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Fly News Breaks for May 30, 2019
ESV
May 30, 2019 | 09:34 EDT
BTIG analyst Gregory Lewis lowered his price target on Ensco Rowan to $15 as part of his broader research note on offshore drillers. The analyst notes that the recent bankruptcy of Weatherford has "reignited concerns around over-levered balance sheet" and placed offshore drilling firms in the "crossfire" of short-sellers, even as Ensco's on-contracted floater count at 133 rigs marks the highest capacity since July of 2018. Lewis adds that the sector is also being pressured by the retreat in Brent oil price back below $70 per barrel.
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