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ESV

Ensco Rowan

$7.35

0.18 (2.51%)

16:34
06/13/19
06/13
16:34
06/13/19
16:34

Ensco Rowan discloses capital structure proposal from Luminus Management

The Ensco Rowa board disclose that it received a proposal from Luminus Management dated June 12, 2019, stating that it "welcomes investor perspectives on matters such as the company's capital structure and the return of capital to shareholders, and will evaluate the proposal. The company has significant financial flexibility within its capital structure, including the ability to issue debt that would be structurally senior to the company's currently outstanding debt on both an unsecured and secured basis."

ESV Ensco Rowan
$7.35

0.18 (2.51%)

04/16/19
MSCO
04/16/19
INITIATION
Target $25
MSCO
Overweight
Ensco Rowan initiated with an Overweight at Morgan Stanley
Following the completion of the merger of Ensco and Rowan to create Ensco Rowan plc, Morgan Stanley analyst Connor Lynagh initiated coverage of the newly combined company with an Overweight rating and $25 price target, noting that analyst estimates vary widely as of now. He believes Ensco Rowan has a strong portfolio of assets and an "undemanding valuation" compared to U.S.-listed peers and sees the discount narrowing as the market gains further clarity.
04/16/19
04/16/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Dow Inc. (DOW) initiated with a Top Pick at RBC Capital. 2. Ensco Rowan (ESV) initiated with an Overweight at Morgan Stanley. 3. Micron (MU) initiated with a Neutral at Nomura Instinet. 4. SkyWest (SKYW) initiated with a Buy at Stifel. 5. Forestar Group (FOR) initiated with a Buy at BTIG. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
05/30/19
BTIG
05/30/19
NO CHANGE
Target $15
BTIG
Buy
Ensco Rowan price target lowered to $15 from $30 at BTIG
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.
06/10/19
BOFA
06/10/19
INITIATION
Target $7
BOFA
Underperform
Ensco Rowan reinstated with an Underperform at BofA/Merrill
BofA/Merrill analyst Chase Mulvehill reinstated coverage of Ensco Rowan with an Underperform rating and $7 price target. In a research note to investors, Mulvehill says the merger with Rowan created the the largest, most diverse offshore driller, but says his "less sanguine" floater market outlook, along with high debt levels, does not lend itself to any free cash flow between now and year-end 2021. The analyst expects further underperformance for shares without any line of sight to deleveraging the balance sheet.

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