco Rowan by 76.7% in the fourth quarter. Van ECK Associates Corp now owns 8,364,454 shares of the offshore drilling services provider’s stock worth $29,777,000 after buying an additional 3,629,804 shares during the last quarter.

About Ensco Rowan

Ensco Rowan plc provides offshore drilling services in various water depths worldwide. It operates a rig fleet of ultra-deepwater drillships, versatile semisubmersibles, and modern shallow-water jackups. The company's offshore fleet include 16 drillships, 12 semisubmersibles, 54 jackups, and 2 deepwater managed units.

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Analyst Recommendations for Ensco Rowan (NYSE:ESV)

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