Jefferies Comments On Ensco 1Q11 Results

According to Jefferies, Ensco ESV reported recurring 1Q11 EPS of $0.45, below its estimate of $0.48 and Consensus of $0.47 primarily due to higher than expected taxes and SG&A. Jefferies said that despite the miss, ESV remains our favorite offshore drilling stock and we would be buyers, particularly on any weakness. Ensco closed yesterday at $57.03.