Remember when - Part 2
06/11/98 DOWN 5/8 to 20... Everen says weakness due to large exposure to Gulf of Mexico drilling market, depressed crude prices...
06/11/98 3:35 pm... ENSCO INTL (ESV 19-5/8) DOWN 1, EVEREN SAYS WEAKNESS DUE TO LARGE EXPOSURE TO GULF OF MEXICO DRILLING MARKET, DEPRESSED CRUDE PRICES... Analyst S. Magnus Fyhr tells MarketScope Gulf of Mexico biggest drilling market in world, ESV largest player in jack-up driller market... Explains in jack-up market, cos. use 3-6 mo. contracts... Currently co. experiencing weakness in day rates... Also notes pressure from crude oil prices which near $13/barrel today... Says need crude to be between $15-$20 for oil cos. to have healthy cash flows... Says may take 3-4 mos. for crude price to rebound... Rates near, long term outperform... Sees $2.40 '98 EPS, $3.06 '99... Has $38 near, $51 long term target./Wolfe
04/17/98 April 16, 1998, Ensco Intl., Inc., announced Mar. 1998 three-month diluted earnings of $0.61 vs. $0.25 for the same period a year ago. Results are adjusted for two-for-one stock split of record in September 1997.
01/29/98 UP 1 1/2 to 28 1/4... Salomon SB upgrades to buy from outperform... Yesterday co. posted $0.54 vs. $0.22 4Q EPS on 54% revenue rise...
01/29/98 11:51 am... ENSCO INTL (ESV 28-3/8) UP 1-3/4, SALOMON SMITH BARNEY UPGRADES TO BUY FROM OUTPERFORM... Yesterday co. posted $0.55 vs. $0.22 4Q EPS... Analyst Mark Urness tells salesforce 4Q results beat his $0.52 estimate, driven by lower than expected operating costs, which resulted in improved gross, operating margins... Notes co. said it lengthening depreciation schedule on its rigs; based on this, plus lower tax rate, higher North Sea dayrates, boosting $2.65 '98 EPS estimate to $2.95, $3.30 '99 to $3.65... Valuation attractive, as co. trading (at yesterday's close) at 9x '98, 7.3x '99 estimates, as well as 20% discount to group multiple... Has $50 target./J.Holloway
01/28/98 UP 1 1/2 to 26 5/8... Posts $0.54 vs. $0.22 4Q EPS on 54% revenue rise... Robinson Humphrey upgrades to long term buy from long term market perform... Details unavailable...
01/28/98 Jan. 28, 1998, Ensco Intl. Inc. announced Dec. '97 fourth quarter earnings per diluted share of $0.55 vs $0.22 for the same period a year ago, and annual earnings of $1.64 vs $0.72 for the prior year. Results are adjusted for 2-for-1 stock split of record in Sept. '97. Results for both periods of 1997 exclude a charge of $0.01 from extinguishment of debt.
11/05/97 Nov. 4, 1997, ENSCO International Inc. (ESV) said it signed a letter of intent with Smedvig asa (SMVB) to acquire the West Omikron, a Marathon LeTourneau 150-88C Gorilla class jackup drilling rig, for about $103,000,000. The company noted that the purchase will increase the number of its North Sea jackup rig fleet to seven. The transaction is expected to close by December.
11/04/97 4:20 pm... STILL BUY ENSCO INTERNATIONAL (ESV 47*****)... Announces agreement to purchase premium jackup rig from Smedvig ASA for $103 million... Rig currently working in North Sea for Phillips Petroleum, Smedvig will continue to operate rig under bareboat charter from ESV until contract completed, likely sometime in 2000... ESV will be paid for rig, will not incur operating expenses, see return on investment above company's stated hurdle rate of 15%... Last week, ESV told Marketscope it has blueprint for new semisubmersible, will wait for contract before proceeding. /N.Rosenberg
10/15/97 Oct. 15, 1997, Ensco Intl., Inc., announced Sept. 1997 three-month earnings per share, $0.48 vs $0.19 for same period a year ago. Nine-month earnings, $1.10 vs $0.49 for same period a year ago. Results are adjusted for two-for-one stock split of record in September 1997.
08/21/97 Aug. 21, 1997, ENSCO International Inc. (ESV) reported that its board declared a two-for-one stock split, payable September 15 to holders of record September 2. After the split, the company will have about 142,000,000 common shares outstanding. In addition, the company said its board declared an initial regular quarterly cash dividend of $0.025 per common share on a post-split basis, also payable September 15 to holders of record September 2.
07/29/97 UP 3 7/8 to 62 7/8... Hanifen Imhoff reiterates buy... Co. unavailable...
07/29/97 3:05 pm... ENSCO INTL (ESV 62-5/8) UP 3-5/8, HANIFEN IMHOFF REITERATES BUY... Analyst Robert Trace says highly encouraged by recent improvements in Gulf of Mexico, North Sea dayrates as well as co.'s excellent visibility on continued increased dayrates... Raises $3.05 '97 EPS estimate to $3.25, $4.20 '98 to $4.50; $75 target to $100, 18.2x '98 EPS... Reflects sold-out world jackup markets driving up dayrates for co.'s jackup fleet ahead of previous schedule as well as co.'s ability to capitalize on this strength by keeping several of its rigs on contracts that are continuously reset to market rates... (continued)...
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