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Fly News Breaks for September 17, 2018
ESV
Sep 17, 2018 | 16:32 EDT
BTIG analyst Gregory Lewis initiated Ensco with a Buy rating and a price target of $10 as part of his broader research note on offshore drilling service industry. The analyst says the company is an "oil Beta play" among the offshore drillers given its "Jackup exposure", which has a shorter cycle than deepwater, generating an estimated 60% of sales from "floaters". Lewis adds that even though the Jackups already "inflected higher" on both activity and pricing, he is positive on Ensco's position.
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