Wittenberg Investment Management Inc. lessened its holdings in shares of Ensco Rowan PLC (NYSE:ESV) by 62.4% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 511,301 shares of the offshore drilling services provider’s stock after selling 848,924 shares during the period. Ensco Rowan accounts for approximately 1.9% of Wittenberg Investment Management Inc.’s holdings, making the stock its 15th biggest position. Wittenberg Investment Management Inc. owned 0.26% of Ensco Rowan worth $4,361,000 as of its most recent SEC filing.
Other large investors have also made changes to their positions in the company. Nisa Investment Advisors LLC bought a new stake in shares of Ensco Rowan during the 1st quarter valued at about $28,000. First Allied Advisory Services Inc. acquired a new position in Ensco Rowan during the 4th quarter valued at about $49,000. Amundi Pioneer Asset Management Inc. boosted its stake in Ensco Rowan by 17.4% during the 4th quarter. Amundi Pioneer Asset Management Inc. now owns 18,200 shares of the offshore drilling services provider’s stock valued at $65,000 after purchasing an additional 2,700 shares during the period. Clear Harbor Asset Management LLC acquired a new position in Ensco Rowan during the 1st quarter valued at about $69,000. Finally, Pearl River Capital LLC acquired a new position in Ensco Rowan during the 1st quarter valued at about $70,000.
ESV has been the subject of a number of analyst reports. Zacks Investment Research raised shares of Ensco Rowan from a “hold” rating to a “buy” rating and set a $10.00 target price for the company in a research note on Friday, May 24th. BTIG Research reduced their target price on shares of Ensco Rowan from $70.00 to $15.00 in a research note on Thursday, May 30th. Barclays reissued a “sell” rating and set a $13.00 target price on shares of Ensco Rowan in a research note on Sunday, May 5th. Piper Jaffray Companies set a $16.00 target price on shares of Ensco Rowan and gave the company a “hold” rating in a research note on Tuesday, April 23rd. Finally, Citigroup set a $13.00 target price on shares of Ensco Rowan and gave the company a “hold” rating in a research note on Friday, May 17th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $10.05.
Ensco Rowan (NYSE:ESV) last issued its quarterly earnings results on Wednesday, May 1st. The offshore drilling services provider reported ($1.69) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.79) by $0.10. The company had revenue of $405.90 million during the quarter, compared to analyst estimates of $405.12 million. Ensco Rowan had a negative net margin of 40.72% and a negative return on equity of 7.65%. The business’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.32) EPS. On average, research analysts forecast that Ensco Rowan PLC will post -4.97 EPS for the current year.
About Ensco Rowan
Ensco Rowan plc provides offshore drilling services in various water depths worldwide. It operates a rig fleet of ultra-deepwater drillships, versatile semisubmersibles, and modern shallow-water jackups. The company's offshore fleet include 16 drillships, 12 semisubmersibles, 54 jackups, and 2 deepwater managed units.
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