Jefferies Comments On Ensco 1Q11 Results

According to Jefferies, Ensco (NYSE: 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.