Duncan-Williams Lowers Estimates And Target On Ensco

According to Duncan-Williams, Ensco ESV released a fleet status on Friday after the close. Duncan-Williams reported that the changes included increased downtime, contract slippage, and lower rates in the domestic market as the rigs wait on permits. “All of the contract changes lead our estimates lower for 2011 and 2012. Our new 2011 earnings estimate is $3.80 per share down from $3.90 per share. Our new 2012 earnings estimate is $5.65 per share down from $5.80 per share. We are reiterating our STRONG BUY rating and our new twelve month target of $68(down from $70) per share based on 12x our 2012 earnings estimate of $5.65 per share.” Ensco closed yesterday at $55.77.